This cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen. Our self-employed bookkeeping example is for a computer repair specialist using our free cashbook template. He buys computer parts and sells his services to repair computers. He rents small premises and pays for utilities.

Running costs of a car or other vehicle, including petrol, car tax, insurance, repairs and servicing. Choosing the right self-employed accounting software for your business is just like choosing anything else – you need to work out what you need most, and what you can live without.However, it is possible to complete your return yourself if you have confidence. In this blog post, we’ll discuss the basics of self-employed bookkeeping and how you can go about achieving it yourself. So, starting now will give you plenty of time to get used to the process before it becomes mandatory. Do I need an accountant as a sole trader?

Hiring the right accountant for your sole trader business will help free up your time to concentrate on other essential areas, like sales and marketing, or strategy planning. Do I have to pay VAT as a sole trader?

When are the self-assessment deadlines?

Firstly, you’ll need to register with HMRC and make sure you understand its rules onrunningand naming your business. You do not need to send your records in when you submit your tax return but you need to keep them so you can: If you work for yourself as a sole trader, you’ll need to familiarise yourself with the rules on self-employed accounts.

Your first task when setting up your self-employed accounts will be registering yourself as a sole trader with HMRC. One of the most critical things in bookkeeping is getting organised. You will need to keep all your financial records either paper-based or electronic. It will help you to stay on top of your finances and ensure that your accounts are accurate. Online accounting systems are increasingly popular among small businesses due to their convenience and added functionalities. These systems eliminate duplication and offer features which will save you time and money. As well as the standard records, you’ll also need to keep further records so that your tax return includes:

The na_tc cookie is used to recognize the visitor upon re-entry. It allows to record details on user behaviour and facilitate the social sharing function provided by Addthis.com. One of the more complicated areas of self-employed accounting is expenses. Allowable expenses must be ‘wholly and exclusively’ necessary for the business (i.e. not something you also use in your personal time) and itemised receipts must be retained for all tax-deductible expenditure. It uses some standard questions to decide which you are. If you can answer 'Yes' to all or most of the following, you will usually be accepted as being self-employed: Using cloud accounting software as a sole trader also means you can cut down on paper, saving you money and space—the latter may be in short supply in your home office or workshop.