How about opening a savings account and transferring 20% of your turnover on a monthly basis, so you have the funds to pay your tax bill?Look for the highest interest earning account - you’re earning interest on your earnings too!
Knowing how to do your filing is always an issue for new businesses particularly.Normal accounting practice is to file your supplier (purchase) invoices separately in alphabetical order for each tax year, latest invoice on top.
File customer (sales) invoices in a separate file in numerical order.
It’s rare to find manual book-keeping these days, so find a software package that suits your needs.You’ll save on accountancy costs if your accounts have been recorded properly, as there is less work for the accountant to do when they process your tax return at year end.
If you are VAT registered, be aware of any restrictions on what you can claim from purchase VAT, especially if anything has a personal use element.Your VAT office is very helpful for queries of this nature.
The same applies to vehicle use.Contact the new business helpline on 0845 6070143 for advice.
Don’t forget, if you need help with accounts record keeping, Halfpenny Bookkeeping can arrange a free consultation.If you have a question, please e-mail and someone will respond as soon as possible.
Halfpenny Book Keeping - For all your Bookkeeping & Accountancy requirements in Kettering, Rushden, Wellingborough & Corby, Northamptonshire.
