'Getting Started' Guides

It can be very daunting when you decide to start your own business; you will be confident in your own knowledge and ability to make your business succeed, but many people wonder where to start with regards to keeping records, who to contact, paying taxes, etc.

The following information is designed to ease your worries, by providing you with essential knowledge.

The Guides

Click on a link below, to view each subject on the right-hand side.

Once you're under way, you can think about the type of help you may require from us. Browse through our list of services, from the tab above, for more information and email us for a quote.

Record-keeping (aka Bookkeeping)

You will need to keep records of your business transactions.

Records can be kept manually (hand-written books) or computerised (spreadsheets or bookkeeping software).  However, digital records are required for the new Making Tax Digital for Income Tax regulations.

You will not be required to provide your records to HMRC each year, but they may ask to see them at any time, if they wish to check your records and/or your tax calculations.  They will charge financial penalties if they feel your records are not accurate, complete and legible. It is advisable to keep reliable and regular back-up copies of digital records.

At a bare minimum, keep records of:

  • All business sales and income (invoices/till receipts).
  • All business expenses (purchase invoices/receipts).
  • Bank statements, cheque stubs, paying-in books.
  • VAT records and calculations (if VAT registered).
  • PAYE records and calculations (if employing staff).
  • Personal income (employment income, bank interest received, dividend income, rental income, etc)

It is good practice, to use a separate bank account for your business transactions, to separate them from your personal ones (mortgage, bills, DD's, shopping, etc). Not only will this make your record-keeping simpler, but it will also make it easier to collate the correct information into your tax return.

You must keep your self-employed records for a minimum of 6 years, plus the current year.

We would be happy to provide you with advice and guidance on how best to record your transactions, or we would be equally happy to carry out the bookkeeping work for you. Contact us for a quotation.