Which Account book is best for those in the building trade?
Hi, my partner is planning on going self-employed. He is planning on hiring an accountant, however I think he should attempt doing his own accounts. Could anyone suggest a good accounts book (he is in the building trade)? Thank you
Small Business - 2 Answers
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Answer 1 :
All Stationers have them. I used the Collins Cathedral Analysis book (red). They have all the seperate columns. I put income on one page and outgoings on the other. I did not use the computer as we used to have a lot of power cuts. He MUST use an accountant at some stage as they can save you a lot of money by claiming against the business for things you would have not thought of. Also he will need to have his yearly accounts audited to keep the tax man happy if ever he is investigated. Good Luck
Answer 2 :
The Collins Cathedral books are ideal, but Staples now do a paperback version that is far cheaper and just as good. Check how many columns you need before buying one - you will need at least 10 columns to cover: sub-contactors bank charges motor materials printing, stationery & advertising other purchases (eg services etc from other companies) wages (employees if you have them) your wages revenue & customs. Go for an Accountant, at least for the first year, or you will definitely loose out on the tax side of things. A good Accountant will show you exactly how to do the books, as well as explaining what you can allow against your tax. ie, did you know that there is an allowance for working from home? He will save you more than he costs.
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