Join as a member and download the spreadsheet from this video here: https://smallbusinesstoolbox.uk/tax-receipts-record-keeping-uk/
Check out Dext expense / receipt management software (affiliate link, see below)
https://smallbusinesstoolbox.uk/links/dext
Full overview of Dext: https://youtu.be/SIZH701MVis
When you’re self employed in the UK you’re obliged to keep business accounting records. Today we’re looking at what information I log to record income, business expenses, running a vehicle through the business and using our home as an office. As per usual, I am not an accountant. Always use a good accountant.
What is MTD ITSA?
https://smallbusinesstoolbox.uk/making-tax-digital-income-tax/
Some related videos that might be useful:
What is cash basis? https://youtu.be/2YzqhJtG7yY
What an HMRC audit is like: https://youtu.be/qcX-h8eHWkg
What is reconciliation? https://youtu.be/fLSGHS9o7VU
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Extension Cost Chapters:
0:00 - Introduction
3:10 - HMRC requirements
6:50 - How long to keep records?
7:25 - Logging business expenses
14:55 - Tracking business income
20:33 - Business mileage
26:28 - Using your home as an office
30:52 - Summary calculations
33:20 - Spreadsheet vs accounts software
34:40 - Dealing with electronic receipts
37:40 - Data backups and final tips
#Accounts #Expenses #tax