Self employment includes anyone trading on their own (sole-trader) or
with one or more partners in a partnership.
The most
important thing for Tax, National Insurance and VAT purposes in
trade is to keep records. Record all monies in and out and keep the
receipts / till rolls / invoices in order. You could, for instance, try
keeping the receipts in monthly order with a separate envelope for
each month.
How you keep the records - using a computer, an
accounts book or just in an exercise book is unimportant as long as
they are kept regularly. Once a week at least, is best, as you can
forget a lot of what happened in a week!
For your own
information you need to have details of total income in and total
expenditure out each week or month, to know whether you are making a
profit or not!
For more information contact Will Johnson on 07967 522374.
