Guest Posted September 30, 2006 Share Posted September 30, 2006 ,Bascially what i have just done with my quickbooks is entered in the cash expensises section all my reciptes for ladders, stationary, trunking, fixings and insurance etc I suppose i will just keep all my fuel reciptes untill i speak to an account to double check what im ment to do with them. Someone the other day also asid i cant just put down the whole cost of my van as there is a funny way of dealing with that as well. Just to let you know ive now been setup for two weeks now and im booked up for the next few months and counting In the last week ive been to Cardiff, Birmingham, Manchester, Sussex and London!! If you have anything up your way dave you need a hand with let me know. Thanks again for all your help, (Yes i am just a sole trader T/A CFS Fire & Security) Hi Gupster Make sure you do keep those receipts. You will be thanking me and buying me a beer when you are next working up this way! As for the van if you bought the van, your friend is quite right. You have to set up a fixed asset account. Your accountant will write off so much per year, if you are VAT registered you can claim back all the VAT straight away. Did you get Quickbooks in the end? I strongly advise you to go VAT registered. Have a look at the active posts. I wrote a post this morning about VAT, you got to read it. Dave Link to comment Share on other sites More sharing options...
amateurandy Posted September 30, 2006 Share Posted September 30, 2006 What do you think you are when you run your own company? You are self employed. Dave No, you're not. You are probably a Director, and an employee too. You pay yourself in Dividends and/or a salary (and bonuses etc.). Are you confusing a Sole Trader trading as (T/A) a business name (e.g. Fred Bloggs T/A Bloggs Alarms) with Bloggs and Co a Registered Company trading as Bloggs Alarms? The former is not a company. Then there's partnerships, etc. just to confuse things.... Just for the record, in the last year I have been a Director, employee and sole trader - all at the same time on different work. I've been paid in Dividends, salary and takings from my self-employed business. The tax isn't difficult, you just have to be careful, pay the right NI and fill the forms in. Point taken. I hardly think that Gupster is going to form a limited company to do a bit of subbying, do you? He will therefore be a sole trader which is a similar legal entity to us who are a partnership. When you are self employed in a Partnership you keep receipts for all your fuel and claim it back. You don't pay pence per mile. Our accountant is wading through our invoices and receipts at the moment. We run 4 vehicles and all the costs for these go through the Partnership and are set against our tax liability. If you a director of a company and you choose to use your own vehicle in the course of the business then as you say you cliam back so much pence per mile. VAT is a seperate issue to income tax. You claim your VAT from purchases back against your VAT invoiced. If you have a van you can claim 100%. If you drive a car you can claim a percentage, or pay a scale charge to claim 100%. My advice to Gupster is to keep all your receipts and sort it out when you get an accountant. Dave As you say, partnerships are similar to, but more complex than, a sole trader. If you've got employees too, as you appear to, that of course adds a whole lot more. A sole trader can do the 40p a mile thing as an expense against trading income, it's often a lot easier that way. Of course you need to keep records of journeys made. But.as you say, an accountant can tell you what's best for you and how to do it....... Link to comment Share on other sites More sharing options...
gupster Posted September 30, 2006 Author Share Posted September 30, 2006 Yeah i went for the quickbooks simple start version in the end. I could of got sage for free but its made for accountants to use it. Quickbooks only cost Link to comment Share on other sites More sharing options...
Guest Posted September 30, 2006 Share Posted September 30, 2006 Yeah i went for the quickbooks simple start version in the end. I could of got sage for free but its made for accountants to use it. Quickbooks only cost Link to comment Share on other sites More sharing options...
Guest Posted September 30, 2006 Share Posted September 30, 2006 A friend of mine is setting up his own (non-security) business (its a garage actually) would you also recommend quick books for the novice? And can it be networked. As im gonne be setting his server up etc i want all his data to be held on his server not on the clients. I only have experience of sage in a network server environment James Quickbooks is very easy. When you say networked are you talking installing the database on a network drive or having multiple users? Either way Quickbooks can do it but obviously the cost of the software goes up if you have multiple users. The positives about Quickbooks are as follows:- 1. It is in an easy to use XP Explorer feel. 2. Once you post an invoice you are allowed to ammend it afterwards. 3. You can design all your own invoices etc within the software, you don't have to purchase pre-printed stationary. 4. You doing have to an end of month or end of year routine. 5. The language used is easy to understand. We used Sage for 2 days and it may have well been in German. 6. VAT is incredibly easy to administer. Payroll (extra cost) is intergrated and easy. 7. You can e-mail invoices. 8. It has built in credit card facilities which are cheaper than setting up a facility with bank. Dave Link to comment Share on other sites More sharing options...
ian.cant Posted September 30, 2006 Share Posted September 30, 2006 Quickbooks only cost Link to comment Share on other sites More sharing options...
Guest Posted October 1, 2006 Share Posted October 1, 2006 ps: If you need any help with Quickbooks, give me or my other half Emily a ring on 01934 643308. Hi Dave, would you ask your other half if Quickbooks can be used for two separate businesses? yes you can have more than one company. The problem comes if you run Payrol as you will need subscription for both companies, I thing the same applies to accepting credit cards. Basically you just open the company you want to work with, you can't open up two companies at the same time though. Dave Link to comment Share on other sites More sharing options...
Guest Posted October 1, 2006 Share Posted October 1, 2006 yes you can have more than one company. The problem comes if you run Payrol as you will need subscription for both companies, I thing the same applies to accepting credit cards. Basically you just open the company you want to work with, you can't open up two companies at the same time though. Dave thanks fella, I think I'll be off to Staples in the morning If you are after the basic version Gupster has, you can download it from www.intuit.co.uk for Link to comment Share on other sites More sharing options...
gupster Posted October 1, 2006 Author Share Posted October 1, 2006 If you are after the basic version Gupster has, you can download it from www.intuit.co.uk for Link to comment Share on other sites More sharing options...
Guest Posted October 1, 2006 Share Posted October 1, 2006 If you are after the basic version Gupster has, you can download it from www.intuit.co.uk for Link to comment Share on other sites More sharing options...
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