Your Accounts - Keeping Within The Law And Saving Money
Doing your accounts is the one thing that most plasterers hate doing and I am not going to lie its a chore I hate it. I am a pretty organised person but still I hate it. Last year was the first yearI decided to use an accountant as I really wanted a big tax rebate.
All I needed to do was sort my receipts out organise them in months and work out how much each month I spent whether it be petrol materials tools personal protective equipment I put through absolutely everything. I then send all this info off to my accountant and they do all the form filling and and thats that.
If you dont use an accountant it is a fairly long process and if mistakes are made it might trigger an ispected from that tax man and nobody wants that. I would highly reccomend using an accountant, I had a friend that offered to do mine (he is an accountant) but I personally didnt fancy him knowing the ins and outs of my financial situation.
A few tips to do throughout the year
Get 12 envelopes write the month on that envelope then at the end of each day/ week put your receipts in that envelope then at the end of the month go through and add up the receipts. If you look below thats normally what my envelope would look like, the figures are just examples.
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Petrol £65 |
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Then all that gets written on the front of the envelope and when it comes to the end of the tax year it makes it easy for both you and the accountant. I also put all my invoices on a spread sheet so I can see how much tax I have paid on a job how I was paid if I had extra labour and how much I spent on materials this way I can see my profit at the end of the year and once again makes your life easier and better organised.