Allstars 1 Posted March 21, 2017 Running a one man show is hard like most of you know. There's so much to do, buying, collecting, prepping, selling, after sales and buying all over again. One thing I didn't envisage was accounts. Im falling way behind, just quickly jotting down the sold price in a book. Sticking sales invoices and purchased and receipts in separate files but no writing. Paying for labour and some parts by cash and never claiming it back out of business account, I'm probably owed £7-8k past 8 months. Still don't know what a stockbook is and any tips how to keep on top of accounts? Share this post Link to post Share on other sites
justina3 518 Posted March 22, 2017 i would be getting some advise asap, the revenue will love you when they pop along, if you have registered for vat recently they will for sure come out to do a first inspection. You should have an accountant by now maybe ask there advise on a part time book keeper if your that far behind. I do mine daily so there is only a small handful of invoices to deal with, bank account on a app so any monies going out i can record daily so at the end of the month i am not scratching my head why i took a few quid out here and there. Sometimes we are all guilty of being a busy fool, ie spending all the time saving money here and there and then having to give it all away to an accountant as we didnt do the basics ourselves, been there done that got the gold badge. 1 Share this post Link to post Share on other sites
Allstars 1 Posted March 26, 2017 (edited) Thanks Justina, I've got an accountant and Ive got nothing to hide from taxman so I'm not too worried about that .... Yes we became vat reg last august but I'm struggling to do the book keeping to be fair and really could do with having a system set in place where you can easily put everything together ever quarter and see how much profit your in Edited March 26, 2017 by Allstars Share this post Link to post Share on other sites
SC Derby 259 Posted March 26, 2017 Keep a stock book as you buy (think this is a legal requirement actually), then enter the selling price for vehicles as you sell them and have it work out VAT owing. I keep a separate spreadsheet of all expenses and give these to my accountant annually. I'd estimate I spent around 45 mins a week entering data into respective sheets, so extremely manageable. 1 Share this post Link to post Share on other sites
andymc1973 199 Posted March 26, 2017 I have an accountant who has signed me to using Xero which is very simple Share this post Link to post Share on other sites
justina3 518 Posted March 26, 2017 2 hours ago, Allstars said: Thanks Justina, I've got an accountant and Ive got nothing to hide from taxman so I'm not too worried about that .... Yes we became vat reg last august but I'm struggling to do the book keeping to be fair and really could do with having a system set in place where you can easily put everything together ever quarter and see how much profit your in Hi, sorry you have misunderstood my post I never intended to imply you had something to hide from the revenue, only to suggest that the revenue in my dealings with them viewed every single error I made as a plot to defraud them, so if they did turn up and things where way behind they would put two and two together and make six i would suggest every quater is to long a period to be trying to allocate every single spend and equal a base line profit maybe monthly, unless you have an on the ball book keeper or an expensive accounts package. 1 Share this post Link to post Share on other sites
betginge 73 Posted March 26, 2017 Accounts are a nightmare What you need is a wife, I have one and find my accounts are done for me on a regular basis. She is not bad looking either which is also a bonus 2 Share this post Link to post Share on other sites
Mikey 19 Posted March 26, 2017 1 hour ago, betginge said: Accounts are a nightmare What you need is a wife, I have one and find my accounts are done for me on a regular basis. She is not bad looking either which is also a bonus Haha I would really like to 'like' this post a lot.... but can't!! Share this post Link to post Share on other sites
Allstars 1 Posted March 27, 2017 7 hours ago, andymc1973 said: I have an accountant who has signed me to using Xero which is very simple I will look into this. Is it costly, where can obtain this from? 8 hours ago, SC Derby said: Keep a stock book as you buy (think this is a legal requirement actually), then enter the selling price for vehicles as you sell them and have it work out VAT owing. I keep a separate spreadsheet of all expenses and give these to my accountant annually. I'd estimate I spent around 45 mins a week entering data into respective sheets, so extremely manageable. thank you for the advice will get some stationary this week and start keeping on top of this Share this post Link to post Share on other sites
andymc1973 199 Posted March 27, 2017 no its just basic accounting software, just allows you to keep on top of it, maybe even a free trial www.xero.com 1 Share this post Link to post Share on other sites
Max Branning 149 Posted March 27, 2017 Wait until the new digital tax system comes in...this could be a nightmare if you do not keep accurate records. 1 Share this post Link to post Share on other sites
Allstars 1 Posted March 27, 2017 6 hours ago, Max Branning said: Wait until the new digital tax system comes in...this could be a nightmare if you do not keep accurate records. Sounds scary are the expecting us to give them daily accounts live online or summat? Share this post Link to post Share on other sites
Max Branning 149 Posted March 28, 2017 Probably best to just google it...but basically as of 2018 tax returns will have to be submitted every 3 months. Share this post Link to post Share on other sites
Ocsltd 133 Posted March 28, 2017 On 3/25/2017 at 9:48 PM, Mikey said: Haha I would really like to 'like' this post a lot.... but can't!! Ha, same here!! Share this post Link to post Share on other sites
Fixedgear 4 Posted April 28, 2017 Hi all I've been using the easy bookkeeping spreadsheet for about 6 months but I am contemplating Quickbooks or Sage to really get on top of things. Does anyone use Quickbooks or Sage? https://www.easybookkeepingspreadsheets.com/small-business-accounting-vat-templates/23-used-car-dealer-accounting-spreadsheets.html Share this post Link to post Share on other sites
betginge 73 Posted April 28, 2017 yes we use sage, works well for us and does reduce the paperwork. Also the reports are easy to work out like profit / loss, just a tidy system to use. Share this post Link to post Share on other sites
Trident 24 Posted July 14, 2017 We use sage, not sure it's the most economical in this trade, but vat returns and reports are great, have heard good reports about quick books, but never tried it, we also run a spread sheet, which calculates the everyday costs, happy to send a template if anyone wants it... Share this post Link to post Share on other sites
trade vet 701 Posted July 14, 2017 Cautionary tale about HMRC and record keeping.....If you are a recent start up and have 'nowt',HMRC may be more lenient with poor record keeping penalties.However,I know someone who started doorstepping in later life from his mortgage free home.On his first Vat inspection,it was discovered he had missed out ONE vehicle from his stockbook.This sale of course was the best deal he had ever done and the profit was far and above over what he normally earned per sale.HMRC took the view that he must have not recorded many more sales at that level of profit.( In fact he was only doing 1 deal per week in total).They raised an assessment after probably factoring in his mortgage free house.He eventually reached a settlement with HMRC after having to remortgage his house !!!!.........any more HMRC stories.. Share this post Link to post Share on other sites