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Book keeping

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  • Book keeping

    I spent 2 hours putting my purchases into a log book, and I loved every second.
    I registered on the 9th April but Ive included good I bought previous to that as I have used them in sellable goods and will use whats left in the future.
    Is it right to include them in my accounts?

    Poisoned Apple Theatre - Handmade Crafts on Facebook

  • #2
    From what i remember people saying on other threads, you will be able to claim for expenses 3 months previous to registaring, as you should register no later than 3 months after being self employed.
    Make sense?


    • #3
      I think it may also depend on what actual date you told the inland revenue you started business i.e. when you registered did you tell them you started trading as a business on a certain date in April as if this is the case you may not be able to claim going 'backwards'....? The simplest thing is to ring the IR - in spite of my initial fear they were actually quite helpful and it might avoid your wasting time entering data into your new log that you may not be able to use (would be a shame to spoil the neatness of it already ).
      I'm not a financial expert by any means but maybe another alternative might be to introduce things you have bought previously into the business as part of your opening balance (i.e. £x worth of stock)...?


      • #4
        Just did another 9% of the already 90% worth of accounts write up.
        Still need to go through my ebay stuff and add that!Luckily I paid by cheque so I can look through stubs.

        Added everything Ive bought that I can use and can still use since from around 18months ago

        Feeling veeeery sick as to the amount Ive spent.

        Poisoned Apple Theatre - Handmade Crafts on Facebook