Sole trader question

Son

When i start up business what am i required to keep track of for tax purposes and what not?
I won't be VAT registered so no vat to worry about.
From what i've read i keep a copy of invoices,purchase receipts and bank statements.
Am i missing anything?

Also is it just a case of keeping a copy of these thing's put them away safely and at the end of the year they are compiled to work out tax?
If this is the case get an accountant/bookeeper at the end of the year and hand them these receipts? or should i have an accountant/bookeeper right from the off?

Thanks.

Tony

I would suggest you get an accounts software package like sage instant or quickbooks. Will seriously cut down on accountancy bills and you do not need to be an accountant to use them.

Son

Thanks Tony i will check them out.I just don't want to pay for an accountant if i can do it myself!!! at the same time i don't mind paying for one if i need one.
Im just afraid i will miss something and come the end of the year it will be too late to fix it,if you know what i mean.If the accountants package covers all that it might do the job for me!!!

Tony

My pleasure

In$omniac

If you reckon your accounting paperwork will be of a large volume then yes a bookkeeper will suffice, as you are a Sole Trader.
If not then do as Tony suggested above it's fairly simple, I would recommend Sage it's user friendly. Keep all original documents Revenue prefer original not copies of all that you have mentioned and credit notes too.

I did my accounting every quarter to keep the paperwork down then submitted figures to Revenue on Form 11 in October.

Son

I don't think i will have a large volume of paper work as im only starting up.I think i will have a look at Sage.Do i just keep these records on sage and at the end of the year give them too an accountant or can i do that bit myself too?

Kristopherus

If you are not going to be paying VAT, initially at the moment, then a good program to do your accounts would Cashbook Complete. You can download it from their .com website - same name. The lite version is free for non-VAT traders. You will also find a mine of info on the revenue website and also on www.oasis.ie

Son

Kristopherus wrote: »

If you are not going to be paying VAT, initially at the moment, then a good program to do your accounts would Cashbook Complete. You can download it from their .com website - same name. The lite version is free for non-VAT traders. You will also find a mine of info on the revenue website and also on www.oasis.ie

Thanks alot,i will have a look at it now!

Son

Will cash books complete do the same job as sage or quickbooks?
Obviously i will go for the free one it they are the same
Sole trader,no vat and i get payed on the job site so no need to track customers i don't think.