accounts diy

spindizzy

Hey,

I became registered for income tax with effect from 26/7/10. For the first year of trading do my accounts need to go back to start of the year or can I start on that date or do I start from the first time I received/spent money to do with the business (i got a few days work out of the business before I got around to registering).

Can I just do an account from 1st Jan to 31st Dec? Before I started the business I was on Job seekers allowance and when I started I went onto enterprise allowance, do these welfare payments need to go on the accounts? Do I add them in when working out pre tax profit?

My total turnover was very small so don't want to go down the accountant route if I can avoid it!

swanvill

Hi,

I suggest that you start your financial year from the date that you started spending money on your business. I also suggest that you ring a couple of accountants for a quote, it might not costs as much you think.

MBateson

Year of commencement rules apply, whEn filing your first tax return, it's from date of commencement to end of tax year (31 Dec).

These rules of commencement can be tricky for a layman so you should talk to an accountant.

spadesaspade

try your local enterprise board, they might be able to put you in touch with someone for your end of year accounts

J.Ryan

spindizzy wrote: »

.....My total turnover was very small so don't want to go down the accountant route if I can avoid it!

We don't all charge massive fee's, PM me with a few more details if you want a quote.

paul71

Op, suggest that for start up you get help from an accountant. The rules regarding year of commencement are slightly more complicated, thereafter if you are a small simple business with a few tranactions it is quite easy to prepare accounts and tax returns yourself.