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Sole Trader Accounts

  • 26-04-2013 3:27pm
    #1
    bbam
    Closed Accounts Posts: 7,410 ✭✭✭


    Hi guys.
    Would anyone have a spreadsheet template for sole trader accounts.
    I'd appreciate if you were willing to share it.
    Cheers


Comments

  • #2
    DublinDilbert
    Registered Users, Registered Users 2 Posts: 5,401 ✭✭✭DublinDilbert


    Having been there and done that for quite a few years, I'd definitely advise getting an accountant or even an accounts technician to sort out your taxes.

    It's not just the calculations, it's also filling out the return. Tried for many years and was always a major chore and so much stress.

    Stick to what your good at and leave the accounts to an accountant, so wish I had of done this earlier...


  • #3
    Corkbah
    Registered Users, Registered Users 2 Posts: 1,668 ✭✭✭Corkbah


    I will echo what dublindilbert has said .... let the people trained in book-keeping/accounting do their job.

    do you need an accountant or a book-keeper ?

    keep receipts for absolutely everything - and shop around when talking to prospective accountant/book-keepers ... over the years I have paid €1200, €1500, €1600 and currently paying €600 for a local accountant.... who did last years accounts and there is no difference between him and the previous accountants who were "recommended".


  • #4
    Gloomtastic!
    Registered Users, Registered Users 2 Posts: 8,833 ✭✭✭Gloomtastic!


    bbam wrote: »
    Hi guys.
    Would anyone have a spreadsheet template for sole trader accounts.
    I'd appreciate if you were willing to share it.
    Cheers

    PM me with your email address and I'll send you one.

    As for the merits of spending €500 every year for an accountant to take 20 minutes filling out an online tax return that does all the calculations for him - I don't think so!


  • #5
    smcgiff
    Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    Disclaimer - I'm the accounting mod, but I'd rather have teeth pulled without anesthetic than take on this type of work. Anyway...

    I'd advise everyone to go see an accountant at least once near the start.

    Unless you are tiny (selling punch for 50c a glass from a stall outside your house) you should get very useful advice. If after the first year, when you've been shown what you can and can't do in your particular area, and you can do it yourself, then work away.


  • #6
    DublinDilbert
    Registered Users, Registered Users 2 Posts: 5,401 ✭✭✭DublinDilbert


    Corkbah wrote: »
    I will echo what dublindilbert has said .... let the people trained in book-keeping/accounting do their job.

    do you need an accountant or a book-keeper ?

    keep receipts for absolutely everything - and shop around when talking to prospective accountant/book-keepers ... over the years I have paid €1200, €1500, €1600 and currently paying €600 for a local accountant.... who did last years accounts and there is no difference between him and the previous accountants who were "recommended".

    Yea I think I pay about €500. Well worth it. Remember that cost is tax deductible, so is costing you less.

    Also you have to think of the cost/hassle for when a mistake is made with a return or being hit with interest and penalties by revenue.

    Having someone there for advice is so valuable, like if say you get offered some work in the PAYE sector, what happens your taxes then. Or you want to purchase assets.

    Its not that you couldn't get your head around it and sort it all out, its just the time/energy/stress to do it. All the time you spend learning would be better spend working at what your good at.


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