Sole Trader Accounts

skytl

Have recently set up my own business and have a few questions regarding keeping accounts if anyone could help a bit if possible.

At this stage anyway there's not that many transactions.

We have income from customers using the service

Outgoings....motor expenses, phone costs, insurance, equipment

I've been keeping records/receipts/invoices etc and using a very basic simple profit and loss account.

I want to avoid having to use an accountant if possible, for now at least while the figures are quite small, we're not registered for VAT etc

Questions:

1. Is a simple profit and loss account sufficient?

2. Does anyone have a decent template of an account they wouldn't mind sharing?

3. In the long run, it is possible to manage without an accountant or should I really be using one?

sozbox

I'm evaluating this at the moment for a similar situation
http://bullethq.com

skytl

Thanks

Looks like that could be useful I'll look into it

As another question, the 'once off' expenses that were incurred as the business was starting up, i.e. logo design, domain name purchase, buying a phone for business use.

Can these all be claimed?

kilburn

Yes once they are solely and exclusively for business use.