This page contains a Flash digital edition of a book.
Home Business.
by Helen Shorey (artyallsorts.etsy.com)
If, like me, you started your also keep an elastic band around If you are doing your tax return
business as a hobby, you probably the back cover so that I can slip online, you do not have to have
didn’t keep very detailed records notes and receipts in there until I all the types of expenses split up
of your expenditure but now that get home. You can total up each – the tax return just asks for total
you are moving into business, week or month and transfer them expenses (up to around £15k at
you need to keep good records to to a summary page at the back the moment, I believe) and total
keep the taxman happy. of your book then at the end of income but if your business takes
the tax year, you have the basic off and you go over this threshold,
The simplest form of accounts is an numbers you need for your tax it will be handy not to have to
Income and Expenditure Record. return. change your accounting system
This is exactly what it sounds like half way through a year or just as
– a simple list of your income and If you are comfortable with using you are filing your return.
a list of your expenses but it can a spreadsheet then you can go a
be expanded to give you better step further. Set up a spreadsheet Above all, do not worry about
information as you grow your with Income on the left and Accounts – it is just putting to
business. You can get a small A5 expenditure on the right. If you paper what you do in your head
cash book (or smaller) from most sell through more than one outlet, everyday when you manage your
stationers or even Pound shops you can have an income column own money and bank account.
these days – on one side (usually for each. The expenditure side
the left) put the date, detail and can also be expanded to separate
amount of cash received and the various types of expenses
on the other, date, details and – materials, stationery, postage,
amount of cash spent. Simple as advertising, fees etc. By splitting
that – just add up each income up the types of costs, you can see
page and transfer the total to more easily where your cash is
the top of the next income page going and if necessary, where you
and the same for the expenses. I can cut back.
 ukhandmade Winter 2008
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