3 MISTAKES SOLE TRADERS MAKE MANAGING THEIR OWN BOOKKEEPING AND ACCOUNTS - TAX TIPS & TRICKS!

[@paulmaher1705]

I don't know how many sole traders are doing cash basis accounting, I would think a lot & as far as I understand it capital allowance doesn't apply unless they are buying a vehicle for the business?

[@remmosparks33]

Thank you so much for these videos, they really help! Something I was wondering regarding book keeping and accounting for costs: if I have several different business costs on one receipt, do I need to list them all separately or can I just use a generic name like ‘cost of goods’ with a reference number to the receipt?

[@BoffixAccountancy]

Ideally, we would advice you split receipts for each business but it is up to you how you manage.

[@stuartpaul9211]

can't do capital allowances on cash accounting.

[@BoffixAccountancy]

You can! :)

[@gavincaventer3272]

hello what level of quick books do i need to be able to use apps eg being able to connect an ecommerce platform like opencart thanks

[@BoffixAccountancy]

We would recommend purchasing at least an Essentials License but do check out the Plus and Advanced in case they have some additional features that may be useful to you. Don't forget to use our code 'KZbin50' for 50% off your first month: boffix.squarespace.com/store Remember, you can upgrade and downgrade all licenses other than 'Self-employed'.

[@northeastcorals]

I've heard some people say you don't really need to worry about classing something as capital rather than an expense as long as it coast less than £1,000. Is there any truth to this or should you be recording for example tools that may last years but only cost anywhere from £50 upwards etc?

[@BoffixAccountancy]

Depends on the business's materiality, it's all relative!

[@northeastcorals]

@@BoffixAccountancy based on what, turnover, profits, total expenditure, I've not seen any guidance to help 🤷‍♂

[@BoffixAccountancy]

@@northeastcorals If you would like personalised advice, I recommend speaking with one of our expert Accountants. You can book a free service enquiry here: bit.ly/3ycvJC8