What is the easiest Accountancy software to use?
I have found free software, Turbo Cash and NCH Express Accounts Accounting Simplicity and Quick books
but I don’t know if it is better to get something like Sage or Simply books and Pegasus Opera II
I will be going self employed in the next few months and the only one that looks like it might be easy is Simply books, but it costs £115. The free software looks like it will do a good job, but may be harder to learn 
The HMRC are actually quite helpful and run 3hr business education workshops (free) at various location across the country for people who want to set up in business, or as a Ltd Co etc hmrc.gov.uk/bst/index.htm or 0845 603 2691
the “workshops” are quite good, as Ive been on 3, and got 1 more to go, and would recomend attending them to anyone. Depending on the route you take, Id suggest attending the courses.
- Becoming a director… this include an introduction to corporation tax, VAT, PAYE, & NIC`s
- Setting up a Ltd company
- Newley self employed
- How VAT works … if you want to be VAT registered
- using the employer CD Rom … free software to file stuff online!
You will have to register for the HMRC online gateway, this allows you to file all you tax, Corporation tax, & VAT returns online.
I did ALL the work setting up the company, inc all the HMRC stuff, which is a PITA & took several weeks as I did each bit seperately, so you may want to get an accountant to do it for you for around £200, and theyll do it in a few day. yuor also looking at a ball park figure of around £500-£600 per year for the accountant to do you books (especially if your VAT registered). So accountants specialise in certain types of self employed, (builders etc) and may not want to touch SE drivers. so ring around a few and explain what you want, and theyll tell you if they can do it … some will, some won`t
HMRC do tell you about some free accountancy software available. But unless your savvy & a blackbelt with SAGE etc, Id stick with keeping all your stuff on a spreadsheet, and have 2x week to a page A4 diaries to record your purchases & invoices, & stick ALL recipts to the relivant page/date in the diary. So the accountant can follow the timeline of all bills & reciepts. That will save them spending hours wading thru the pile of reciepts, & charging you £££££s for the privelage.
Dont leave reciepts to pile up for weeks, as youll forget what they where for, get into the habit of dealing with records weekly so that you stay on top of the task
Don`t forget the IR35 ruling too
check out companiesmadesimple.com/
you can register and setup your own Ltd Co for around £20+ VAT. You can legally register your own surname, but this can be confusing if your called smith. so check out any potential company name with Companies house wck2.companieshouse.gov.uk/a03f2 … ompanyInfo
As a director of your own company, you get “drawings” for the annual profits of the company, However If you pay your self £97 per week or under drawings, you will fall under the lower income earnings limit of £5200 per year, and wont have to pay income tax or NICs. But you won`t qualify for SSP, and other benifits inc dole. but if you pay yourself drawing of between £97 - £110 you still pay nothing but would qualify for benefits etc.
However the final annual company profits, you can pay yourself at any point, weekly, monthly, quarterly etc. So long asyou`ve left enough money in the bank to pay HMRC
Once youve decided to go S/E the first thing to do is register the company at companies house Then once you have the company number & certificate of incorporation you will be able to open a business bank account. once youve got those 2 in place , then go and talk to the accountant and get them to setup all the other stuff.
Remember also any stuff you`ve bought within the past 6 months can be counted towards the cost of the business. and if you go VAT register any thing you bought in the past 4 years can also be considered as tax deductable
now if you dont mind Igoing to go watch the footy on my new 50" plasma TV …erm computer monitor & lazyboy office chair that I needed for the business
REMEMBER … 3 important words… RECIEPT, RECIEPT, RECIEPT
get a recipt for everything
jimti:
What is the easiest Accountancy software to use??
unless your familier with accountancy software…pay somone to do it for you
Just keep to basic bookeeping … the software will give you a headache
but if you insist on using software try SAGE instant accounts sage.co.uk/software_and_serv … ounts.aspx
costs around £65 from PC world
I will jump on this thread with my qustions:
- If I am self employed, but it’s a language business (i told them when setting it up that this is for interpreting, translating and free-lance journalism) can I use my “company” to drive a lorries as a self employed, or I have to report it to the tax people first?
- If I will be hired to drive a lorry for someone as a self employed driver, do I have to buy my own insurance, or the company insurance will still cover me?
Orys you don’t have tell the tax man what your doing it’s just additional income for the bussiness you drive under the companies insurance you can’t get inurance to drive a truck comercialy with out an o licence vehicle reg
you thing of a traders policy type of thing this wouldn’t allow comercial use
If you want any kind of life don’t do your books your self let an accountant do it and your books will be less likeybto be investigated
Think about it you’ll be doing full hrs drving then come home atvweekend and start doing your books when do you have time for family
alix776:
Orys you don’t have tell the tax man what your doing it’s just additional income for the bussiness you drive under the companies insurance you can’t get inurance to drive a truck comercialy with out an o licence vehicle regyou thing of a traders policy type of thing this wouldn’t allow comercial use
Thanks!
alix776:
If you want any kind of life don’t do your books your self let an accountant do it and your books will be less likeybto be investigatedThink about it you’ll be doing full hrs drving then come home atvweekend and start doing your books when do you have time for family
why will he come home a TV at weekends 
IMO its a balancing act deciding whether to go S/E, yes the rates are probably pants, you loose holiday pay and other benefits as part of the “safety net” that is PAYE. but working PAYE for the agencies there is no garantee of regular work. But on the plus side being S/E you get all the taxable benefits
So on the whole either the rates you earn from agencies wont be fantastic, as everyone takes their cut of the pot. But as agencies know its cheaper to use S/E drivers rather than their own PAYE staff. But Ive found now Im S/E Im getting more work, in fact Im getting whole week bookings 2-3 weeks in advance, with other agencies regularly ringing me up on monday morning asking if Im free from the following monday! … take a ticket and form an orderly queue
So ask yourself, do you work PAYE, for the few days they give you and earn a few £100s a week before tax & NICs. Or go S/E knowing the rates are what they are, and invoice them, for say £400 - £1k per week depending on how many hours you`ve done and end up with an overall annual take home pay more than you would have done on PAYE?
alix776:
you can work for one company or many
Just be careful how you interpertate IR35
Yes I know that subject has been beaten to death on here before
orys:
do I have to buy my own insurance, or the company insurance will still cover me?
its debatable if its worth while getting £2-£5 million worth of public liability insurance for around £100 -£150 per year, or any other insurances that may apply as no doubt should something serious happen the agency will try to pass the buck onto you. when you sign over from PAYE to S/E with the agency READ THE SMALL PRINT OF THE Ts & Cs that they give you and decide if some insurance is worth while, especially if you spend the money on insurance, only for them to give you 1 or 2 day work
For what its worth…The best thing I ever did was go back to PAYE after 30 yrs S/E (motor trade).There is (was) always the constant stress of overheads,wages,rent,VAT and the Revenue. You’ll come to dread the end of every quarter cos Customs want their money,then you’ll dread January 30th and June 30th,cause thats when the Revenue need paying. Limited liability can still lead to bankruptcy. 
alix776:
Oh and get a good accountant that will make you books untouchable yes you will pay for it but it will save you more that they cost
You have to pay for an accountant■■?
■■■■, better not let my wife know then, she’ll want me to pay her 
SWraith:
alix776:
Oh and get a good accountant that will make you books untouchable yes you will pay for it but it will save you more that they costYou have to pay for an accountant■■?
■■■■, better not let my wife know then, she’ll want me to pay her
My Mother used to do mine but she was too honest so I sacked her
Found it more err, profitable to do my own
self employed is self employed,
ADR HIAB approach companys at there peak times then put your bill in,
its called dependable service,
your public liability for 3 million bout £100 pa