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Where did you learn it all from?

(2 Posts)
LadyGardener2 Sat 16-Apr-16 10:48:56

Where can I learn how to go about bookkeeping etc? Is there a (free) website that explains how to do it (in simple terms) My dp and I have started a partnership, and although I've kept his books while he was a sole trader, I need to know how different it is now.

Also can anyone tell me, if we were to buy a van on finance, how would I offset that against our income? Would I just take the monthly payments out of our incomings? A percentage? What about the road tax? (we currently use the family car, but really need something bigger)

Thanks

dodobookends Sat 16-Apr-16 11:06:21

In answer to the van query, there are different types of finance, and the accounting treatment would depend on the sort you have (lease, HP, loan etc).

Everything else - the Inland Revenue has thousands of pages of information on their website on how to go about things and what you can/can't claim depending on the setup of your business (sole trader, partnership, Ltd company and so on). It isn't straightforward.

Your best bet would be to find a local firm of accountants and ask their advice. Usually they will take your books at the end of the year and prepare the returns for you from the information you give, and they will adjust for things which are/are not allowable.

If you are expanding the business, don't forget that you might also become liable for VAT registration, depending on your turnover.

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