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Book Keeping - Which Headings?

(4 Posts)
Dannat Wed 13-Aug-08 19:34:42

DH has just started out as self employed and was given a piece of paper with headings for his own records. Only DH has lost the piece of paper hmm.

I've done a quick search for the kinds of headings that he should be using, but I seem to be getting nowhere.

Anyone have any ideas what these headings should be? I'm attempting to make him this sheet he shouldn't have lost.

He is a mini cab driver so headings would need to be relevant to that.

TIA

WestMidsAccounts Wed 13-Aug-08 21:40:57

income*

*direct
variable costs i.e. costs that are incurred in producing the income and will go up/own in line with income e.g. diesel, consumables (yres, oil etc)

overheads i.e. the cost of running the business, irrespective of how well it is doing e.g. insurance, RFL and other licences/permits, servicing and repairs, membership of trade body, HP interest or lease costs, phone/post/stationery, computer, advertising, accountant, legal/professional, sundries, set-up costs, depreciation, bank charges & interest. Also drawings (the money that he takes out of the business).

I'm assuming that he will have no premises costs (rent, rates, heat, light, power)
Will he employ you? – that will need a wages heading.

These are only suggestions. You can have whatever you want, but these are the usuals.

HTH

WestMidsAccounts Wed 13-Aug-08 21:41:59

consumables (tyres, oil, etc)

Eddas Thu 14-Aug-08 10:34:56

you can pretty much have any headings you want, as a mini cab driver I suggest:

Fuel
Motor expenses (ie insurance, tax, repairs, MOT)
Postage and stationery
Telephone (mobile and a proportion of home phone if he uses it for work)
Sundries(this covers any one-off costs, ie accountancy as they don't really need there own heading, and any little bits that you don't know where else to put!)
Drawings (for anything he takes out for himself and inlcudes his HMRC payments and NIC)

He'll need a VAT column too is he's registered

And a bank and cash column so that it's easier to see how each expense was paid for.

HTH

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