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If you are a sole trader...

7 replies

BananasAreEvil · 24/04/2021 14:43

... what stationery do you use to keep receipts etc neat and tidy until you have to submit?

OP posts:
bunburyscucumbersandwich · 24/04/2021 14:52

Stationary or software?

If stationary then big bulldog clips.

RhubarbTea · 24/04/2021 14:53

I use Starling bank linked to FreeAgent accounting software and throw all my receipts in a big shoebox thing from WH Smiths.

WitchDancer · 24/04/2021 14:56

As an accountant, I would say get a ring binder/s and put them in there. Don't bother with plastic pockets as stuff falls out of them, just hole punch them. We use dividers to separate sales, purchases and bank statements, which is enough for us.

BananasAreEvil · 25/04/2021 07:53

Thank you. Only just looking into this, I have a day job 4 times a week so this is something I'd like to try out on my day off. Everything I've read about setting up as a sole trader, declaring earnings, tax returns etc is putting me off as it's very possible this won't take off, and even if it does, it will be at a loss.

OP posts:
sunflowersandbuttercups · 25/04/2021 08:02

I photograph and input everything straight into my accounting software.

Photos are saved on the softwares "cloud" and paper receipts go in the bin. Email invoices I just save in my archive folder on my email account.

I try and have as little paperwork as possible - everything is done electronically.

TheDrsDocMartens · 25/04/2021 08:52

Mainly an email file for remittances

BarbaraofSeville · 25/04/2021 09:19

I suppose it depends how many you have.

DP is a labour only contractor so has about half a dozen receipts a year if that. Safety kit, training courses etc. A lot are in his email or in envelopes in a shoe box.

He's been doing this for the last 10 years and all his paper records of receipts and a diary a year are in a not yet full shoebox in his wardrobe.

Electronically he has a spreadsheet and things can be cross checked if necessary by trawling emails and his bank account.

Would probably be a different thing if you were buying and selling hundreds of things a year.

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