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Small craft business - recording income

6 replies

lovesT · 05/05/2020 17:20

Hello πŸ‘‹

Hopefully someone can help me with this.

My husband sells hand made things which has slowly been growing over the past year or so. He sells a couple of bits each week and is currently not making enough to need to declare income but he would like to start recording it so he has something in place when that time comes, also just to help him keep track of income and outgoings.

Does anyone have any ideas/ recommendations? He has had a look online but the programmes he has found all seem to cost which isn't worth it right now.

Thank you!

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wonderrotunda · 05/05/2020 17:27

Perhaps he could learn a little book keeping? Future Learn courses are generally free (unless you want access for a longer period) and they are good quality
www.futurelearn.com/courses/introduction-to-financial-accounting-organizations-decisions-through-numbers/0/steps/68588

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cornflakegirl · 05/05/2020 17:29

You could just use a spreadsheet for now?

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concernedforthefuture · 05/05/2020 17:34

I'd just use a spreadsheet for now. Record all expenses in one sheet (materials, advertising costs, stationery, postage, craft fair fees etc). On the other sheet keep a tally of the income.

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MissBattleaxe · 05/05/2020 17:46

I swear by Quick Books. It's only Β£4 a month and so easy. It works out your tax and makes graphs of your income and outgoings. If you have the app on your phone, you can just take a photo of the receipt on the spot and upload it. It's very easy and made my accounting a hundred times easier. Pen and paper/Excel just does not work for me

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lovesT · 05/05/2020 18:20

Thanks so much for all of your replies! I will go through these with him. He has done some research but I thought Mumsnet was bound to have some answers πŸ˜„.

@wonderrotunda thank you we'll have a look, her like to do this himself.

@MissBattleaxe sounds good, we'll have a look at that too!

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speakout · 09/06/2020 21:59

No matter how much he earns it will need to be declared, even if below the tax threshhold.
He can register as a sole trader with HMRC.

He doesn't need any fancy software. If just a few items then a spreadsheet will suffice.
As long as he keeps records he doesn't need to buy software or hire an accountant.

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