With more and more entrepreneurs starting up businesses self employed accounts is something I get asked about quite often.
Self employed individuals (sole traders and partnerships) will need the following information to prepare their accounts for tax purposes:
Business takings, (Revenue, Turnover)
All items of expenditure incurred, such as purchases, rent, lighting, heating, telephone, insurance, motor expenses, repairs, wages etc.,
Any amount of money introduced into the business and its source,
The amount of any cash withdrawn from the business or any cheques drawn on the business bank account, for your own or your family’s private use (these items are normally referred to as drawings),
Amounts owed to you by customers, showing the total amount owed by each debtor,
Amounts owed by you to suppliers, showing the total amount you owe to each creditor,
Stock and raw materials on hand.
The following accounts should then be prepared
A Trading Account
A Profit and Loss Account
A Capital Account
A Balance Sheet
Extracts from the accounts are entered into the form 11
If you require any assistance with self employed accounts please email:
ralph@domybooks.ie
Or Call Ralph directly on 086-3336665
