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Sole Trader Accounts

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  • 27-06-2015 10:29pm
    #1
    skytl
    Closed Accounts Posts: 40 ✭


    Have recently set up my own business and have a few questions regarding keeping accounts if anyone could help a bit if possible.

    At this stage anyway there's not that many transactions.

    We have income from customers using the service

    Outgoings....motor expenses, phone costs, insurance, equipment

    I've been keeping records/receipts/invoices etc and using a very basic simple profit and loss account.

    I want to avoid having to use an accountant if possible, for now at least while the figures are quite small, we're not registered for VAT etc

    Questions:

    1. Is a simple profit and loss account sufficient?

    2. Does anyone have a decent template of an account they wouldn't mind sharing?

    3. In the long run, it is possible to manage without an accountant or should I really be using one?


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    #2
    sozbox
    Registered Users Posts: 1,399 ✭✭✭sozbox


    I'm evaluating this at the moment for a similar situation
    http://bullethq.com


  • Options
    #3
    skytl
    Closed Accounts Posts: 40 ✭skytl


    Thanks

    Looks like that could be useful I'll look into it

    As another question, the 'once off' expenses that were incurred as the business was starting up, i.e. logo design, domain name purchase, buying a phone for business use.

    Can these all be claimed?


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    #4
    kilburn
    Registered Users Posts: 3,912 ✭✭✭kilburn


    Yes once they are solely and exclusively for business use.


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