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Krisgar New user Bedfordshire, UK 42 Posts |
I went to a business owner today to find out more about managing my books as I am relatively new to the business of magic and at a stage now where I may have to pay tax.
The business owner showed me SageLine 50, a very nifty bit of accounting software, eager to learn more I bought myself 'Bookkeeping for Dummies' which actually uses SageLine 50 through out the book. I would like to do my books my self and self assesment tax without having to rely on (or pay more to the point) an accountant. My question is, is keeping loads of Journals, Chart of Accounts and several bank accounts (Current Account, Deposit Account, Building Society, Petty Cash, Company Credit card, Credit Card Recipts) really nessesary? How does everyone else keep their books in order to pay their tax?
Krisgar Entertainments
Childrens Entertainer in Bedfordshire |
Bill Hegbli Eternal Order Fort Wayne, Indiana 22797 Posts |
Other catagories are only necessary if you use them in a 'Service' company, not a retail store of that sells merchandise.
If I were you you might want to consider just filing taxes as a hobby and extra income. This allows you to deduct all your magic club due and journals you subscribe to, along with any new magic tricks and equipment from the profits. As well as promoting the show materials and cost like stamps and printing costs. If you are making close to $50,000.00 to $100,000.00 a year in business with most of the money as profit, then of course you will need the books set up for a business. It is more about income and expenses and depreciation on your automobile and equipment. If you did not make enough to buy the autombile through company funds, then you have to keep track of milage. You do not necessarily need business bank accounts unless you are receiving checks made out to the company and your bank suggests it is best for this account to make transactions. I suggest you talk to an Accountant if you are making the big dollars, they will or should give you great advice. It will of couse cost for their time, so be prepared to pay a fee for their advice. |
Bapu Regular user with a paltry 161 Posts |
Here's my advice:
Get a good accountant. Devote your time to professional development, not amateur bookkeeping. It'll be the best money you ever spent.
Bapu practices law and conjuring in the Great Smoky Mountains of East Tennessee.
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Paddy Inner circle Milford OH 1571 Posts |
Wmhegbli has GREAT advice!! However, because you are in England check with an accountant. Inland Revenue (IRS over here) may have a different opinion. Don't know about the UK but here if you make a maitake the tax people can be REALLY MAD at you and they rule. I got angry one time and made a smart alek comment to a tax man when he questioned a deduction. OH BUY! Next thing I knew he said, "you have 4 children, can I see their birth certificates? And by the way I also need your marrige certificate." Never made a comment since then except "Yes Sir." Don't know if you have the same with Inland Revenue but it's best to get a pro to help you.
Paddy |
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