View Full Version : Monthly Expenditure....
MillyRoberts
28-09-2012, 08:00 PM
4 weekly or calendar monthly??
I started minding on Monday 17th September and have done 2 weeks of weekly expenditure and just put those onto my monthly accounts for september... is this right? Or should I go 17th to 17th??....
funemnx
28-09-2012, 08:13 PM
I would do up to end September then October's would be 1st to 31st... :thumbsup:
bunyip
28-09-2012, 08:19 PM
4 weekly or calendar monthly??
I started minding on Monday 17th September and have done 2 weeks of weekly expenditure and just put those onto my monthly accounts for september... is this right? Or should I go 17th to 17th??....
Pretty much whatever works best for you will be fine. HMRC only really want to know you income and expenses totals within each tax year.
I do weekly accounts with each week starting on a Monday. Then total them for each month. Again, all my "accounts months" start on the first Monday of the month.
Remember to include all your start-up expenses (i.e. everything you bought for the business before you started trading) in the first week you were trading. HMRC consider you as 'trading' as soon as you start to advertise, not when you first earn any money.
Have you remembered to register with HMRC yet? You should do it asap, or they can impose penalties.
Good luck :)
MillyRoberts
28-09-2012, 08:35 PM
Yeah registered before I started. I'm going with first monday of the month :) Thanks v much!! I forgot a couple of start up expenses and have since found the receipts... Ofsted fees paid last october for example!! Can I put it on next week??
MrAnchovy
28-09-2012, 09:05 PM
Yeah registered before I started. I'm going with first monday of the month :) Thanks v much!! I forgot a couple of start up expenses and have since found the receipts... Ofsted fees paid last october for example!! Can I put it on next week??
It really doesn't matter. You only put 3 figures on your tax return:
Total income for the year
Total expenses for the year
Total expenditure for Annual Investment Allowance (large purchases that you will be using for some time like a computer, outdoor play equipment etc.)
If you are ever inspected HMRC will want to see that you have organised records behind these figures, but as long as you keep track of what you have done it doesn't really matter.