Hi All
Can you advise me please.
I have recently registered as a sole trader.
My business is very straight forward (predominiantly labour) and my wife has some accounts experience so we think we will be fine re producing accounts.
Once we get started.......
Firstly we are confused what our options are with regard to determining our year end date.
I registered as self employed in July 2011, so do my accounts have to run from July to July?
Also prior to registering I earned a one-off fee in November 2010. Whats the best way of dealing with this?
My close friend has also started work in a near identical manner at the same time.
We work on many jobs together and the few purchases that are made are regularly for the both of us.
We are currently photocopying shared receipts with one keeping the original, and one the copy and both claiming 50%. Is this okay?
And finally - should we really be trading as a partnership?
What are the benefits as opposed to 2 sole traders other than just producing one set of accounts? What are the negatives.
Could we backdate the application to tie in with our sole trader statuses.
Thanks for reading - I appreciate the help.
Can you advise me please.
I have recently registered as a sole trader.
My business is very straight forward (predominiantly labour) and my wife has some accounts experience so we think we will be fine re producing accounts.
Once we get started.......
Firstly we are confused what our options are with regard to determining our year end date.
I registered as self employed in July 2011, so do my accounts have to run from July to July?
Also prior to registering I earned a one-off fee in November 2010. Whats the best way of dealing with this?
My close friend has also started work in a near identical manner at the same time.
We work on many jobs together and the few purchases that are made are regularly for the both of us.
We are currently photocopying shared receipts with one keeping the original, and one the copy and both claiming 50%. Is this okay?
And finally - should we really be trading as a partnership?
What are the benefits as opposed to 2 sole traders other than just producing one set of accounts? What are the negatives.
Could we backdate the application to tie in with our sole trader statuses.
Thanks for reading - I appreciate the help.