![]() ![]() You’re fully capable of keeping records and your books by yourself. Okay first things first, you don’t technically need accounting software. Which brings us nicely onto the next section… Why do you need accounting software? Now, that’s a lot of paperwork to keep a track of. How much money you’ve taken out for your own use.How much you’ve invested in the business in the year.The value of stock and work in progress at the end of your accounting period.What you’ve committed to spend but have not paid out yet, for example, you’ve received an invoice but have not paid it yet.What you’re owed but have not received yet.Sales invoices, till rolls and bank slipsĪs taken from the HMRC website, your tax return will also include information such as:.You need to keep hold of them for at least 5 years after submitting your return – and could be asked to hand them over to the HMRC at any given time. But you need to keep a hold of them to accurately calculate your profits or loss for all tax returns and paperwork you’ll be completing.Īnd trust me, if there’s anything you’ll have to do as a business, it’s paperwork.īut once you’ve calculated this, don’t get rid of your documents. Let’s start with the records that self-employed businesses like yours need to (and should be!) keeping.įirst of all, not every report is going to be looked at. ![]() What accounts do self-employed businesses need to keep? It’s just too much effort for you to get your head around and a steep learning curve to tackle. If this is your first piece of software, we’d recommend staying away. The bad part? It comes bottom of our best self-employed accounting software rankings.Ĭlear Books is not easy to use. Like Xero, Clear Books will also cost you £10 a month. This is useful for any self-employed business who plan on growing larger over the coming years. As we mentioned in our Clear Books review, Clear Books also claims that you will be Making Tax Digital (MTD) compliant automatically by using their service. ![]() It’s got similar features to the other platforms, with one clear twist. #2 – ANNA Business Tools (Our Rating = 9.3)Ĭlear Books is an HMRC reconsigned software that’s also designed for small businesses. But if you use our FreeAgent referral code, you can save 10% on you subscription for life. It’s got more than enough features for most self-employed businesses. You can find out more in our full FreeAgent review.įreeAgent aren’t the cheapest option on the market with prices starting from £19 a month.
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