When filling out an expenditure sheet for self-employment, what are the best headings to use?
I would like to make my expenditure sheet as easy as possible to fill in but still covering all possible expenses. I prefer to use Excel format. Does anyone have any suitable ideas preferably from people in the accounting business?
Small Business - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
The easiest way is to use the headings on the Self Assessment Return - these cover all the main expenditure heads and using them will make it easier to complete your self assessment at the end of the year. Make your columns on the spreadhseet in the same order as on the SA form and don't be tempted to put too much into 'sundries'
Answer 2 :
tough one because it varies per business, but ultimately grouped together on the tax return. well heres a few to get you started. plant & equipment (computer, printer, car, anyother assets) fixtures & fitting (desk, chair, shelving, cabinet, any other furniture) purchases printing, postage & Stationery Motor Costs (include insurance, tax, petrol & repairs/mot) computer costs (internet, website costs etc..) wages rates (council tax & water rates) gas electric telephone insurance (say public liability ins for example) professional fees accountancy fees legal fees advertising equipment hire / rental repairs bank charges / interest miscellaneous (anything else) these are a few standard one, but when you complete a tax return form, the above heading will be grouped into about 10 boxes and you will find things like gas, elec and rates go into one box. hope this helps.
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