Record Keeping

[slashingthedebt]

I'm curious to know if the majority of you use spreadsheets to keep track of your extra income or whether any of you use computerised software.

HMRC have come up with a list http://www.hmrc.gov.uk/softwaredevelopers/mobile-apps/record-keeping.htm

Last night I made the switch to Xero there is a monthly fee for using this but I can claim this as an expense. I was previously using a spreadsheet which was easy in the beginning but after about 6 months I found the task daunting and also easy to accidently delete something.

Xero seems to do what I want it to I'm currently importing all my bank statements for the last year and reconciling. This is basically downloading a file from my online account and importing. Everything that isn't MS or Survey related I’m coding to drawings or funds added. I'm also able to upload receipts to match my expenses.

 

[Jon]

I just use a spreadsheet and then fill in each month what I earn

what I don't do, and I REALLY should is claim against any expenses

 

[slashingthedebt]

I haven't got round to completing last years tax return yet. Something I hope to do in the next few weeks.

I plan on claiming all expenses I can. I purchased a new printer and scanner which is purely used for MS work also a laptop which I can partly claim for. Mileage expenses and a flat fee for homeworking @ £10 per month for 25 to 50 hours. Plus the obvious direct expense for doing a job buying a burger.

I also found out that the interest on any car related loan can be classed as an expense but I'm not 100% sure on the details on this something I need to look into.

 

[Jon]

I haven't got round to completing last years tax return yet. Something I hope to do in the next few weeks.

I plan on claiming all expenses I can. I purchased a new printer and scanner which is purely used for MS work also a laptop which I can partly claim for. Mileage expenses and a flat fee for homeworking @ £10 per month for 25 to 50 hours. Plus the obvious direct expense for doing a job buying a burger.

I also found out that the interest on any car related loan can be classed as an expense but I'm not 100% sure on the details on this something I need to look into.

not sure I can handle that this late in the year.

 

[slashingthedebt]

I would have got round to it sooner but moved house in July so last few months have been hectic. I seem to be having a quiet blip on the MS front so hopefully I'll get chance to get round to doing it.

There's not enough hours in the day. I'd rather spend my weekends earning money out and about than sitting at home getting on top of my accounts.

 

[stellajose]

I am really rubbish at this and end up going through a year's bank statements and checking online invoices (Leapforce has a nice handy list) with highlighters.

My New Year's Resolution is to do it like this to ease the headache, because I'm already anxious about doing the tax return and worse is I have my husband's to do as well.

 

[caledonia1972]

I just use Excel. I have a very simple spreadsheet set up (I am completely rubbish with spreadsheets) with rows for every month and columns for each separate income stream. every time I make a transfer from People per Hour, or get paid direct from another client, I log it on the spreadsheet. I can then total up the columns to see what I have earned from each client / income stream each month/year and also the rows to see my monthly earnings.

It's simple, but it works for me and has kept the taxman happy for the last 7 years or so

 

[gembaxter25]

I use an excel spreadsheet for complex stuff. For my main budget I use YNAB

 

[RickyRaj]

You can also claim tax relief for giving to charity. So if you give to those folk who collect or sponsor via the various web sites keep a note and enter it on your tax return.

 

[Twiggy]

what I don't do, and I REALLY should is claim against any expenses

Everyone who is likely to pay any tax should! I claim for pens, bus fares, phone credit, a new printer (I have been self employed for years and I have made some big purchases that were for work only use). If I had a car and was doing the location based tasks I would defo be claiming mileage.

 

[Terriixx]

Oooh I'm gonna check these out I'm constantly looking for things to help me track my money, not found one that's Just Right yet though. *fingers crossed* one of these might be.