Tax Summaries and Record Keeping
Please see below some very basic tips for record keeping which will make things so much easier for tax time or applying for finance etc. Applies more to small business but some useful info for Uber drivers as well.
Record Keeping 101
- Have a separate bank account for your business and try to keep personal finances separate
- You will need some kind of manual or electronic accounting system such as Xero
- Keep all receipts and invoices (all records must be kept for seven years – can be electronic)
- If you have staff make sure you are aware of all PAYE filing requirements and record keeping
- Keep a logbook for vehicle usage
- If you have cash sales make sure they are banked into your business account
- If you take money from the business for personal use, clearly mark on bank transfer – "personal drawings"
- If you put money into the business clearly mark as “personal funds introduced”
- Try and stay paperless and make sure you have a back-up or info is stored on the cloud.