does anyone know any "free" business accounting/vat software?

Question

I have just started as a sole trader & need some helpful/easy software or examples for me to work off??

thanks

j

Answer 1

Well done for taking the plunge. Starting off is never easy but heres a few pointers that may help.

Speak to an accountant - their costs will be well covered in the advice and services that they offer. speak to 2 or 3 though as the costs can varie widely from practice to practice.

For your day to day accounts and invoicing buy a cheap accounts package, try quickbooks or a basic sage system. again this will pay for itself as you will be able to control your costs and income better, they also do a vat return for you (accountants prefer sage as this is what most use).

If you think you can handle the VAT man on your own then set up a simple spread sheet in XL. one page showing income and the other expenses. if you set a formula 7/47 mulitpy by total expense this will give you you VAT element @ 17.5% ie 7/47 = 0.148936 times by £10.00 = £1.48936 of VAT in that £10 (this is what you can claim back from the VAT man). The difference os the actual company cost. if you are not vat regisitered then the stress level will be less but you must keep good accounts for the TAX return and any possible investigations from them. 6 years worth of accounts you must keep. By taken the difference in values in income and expenditure then this will give you your gross profit. if you include all costs in the expense sheet ie wages and NI costs ect then you will get the net profit (the bit you pay tax on) and your earnings. Hope this little bit helps you. The TAX office are always willing to help so dont be afraid of them. we are only human and mistakes happen. if you ask them for help they are very helpful

Answer 2

Vat Software

Answer 3

Congratulations on setting up your own business. The key to good record keeping is to keep your records as simple as possible. If you are recording bank income and expenditure then just keep the details on an excel spreadsheet, or use a cash book. I would advise that you only use a computer accounts package if you have lots of debtors and creditors; otherwise you will just be creating more work for yourself.

If you do need computerised accounts then you will not find any free packages out there, SAGE is the best for accounts/VAT.

Good luck.

Answer 4

Here's 2.
TurboCash Open Source Accounting Software.
http://www.turbocashuk.com/

AceMoney Lite
http://www.snapfiles.com/reviews/AceMoney_Lite/acemoney.html

Answer 5

I contacted the tax office to become self-employed because i also have started up as a sole trader and they gave me a load of help.
I also had a book on ms excel and have set up an accounting sheet in there but i was advised to have an accountant who for £80 a month wil sort out al my finances and claim all of my vat back for me as well..
go voluntarily vat registered hun and get back what vat you pay out.
GOOD LUCK XX

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