Is it just me or does everyone download their bank statement to an excel file then edit out all the customers details (name/address)?
Takes a good amount of time to do it , anyone else do it a different way? Or do you leave your customers details on so your accountant can see who’s your customers?
All my customers who pay by bacs leave their address as reference.
Why should your accountant need all this detail?
I do my own assessment online with the tax man. All he is interested in is your total turnover for the year less your claimed expenses to run your business. Then he needs any interest received from your bank and any other forms of income streams.
We use George and that will give us our printout of our total cleans for the tax year, total payments received, total tips and total write offs.
I then keep a list of each business expense over the year and remove the total amount from our turnover. Expenses are done on a spreadsheet and I apply a formula for each expense to what percentage is business and what percentage is private use.
For example; running costs of the van are 90% business and 10% private. (We have a private car. If we only had the van then the business/private % would be different.) My mobile phone is 50% business and 50% private, my landline is 90% private and 10% business.
In winter I estimate a certain amount of electricity goes to keep the van from freezing up - that's 100% business.
When I first started I booked an appointment with the tax man and this is how they suggested I do it. They were offering online courses for those who want to do their own returns.