try and keep some back as tax? what do you mean,sorry if i am being thick.I have literally only just started this week and have kept records of everything i spent on setting up,fuel and milage on car,I invested in george as it looked like a reasonably cheap way of me keeping track of things,I know people manage without but i really have no idea about book keeping so it made good sense for me to use that
what i mean by this, is come tax time, when you have to pay it, the tax man expects you to have it ready, he also expects 50% of this years tax as a deposit for next year at the same time, so say you got to pay 1000 tax bill for this year, you ahve to pay 1500 as half is for next year, this was explained to me by the inland revenue, when i got a small busines loan threw the princes trust a few years ago, they set up meeting with them for you, like they said to me, they know you are going to try and rip them off but dont say you earn 100 a week, with a porsche sat on the drive, if you try not to file any tax return for a year, they will take some ones else tax return and they will use this as a blue print for what you earned and you get to pay the same tax as them ie for example you could get dave morris tax return used as your blue print and you will pay the same tax as him
a decent account will tell you what you need to be saving each month its roughtly 25 % of what you make, its better to have more than you need to pay ready than not at all,
i had a mate who was a spark and went vat reg, the vat man owed him more than he owed them, and he was skint the vat man wil pay you what he owes you after you have payed him, what you owe him,
my mate is a partner in a plastering company just him and a other lad, his accountant is so crap, he files 3 tax returns one for the company 1 for him and one for his partner, he had an apprentise for 2 years and didnt even know you could claim for them