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Self-employed: your books and Self Assessment

For sole traders doing their own records: what to keep, how to invoice, what counts as an expense, and the figures a tax return asks for.

Easy4 of 4 modules open22 rooms

This path is practice in how the records and the sums work. It is not tax advice. Any rate or allowance in a question is an example for that question, so check GOV.UK for the current figures.

Module 1

Getting set up

Start your records the right way: keep business money apart, know what to keep, and build a simple income and expenses record.

  1. 1Keep business and personal money apart8 min, easy
  2. 2What records you have to keep8 min, easy
  3. 3Cash basis or accruals basis9 min, easy
  4. 4A simple income and expenses record8 min, easy
  5. 5Keeping receipts8 min, easy
Recap this moduleSix questions, starting with the ones you got wrong.
Module 2

Getting paid

From the invoice to the money in the bank: write an invoice, set terms, record what comes in and chase what does not.

  1. How to write an invoice8 min, easyPremium
  2. Payment terms: when an invoice is due9 min, easyPremium
  3. How to record money received8 min, easyPremium
  4. How to chase a late payment8 min, easyPremium
  5. Deposits and part payments9 min, easyPremium
Module 3

Business expenses

Which costs belong in the business record, how to split a cost that is partly private, and the sums for mileage and working from home.

  1. What counts as a business expense8 min, easyPremium
  2. Costs that are part business and part private10 min, easyPremium
  3. How to claim mileage10 min, easyPremium
  4. Equipment or running cost9 min, easyPremium
  5. Working from home9 min, easyPremium
Module 4

Self Assessment, step by step

What Self Assessment asks of a sole trader: the tax year, the dates, the totals for the return, payments on account and saving for the bill.

  1. What Self Assessment is and who it is for8 min, easyPremium
  2. The tax year and the key dates8 min, easyPremium
  3. How to total your income and expenses for the year9 min, easyPremium
  4. Payments on account10 min, mediumPremium
  5. Setting money aside for tax8 min, easyPremium
  6. Drawings are not wages8 min, easyPremium
  7. Working with an accountant7 min, easyPremium