Hi,
I am new to Sage Line 50, and I am wondering how to enter all the money I have spent so far in setting up the business.
I will not be trading until the next financial year, but for tax reasons, Im trying to enter all the expenditures I have incurred this financial year, as a lot of it has been IT & software which I can claim 50% back on if I can do it all within the same financial year of purchase!
I have spent a lot over the months, and still have all the invoices for each cost I have incurred.
Do I need to double entry all this info somehow, on the date the invoice was paid, a credit would also go into the account on the same day?
If this is the case, how would I enter the capital I have supplied to the business? And are all these costs I have incurred, be deducted from the profits from the next financial year?
I am a sole trader, still trying to get to grips with Sage Line, and would appreciate any help relating to this in someway.
Thanks in advance,
ItsaCraig
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How to enter your previous Capital that has now been spent.
Am I right in saying the following expenses can be offset again profit earned...
Domain name renewals
Server Hosting package.
Software to set up business (50% within 1st year, 25% if into 2nd year)
Computer (50% within 1st year, 25% if into 2nd year)
server hosting package
These are my ongoing expenses. Surely these are offset against profit?
I dont quite understand "Use Capital Introduced account with corresponding Bank"
All of my purchase have bene made with credit card so far, which gaets paid off in full each month. I have entered all the transactions as a credit card purchase. Is this not the best thing to do?
I am a sole trader, wont be vat registered, and have selected tax code 9 for all transacations bought and sold.
Can somone just let me know what I would have to pay back to the tax man each quarter/ year? I want to make sure I am not overspending and I have kept enough aside for the tax man. Do I pay them all the vat on the products I have sold as well as a percentage of my overall profits or just a percantage on my drawings?
Should I also be keeping a record of all the vat I have paid for goods/ expenses? And would I just pay the difference between the vat I have paid out and the vatm I have chrged the customer, and give the tax man the difference between the two lots of vat charged?
As you can see, I'm new to trading, and I still have a lot of unsurities to what I need to pay back, and what I can claim back against.
Thanks for your help.
Craig
Domain name renewals
Server Hosting package.
Software to set up business (50% within 1st year, 25% if into 2nd year)
Computer (50% within 1st year, 25% if into 2nd year)
server hosting package
These are my ongoing expenses. Surely these are offset against profit?
I dont quite understand "Use Capital Introduced account with corresponding Bank"
All of my purchase have bene made with credit card so far, which gaets paid off in full each month. I have entered all the transactions as a credit card purchase. Is this not the best thing to do?
I am a sole trader, wont be vat registered, and have selected tax code 9 for all transacations bought and sold.
Can somone just let me know what I would have to pay back to the tax man each quarter/ year? I want to make sure I am not overspending and I have kept enough aside for the tax man. Do I pay them all the vat on the products I have sold as well as a percentage of my overall profits or just a percantage on my drawings?
Should I also be keeping a record of all the vat I have paid for goods/ expenses? And would I just pay the difference between the vat I have paid out and the vatm I have chrged the customer, and give the tax man the difference between the two lots of vat charged?
As you can see, I'm new to trading, and I still have a lot of unsurities to what I need to pay back, and what I can claim back against.
Thanks for your help.
Craig
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