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KEEPING RECORDS

KEEPING RECORDS. It is especially important if you are starting a new business that you get a proper record keeping system in place from the beginning. Good record keeping saves you time and accountancy costs

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KEEPING RECORDS

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  1. KEEPING RECORDS It is especially important if you are starting a new business that you get a proper record keeping system in place from the beginning. Good record keeping saves you time and accountancy costs Avoid penalties for mistakes by proving you've taken reasonable care in your record keeping Comprehensive records enable you to have all the information you need when planning strategy Accurate records help you keep track of cash flow Business planning and record keeping go hand in hand Be in control – tracking all your important trends means no unpleasant surprises

  2. THE RECORDS YOU NEED TO KEEP All businesses are required to keep a record of all sales and takings, including cash receipts. Records include: till rolls sales invoices bank statements paying-in slips accounting records These records allow you to quickly see what you are owed and accurately work out your total income. You must also keep a record of all purchases and expenses, including cash purchases. These records include: receipts purchase invoices bank and credit card statements cheque book stubs These records allow you to quickly see what you have spent, how much you owe and what you can claim for tax purposes. OTHER RECORD THAT MAY NEED TO BE KEPT VAT records - If you register above £77,000 compulsory Employment records - If you employ staff

  3. A VERY SIMPLE CASHFLOW RECORD

  4. PERSONAL SURVIVAL BUDGET FOR 12 MONTHS

  5. START UP COSTS

  6. CASH FLOW FORECAST

  7. PROFIT AND LOSS Looks very similar to the cash flow but the information is based on what is happening in that period (month), invoices received or sent as opposed to cash being received or sent

  8. New Enterprise Allowance (NEA) • NEA is available to Jobseekers Allowance (JSA) claimants aged 18 and over who has been claiming for 26-weeks or more. • Participants will get access to a volunteer business mentor who will provide guidance and support as they develop their business plan and through the early months of trading. Once a claimant can demonstrate they have a viable business proposition with the potential for growth in the future, they will be able to access financial support. This will consist of: • a weekly allowance worth £1,274 over 26 weeks, paid at £65 a week for the first 13 weeks and £33 a week for a further 13 weeks, • and • the facility to access a loan of up to £1,000 to help with start-up costs, subject to status. • The total package of support could be worth up to £2,274 to each participant who starts their own business. • You need to talk to your Job Centre Advisor for more information.

  9. NEA Continued • Can be claimed up to 5 weeks after stopping JSA • Cannot be claimed if on the work programme, therefore claimants 18-24 have a window of opportunity of about 11/12 weeks and 25+ have 24/25 weeks before they are sent to the Work Programme • Housing Benefit and Council Tax issues need to be discussed with the City Council as you will no longer be a Job Centre customer

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