| In the UK anyone receiving earned income which | | | | success to drive the business forward. |
| is not taxed under the employers PAYE system | | | | Accounting Software and HM Revenue and |
| is technically self employed. Anyone who is self | | | | Customs Returns |
| employed and running a business in the UK must | | | | Different types of Accounting Software are |
| register that business with HM Revenue and | | | | available for the Self Employed and some of this |
| Customs within 3 months of starting that self | | | | software has been specifically designed to cater |
| employed business and failure to do so can lead | | | | for the precise size and requirements of the self |
| to penalty fines. | | | | employed business. There are basic Accounting |
| All self employed businesses must keep records | | | | Software packages available for the self |
| of the financial transactions and submit these | | | | employed business that is not vat registered and |
| accounts annually to HM Revenue and Customs in | | | | have no employees. Standard Accounting |
| the format of the self assessment tax return | | | | Software packages for the self employed |
| which are supplementary pages included in the self | | | | business that is vat registered. The vat threshold |
| employed annual tax return. | | | | limit at which businesses are liable for vat is |
| Different standards for accounting by self | | | | £61,000 up to April 2007 and subject to |
| employed business are applicable compared to the | | | | possible changes after that date. Advanced and |
| accounting requirements of a limited liability | | | | more sophisticated Accounting Software for the |
| company and consequently much simpler | | | | self employed who also employ staff are available |
| Accounting Software can be applied. Accounting | | | | with integrated payroll software included in the |
| Software for a limited company invariably requires | | | | Accounting Software packages. |
| a double entry system of accounting that | | | | The best Accounting Software will not only |
| produces not just a profit and loss account but | | | | produce your self employed financial accounts but |
| also a balance sheet. The Accounting Software | | | | also produce the HM Revenue and Customs |
| has to deal with business bank accounts, debtors | | | | returns. Accounting Software that has automated |
| and creditors and produce reconcilable results. | | | | the vat returns each quarter, Payroll Software |
| While advisable for self employed businesses to | | | | that completes the time consuming P11 employee |
| maintain a separate bank account it is not an | | | | deductions working papers and simplifies the P60 |
| essential requirement. The Accounting Software | | | | year end certificates and P35 employers' annual |
| used by anyone self employed should keep | | | | paye return. |
| accurate records of fixed assets although it is not | | | | And most crucially Accounting Software that |
| essential that this Accounting Software also | | | | automates the Self Assessment tax return. |
| produces a balance sheet. With these factors in | | | | Accounting Software and Self Assessment Tax |
| mind Accounting Software for the self employed | | | | Returns |
| can be much simpler and greatly advantageous if | | | | The Self Assessment tax return is a complex |
| that Accounting Software also produces the | | | | document for the initiated. It doesn't have to be, |
| numerous and sometimes onerous burden of HM | | | | for a small business with turnover under |
| Revenue and Customs tax returns and working | | | | £15,000 the self assessment tax return |
| papers. | | | | can be completed by entering totals of self |
| Self Employed Accounting Software | | | | employed sales, expenses and net profit on page |
| Requirements | | | | one. For larger self employed businesses more |
| Accounting Software for anyone Self Employed | | | | complex calculations are required. Capital |
| does not have to be double entry. The | | | | Allowances, balancing charges, base periods and |
| Accounting Software can be a single entry | | | | expense analysis are beyond many self employed. |
| system which makes the value of using | | | | Self employed businessmen are experts in their |
| Accounting Software based upon excel | | | | field of operations and often require help with |
| spreadsheets feasible and due to the simplicity | | | | these accounting based elements that an |
| highly desirable. Such Accounting Software being | | | | accountant or Accounting Software can provide. |
| excel based is fast and easy to use, utilising all the | | | | The best Accounting Software can take the |
| benefits and advantages excel offers. Accounting | | | | simple lists of financial transactions and by clever |
| Software that is also highly visible at the click of a | | | | use of formulae built into excel spreadsheets |
| button. Accounting Software on a database hides | | | | transform the year end experience by |
| the financial transactions that the Accounting | | | | automating the production of the self assessment |
| Software has to query to retrieve the required | | | | tax return. It isn't impossible, if a calculation can be |
| information. It is this element of an Accounting | | | | made mathematically then a quality Accounting |
| Software database that often requires some | | | | Software package can automate the process |
| technical accounting knowledge to operate | | | | using formulae within excel to produce the |
| efficiently. Accounting Software written on excel | | | | calculations and offer the Self Employed |
| spreadsheets is, due to its visibility, much easier | | | | businessman an automated Self Assessment Tax |
| to use and understand and requires little or no | | | | Return. |
| accounting experience. | | | | A function that Accounting Software can do at a |
| Accounting Software written on excel | | | | fraction of the price an accountant might charge |
| spreadsheets makes an ideal solution for the self | | | | for this service. Accounting Software for the Self |
| employed businessman. Good financial records are | | | | Employed should produce the Self Assessment |
| the key to the success of any self employed | | | | tax return as the end product. The Self |
| business and especially to the value of Accounting | | | | Assessment tax return is the Self Employed end |
| Software. A quality Accounting Software package | | | | product of his financial endeavours and therefore |
| is an essential component of your business to | | | | the Self Assessment tax return has to be the |
| identify potential problem areas and capitalise on | | | | end product of any quality Accounting Software. |