My bf has just started driving a cab. I have little knowledge of accounts. studied AAT some years back but forgot a lot. So basically I need to start from scratch. I am sure it will come back to me slowly.
So anybody here that can give me advise or training?
It might be best to buy him a little book so that he can make a note every time he takes a fare. This will give you a sales list for each day, which you can tot up over the year in a spreadsheet.
He needs to retain an invoice for every business item - so fuel, car repairs, his radio rental, car wash, insurance, anything that is bought for business etc... You can then analyse these in a spreadsheet at the end of the year. Get him a box by the front door, so he can throw each days invoices in.. saves tearing the house apart at the year end!
Thats the simplest way I can think to get you started. Come back at the year end when your spreadsheets are full and no doubt we can help with any further advice for creating that into the tax return figures :)
