What happens to the bookkeeping information entered?
The above excel book keeping spreadsheet totals each column for each book keeping month. The totals of each sheet are then collected by the accountancy software to complete the simple book keeping system by automatically producing the monthly profit and loss account and self assessment tax return to complete the self employed book keeping system. The purchase mileage, if recorded – it is optional – is also automatically adds in the sales mileage to the purchase mileage and calculates the mileage allowance. Mileage allowances are 40p for the first 10,000 miles and 25p thereafter and an alternative to claiming vehicle running costs including vehicle capital allowances on the fixed asset spreadsheet. This accountancy software will automatically claim 40p and change to 25p when applicable, users only have to enter the mileage covered. The user guide that accompanies this self employed book keeping system has notes on mileage allowances and other tax tips to help save you money including ho
