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    Gold Member Mark Atkinson's Avatar
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    Actually, yes.

    Make sure you keep records of everything relevant to the business. Invoices to customers, till slips, receipts etc. If you are planning on deducting vehicle/petrol expenses for your business, you need to keep a log book for all your business travel. You can only deduct the business portion of your travel expenses for tax purposes. Any marketing/stationery expenses can be deducted at year end because they are in the production of income, so keep a record of these.

    If you don't want to learn the ins and outs of an accounting package. I believe that for your purposes setting up a simple Excel spreadsheet where you record all your income and expenses should be sufficient. Make sure you keep all the relevant documents and then hand this all to a tax consultant/accountant at year end. If you're expecting a highish taxable income, you may wish to apply to be a provisional tax payer. (To avoid having a large sum of tax to pay at the year end)

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    ShaunK (13-Oct-11)

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