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Coming To Terms With Basic Bookkeeping And Accounts For Self Employed Construction Workers

By Jonathan Redworth

Self-employment is nice in that one is the boss and has all the control of the business. The down side to this is that the person is then responsible for all aspects of the business. This can be quite stressful as the owner is responsible for the success or failure of the business. If staff is involved then this can represent additional stress. Keeping the books is another huge responsibility and in many cases it maybe necessary to do a course on basic bookkeeping and accounts for self employed construction workers.

Self-employed people enjoy many tax privileges as most expenses are tax deductible. This is very different to that of a normal employee. The same legalities apply to self-employed workers in the construction industry. These people need to register for VAT (value added tax). If one were a sub contractor then he would need to register himself as such.

Running a business you should ensure you have a good accounting system in place. One does not have to be an expert. There is various accounting software available depending on your size of business. The basics of accounting should be to keep proper records of every document. Documents to be kept are from cash slips, sales and purchase invoices.

It would be advisable to purchase a basic software program to ensure smooth sailing of all transactions. This could also be done manually. Keep your documentation safe, for it is normally requested as proof when the tax season comes along. Ledgers that are kept include those for deposits and cash, another for sales and one more for purchases.

Manual accounting is also acceptable however; it may take a little longer. Keeping electronic records offsite means nothing could get lost should theft or fire take place on the premises. All paperwork should be kept for tax purposes. Books for cash and deposits, a purchase ledger and a sales ledger should be kept.

Large companies use sophisticated software that assists them with compiling the proper expenditure and income reports. They also have a large staff number who are responsible for various accounting functions. Obtaining the services of an accountant could be costly for a small company. If the owner takes on the responsibility of doing it himself or herself, they should be well organized.

If the owner got the ability to be very organized, he could surely do the necessary accounting. Time could be set aside each day to catch up on daily expenditure and income and you could be very successful.

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categories: accounting,bookkeeping,careers,work,employment,house,home,property,construction,builders,self employment,diy

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Article Citation
MLA Style Citation:
Redworth, Jonathan "Coming To Terms With Basic Bookkeeping And Accounts For Self Employed Construction Workers." Coming To Terms With Basic Bookkeeping And Accounts For Self Employed Construction Workers. 7 Oct. 2010. uberarticles.com. 28 Sep 2014 <http://uberarticles.com/home-and-family/requirements-for-basic-bookkeeping-and-accounts-for-self-employed-construction-workers/>.

APA Style Citation:
Redworth, J (2010, October 7). Coming To Terms With Basic Bookkeeping And Accounts For Self Employed Construction Workers. Retrieved September 28, 2014, from http://uberarticles.com/home-and-family/requirements-for-basic-bookkeeping-and-accounts-for-self-employed-construction-workers/

Chicago Style Citation:
Redworth, Jonathan "Coming To Terms With Basic Bookkeeping And Accounts For Self Employed Construction Workers" uberarticles.com. http://uberarticles.com/home-and-family/requirements-for-basic-bookkeeping-and-accounts-for-self-employed-construction-workers/


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