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Haz Haz is offline
Join Date: Sep 2006
Location: East Yorkshire
Posts: 2
Bookkeeping Help for New Taxi/Private Hire Business

Hi All

Just came across this site whilst trying to get some info on basic bookkeeping.

I am being made redundant sometime between now and June 2007 after the company i have worked for 15 years has announced it is to close.

The area where I live has a shortage of Taxi/Private Hire companies and so I am looking to use my redundancy and set up my own business (Sole Trader).

I have got all my Licence application forms and doing my test next week but the thing that worries me most is the bookkeeping which I would be looking to do myself as I wouldn't have thought was too difficult for a taxi driver.

I have tried to book onto a basic bookkeeping course in my area but there is nothing available until the new year. I have borrowed a book from library but could do with a bit of help with what columns etc in account book I would need for this and how I put the start up costs down at the beginning.

Say for instance, I invest £10,000 from my redundancy, and then purchase a vehicle for £8,000 and all my other equipment (Licenses, radio, meter etc) for £2000, how would I start the account books with this.

Thanks in advance
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propertybytube propertybytube is offline
Join Date: Aug 2006
Posts: 62
The entry is

Debit Fixed Assets
Credit Investment/Loan from sole trader

There are a few things that you could do as a start.

1. Keep all the invoices and receipts from day one
2. Set up a separate business account. Don't mix up with your personal account.
2. Set up two new files - one file for bank statements and the other one for all the expenses record (invoices, receipts etc...)
3. Keep a record of your daily takings. Try to bank all your takings as often as you can so that you can track your earning from bank statements.
4. Apply a business credit card - try to use this card for all business related payments.

Then, you can start to do a monthly bookkeeping through your bank statements.
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Amsey Amsey is offline
Join Date: Jun 2005
Location: Southampton
Posts: 177
Hi Haz,

If you email me through my website, I will happily send you an excel spreadsheet which should make your bookkeeping much easier.

Good luck with the new venture!

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Haz Haz is offline
Join Date: Sep 2006
Location: East Yorkshire
Posts: 2
Thanks for replies.

Have sent email through your site, Amy.

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James Smith's Avatar James Smith James Smith is offline
Join Date: Mar 2003
Location: Abingdon, Oxfordshire
Posts: 2,043
*shameless plug*

You could try my ebook on how to keep accounts for the small business.

This should give you pretty much everything you need to know to keep basic records on a single entry basis.

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Adam Adam is offline
Join Date: Jun 2002
Location: Leighton Buzzard
Posts: 1,809
James used to give initial free advice so he might be a good person to call.
Adam Fahn

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