Having a separate business bank account is unnecessary, but it is considerably easier to keep track of your business finances if you do. It will help you keep track of your expenses and profits, making it easier to file your taxes.Ī separate bank account for your business will also make getting a loan or line of credit easier if you need one. When you are self-employed, it is important to have a separate business bank account for your business. Conclusion on Bookkeeping for Self-Employed.How to Complete Accounts for Self-Employed.However, we recommend using accounting software like FreshBooks, Xero or QuickBooks to manage your finances, as they offer more features and benefits than Excel templates.Īt this post’s end are a few frequently asked questions. There is a free download of the self-employed cashbook template below.Įxcel templates are an excellent way for self-employed individuals to keep track of their finances. One template that we have received requests for is a cash book that runs from April for the taxation year. In this blog post, we’ll discuss the basics of self-employed bookkeeping and how you can go about achieving it yourself.īusiness Accounting Basics has free bookkeeping templates to assist in the process. However, it is possible to complete your return yourself if you have confidence.

If you don’t keep up with your accounts regularly, you may need to request a bookkeeper or accountant’s services. Are you a self-employed business owner who wants to complete your business bookkeeping? Your financial data must be correct since you must submit a self-assessment tax return with HMRC each year.

Income and expense excel template free