I’m new to here and not really sure whether this is the right place for me.
I run a (very) small Etsy craft business, with some vintage jewellery as a side line, which I basically started up to enable me to keep crafting – it all has to go somewhere – and to pay for the basics I need to do my crafting. I have sold 64 items beginning on the 16 August last year (2014) to give you an idea. However, my purchases are vast for lace, tiny pearls, specialist papers, etc etc costing anywhere from £1.99 upwards. I buy from Ebay craft suppliers but also can buy from shops anywhere in passing, craft fairs and so on – I’m sure you get the picture.
I have kept all receipts all in date order and filed of which there are probably hundreds and have downloaded CSV spreadsheets from Etsy detailing all costs from what the customer pays, to fees chargeable to me from Etsy. I also have in hard copy all Paypal details of customers’ purchases, fees payable by me etc.
I have had a separate current account for my business since end Feb this year, prior to that it was intermingled with my own current account. I doubt I will ever make a profit but wanted to keep things above board and inform Inland Revenue but now feel very daunted by it all.
I don’t need to issue invoices, for instance, as all this is done for me by Etsy – am I in the wrong place with Quickfile?
Thanks.
I’d say Quickfile would be ideal to keep track of everything. If you have loads of receipts for small amounts the receipt hub would make this easy to digitise, to save having shoeboxes full of receipts!
There is integration with Etsy via Zapier (see this thread for info) so you should be able to have all your Etsy sales automatically created in Quickfile to keep everything in sync.
At the end of the year you can then file the required paperwork with HMRC online directly from Quickfile.
Easiest thing to do is set up a Quickfile account and start using it, then when you’re comfortable with it and/or are at a convenient point (end of year etc) then make the switch. Follow this guide to get started. it is pretty intuitive, and the knowledgebase and forums are pretty well stocked with guides and info if you get stuck.
Thank you so much for your quick and informative response. Based on the information you’ve given I shall definitely plod on though I’d much rather be creative than faffing round with maths - needs must though, I just find it such a slog!
Many, many thanks again.
Once it’s set up it is a breeze to do your accounts. I have been self employed for 16 years and have learnt more in the last 12 months or so since using Quickfile than I have in the 15 years previous. I also find that I can spend a few minutes every now and then to upload a few receipts and tag them, then tag a few bank transactions and that’s the accounts done for the week/month. I would definitely recommend using a Barclays business account though as the direct integration makes it so much easier.