Basic Advise

[hec]

Ok, new to all this accounting business, got all my outgoings sorted, but do these offset against money recieved or do I count invoices sent out as income whether they are paid or not.

[oraclesmith]

The latter, especially where VAT is concerned.

[mauryballstein]

for VAT it depends whether you're on the cash accounting scheme though - a useful option for managing cashflow at the start if you're eligible.

[DaveB]

Advice.

And get yourself an accountant.

[oraclesmith]

for VAT it depends whether you're on the cash accounting scheme though - a useful option for managing cashflow at the start if you're eligible.

Only if you deal in small transactions, like a shopkeeper or market trader. For contractors it's got to be flat rate. In my humble opinion.