Bookkeeping for Isle of Man sole traders means keeping the records the Assessor of Income Tax can ask for, and knowing what to set aside. Tally Up is not HMRC, and it does not replace an accountant.
Records
Keep invoices you send, receipts for what you buy, and a running note of income and expenses. The Assessor sets out what to keep on the keeping up to date page.
Invoices and receipts
Send invoices as you finish the work, and keep the receipt with the expense. That is the bookkeeping. The tax estimate sits on top of those records.
Mileage
If you drive for work, keep a mileage log. See How does mileage work for Isle of Man sole traders?.
VAT
VAT registration is £90,000 of taxable turnover. That is Isle of Man Customs and Excise, not HMRC. The threshold is on Registering for VAT.
Handing records to an accountant
Export the income, expenses, invoices and receipts and hand them to your accountant. Tally Up keeps the records. Your accountant gives the advice.
See what is included on features and pricing.
FAQ
Can I invoice from Tally Up?
Yes. You can invoice from Tally Up, and keep the invoice with the job.
Does Tally Up replace an accountant?
No. Tally Up does not replace an accountant. It keeps the records so you can hand them over.
What should I keep for the Assessor of Income Tax?
Keep invoices, receipts, and a record of income and expenses. Mileage, if you claim it, belongs in the same set. The Assessor describes the duty on the keeping up to date page linked above.