Cake business accounts?

Miss_HJ
Miss_HJ Registered Posts: 91 ? ? ?
Hi,

I am AAT qualified and work full time in a large organisation, so have never had to do small business accounts!

I am now embarking on a little adventure with my friend and we have set up a cake business as a partnership, only evenings and weekends etc, it wont make much money but its something we love to do and with being asked to bake outside family and friends we need to be registered etc.

So my question is does anyone have any tips advice on what to keep etc ? any help advice would be appreciated.

TIA

Comments

  • HLapper
    HLapper Registered Posts: 5 Regular contributor ⭐ ? ⭐
    Hello Tia,

    When you say 'what to keep' are you refuring to vat and income purposes?
  • Miss_HJ
    Miss_HJ Registered Posts: 91 ? ? ?
    Yes like do I need to keep a list per cake? or just a stock list then the cakes as a order list?

    Just looking for any advise on what people have kept if they have done the accounts for a small business etc?
  • ademoore
    ademoore Registered Posts: 146 ? ? ?
    Just keep a record of all your expenses and all your receipts - and possibly a diary of what cakes you made and when (an inspector may request to see that if he picks out the books for inspection!)
    Sounds like you're keeping it v. small so doubt any vat to worry about.
  • HLapper
    HLapper Registered Posts: 5 Regular contributor ⭐ ? ⭐
    Like Ademoore Said with it only being a small business all that will really need to be done account wise is a little P&L so just keep a record of your expenses (and purchases) and your sales.

    And may i add just because it is only evening and weekends don’t mean you can’t earn quite a lot, it could quite easily start to make wedding cakes. He he enjoy. :)
  • Fireraiser
    Fireraiser Registered Posts: 91 ? ? ?
    If memory serves, cakes are VAT exempt, which is why there is no such thing as Jaffa Biscuits :)

    I expect this will be a cash based business, to start with at least, so take a look at VT Cashbook, a nice little free piece of software.

    Can we have free samples please?
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