I'd like you introduce you to Tom.
(I should have been an artist)
Tom is going to start a toy shop selling toys (Nope, he isn't the most creative of people...). He is a bit of a dab hand at designing websites so he plans to start off by selling online, as it's cheaper than opening a shop.
Tom is starting his business as a sole trader. This means he is 'self employed' and any income the business generates will be seen in the eyes of the tax man as Tom's personal income (Whereas income from a Limited Company is seen as the company's income).
Tom has registered as a sole trader on the HMRC website and is now ready to open his store.
The following blog posts will follow his story from a bookkeeping and accounts perspective. I hope this will help you to understand how we deal with things like income, debtors, expenses and other things.
To get started, you can view the recent transactions from the home page, or view past transactions by using the links on the right called 'Categories'.
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