The ULTIMATE Personal Accounting Spreadsheet
Creating financial stability and achieving your financial goals.
16 page guide also included.
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For personal use. You can use it if you're employed and/or self employed.
As a self employed, before paying yourself you need to understand your business structure as different structures have different types of taxes payable. When you're self employed, you need to know your Net Income (Income - Expenses - Tax). We created a spreadsheet to help sole traders to calculate their estimated Net Income, you can find that spreadsheet here ( https://beauty-hunt-shop.myshopify.com/products/the-ultimate-bookkeeping-spreadsheet-for-beauty-service-providers-uk-only ).
Once you know your Net Income, you can budget to pay yourself accordingly. To use this spreadsheet to budget as a self-employed individual, you can do it in 2 ways...
1st way is to pay yourself monthly (Net Income, so you've accounted for tax). How do you do this? Bank all the money you receive in the month (pay your business expenses and subtract money for your estimated tax bill) and pay yourself once a month. This is the income you'll use in the budget calculator to budget your income.
2nd way is to budget your forecasted income. As your forecasted income is not guaranteed, it will be safer to bank income for 2 weeks (no spending) and only spend that income in the following 2 weeks. This is so that if anything was to happen (e.g. you can't work), your living expenses are covered!
Disclaimer: This spreadsheet was created for estimated purposes only. To get more accurate financial advice, please contact an accountant. You can use this along side having an accountant.