Sole Trader/CIS

Hi.
I've just set up as a sole trader under the CIS scheme and I'm not really sure how it all works!
Basically I was wondering if it's worth using any of the Quickbooks, Xero type things that are advertised? I'm buying tools, but I'm definitely going to struggle to keep all receipts etc tracked, not sure if this is the right way to go.
I'm only sub contracting but I've no idea either if it's worth getting an accountant for the end of year stuff.
Basically can somebody hold my hand please?... 😅

https://www.lfgss.com/conversations/331619/

The main contractor will dock 20%. You do a self-assessment return.

Personally I do it myself, preferring to fly under the revenue's audit radar: never been pinged yet but I have all receipts etc.

What do you expect to turn over and what's your trade?

Cheers mate. Most of that is over my head, but I'll pick it up I'm sure.

@Scilly.Suffolk thanks for the reply. I won't be earning loads, I'm already aware about the 20% thing, just not sure what, if anything, I can claim back on. Electrician, if that makes a difference.

No experience of QuickBooks or similar, I just record everything myself.

My invoices are emailed, as are the CIS vouchers (the revenue get these from the main contractor now, so you won't actually need them for your return), so I just tag them "invoices 2021/22" etc.

Same for expenses, tools, PPE etc.

As for allowances, this is what you pay an accountant for. But I claim for laundry, meals (I work away), travel, tool purchases etc. But I don't get into depreciation etc.

@Nef is a sparks, so may have some more detailed advice.

If you're not earning loads, then I wouldn't worry too much: completing the self-assessment is very straightforward and the revenue's staff have been slashed in recent years, so you're unlikely to get pinged if you're not taking the piss too much.

I get a refund every year which covers my NI and a holiday, which is fine by me.

👍🏼
Nice one
Appreciate you taking the time to reply.

I record everything myself, I've heard varying stories of where the threshold is for getting audited, generally its thought to be many times what I'm turning over so...

I can only imagine it'll be many times what I'm turning over too. And then some I reckon 😅