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Any good ways of tracking costs/expenses?

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Gigarama
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Any good ways of tracking costs/expenses?

#1

Post by Gigarama » Mon Apr 08, 2019 4:10 pm

Any useful tips of what to use to track your costs and expenses when delivering? I'm thinking mileage and food mainly. But also repairs etc.

Cheers!



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INCOGNITO
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Re: Any good ways of tracking costs/expenses?

#2

Post by INCOGNITO » Mon Apr 08, 2019 6:15 pm

Food? I keep all receipts regarding fuel, road tax, servicing, MOT, repairs and insurance. Also AA breakdown cover. I also keep a note of mileage each day but I do cash basis tax return so no need really. I claim for charging HHT, home as office and charitable giving throughout the year. A little bit of stationary like pens, A4 pads that I use - that's about it really.

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Milestone
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Re: Any good ways of tracking costs/expenses?

#3

Post by Milestone » Tue Apr 09, 2019 5:13 pm

There are a few free accounting programmes online that you can learn to use.

Alternatively I'd keep several note books in your vehicle.

One to keep a track of mileage at the end of each working week, one to keep a log of everyday expenses you occur that are related to your work (always keep receipts), and then a separate one for larger expenses e.g. insurance (can be tax deductible) in certain cases the finance interest you pay as a result of taking monthly instalments may also class as a taxable deduction if for business use. (Been a long time since I finished my accounting Degree so please don't hold me to it haha).

I'd then transfer it to Excel weekly/monthly.

It's a boring process but allows you to keep on top of it!

Matthew
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