Question: I am starting a new restaurant what recrords do I need to keep, I a m a chef so have never done book keeping before, I am running the business as a soletrader.
Answer: The records you need to keep are those that will be used in order to find out how much your business makes and ergo the amount of tax you are going to pay.
*keep a record of the amount of money you have personally injected in to the business
*keep a record of the amount of money you have loaned
*keep a record of the amount of interst you have paid back on the loan in the year
*keep a record of the amount of capital you have paid back
*keep a record of the amount you have sent buying fixed assets
*stock you have purchased in the year
*stock take at the end of the year