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Expeneses? sole trader or limited company books?

what expenses go on what books? i'm both a sole trader and ltd company director that works from home

im a director and sole shareholder of my own limited company that trades as a record label

im also the sole trader of a recording studio

i run both from home a 1 room bedsit so office and bed is in same room

room is used for 14 hours as office a day and 10 hours for sleeping and eating.

the phone and computer and interent are soley used for business purposes as everything in my life revolves around the label and studio

the mobile phone and broad band lines are in my personal name at the moment but can be put in business name easily to accomodate any advice

what would be the the best way to takle the books?

what goes on the sole trader books and what goes on the limited company books and what proportation if not all of the costs can i claim?:

Electricity/Heating

Travel

Mobile Phone contract

Pay as you Go mobile phone cost + top ups

Broadband line rental

Storage Rental

Stationary

Printer

Computer

Capital Assets

Director start up costs

PS. i own a computer and recording studio equpment, what would be the pros and cons in selling them to the limited company in this scenario?

Replies

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14th Sep 2017 00:21

Come on soft lad!

What part of "go see an accountant" do you not understand?

Please stop with the questions and go see a professional. This is not a self help forum for scroungers.

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to Tim Vane
14th Sep 2017 17:41

Although your highly intelecual self probably knew this already... yawn....

genuinely most people go to see an accountant after they made the money not upon setting up the framework of the business, its not Apple dumb [***]

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14th Sep 2017 00:50

Asking a generic question would be borderline reasonable (notwithstanding that this is a forum for accountants) but asking multiple detailed questions and expecting someone to answer them for free is taking the p***.

Does your bedsit lease provide for commercial use?

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14th Sep 2017 09:09

Who formed the company? Not you, I hope?

Seek professional advice and, be prepared to pay for it.

Let's say you owe me! For the best advice I can give, that is.

Edit; I now see, from the cold light of dawn, that you've spent a considerable time, yesterday evening, apparently taking the pi55 on the Aweb forum?

I'm never sure whether it's reasonable to describe these "entries" as; trolling, spam, or whatever. In any event, hopefully any members who had any doubts about the apparent abuse of the anonymous feature, will now have second thoughts?

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14th Sep 2017 09:48

Ludicrous. Get off my screen, muppet.

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14th Sep 2017 12:39

This is for accounting advice? no?
Why waste comment space being unhelpful or trollful, these are questions asked by dozens of people probably stubling accross this page now.
professional accountants DO NOT have knowledge far beyond any of our grasps and they are not super biological beings who we can never come close to. THEY DO have knowledge that some of us don't have but why pay a man to use his knowledge when you can learn what he knows.

So much pettyness on here... if you cant pick and question from above and answer it helpfully then why waste time commenting. I came here excited to see answers to the OP's questions and had to read the most unhelpful replies ive seen on this site yet.

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to Alex Sawyer
14th Sep 2017 12:57

Alex-Sawyer wrote:

This is for accounting advice? no?

No.

Alex-Sawyer wrote:
Why waste comment space being unhelpful or trollful

You started it. Anonymous indeed.

Alex-Sawyer wrote:
professional accountants DO NOT have knowledge far beyond any of our grasps

Neither do lawyers, mechanics, electricians or plumbers. Do you expect them to give away their services for free?

Alex-Sawyer wrote:

why pay a man to use his knowledge when you can learn what he knows.

That is about the dumbest thing I ever heard. Tell that to the dentist next time you see him.

Muppet.

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By mrme89
to Tim Vane
14th Sep 2017 13:23

Harsh, yet fair.

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to Tim Vane
14th Sep 2017 13:27

a guy like you will waste money on things you can do yourself where as man like me will only pay for skills i dont have
not knowledge i can aquire
why pay for an accountant at this financial level, its not sensible when the advice i need is simple and could be googled
only a fool throws money away on advice they can get for free
no one has asked anyone to do there entire accounts on here stop being so pedantic

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to Alex Sawyer
14th Sep 2017 13:36

Quote:

why pay for an accountant at this financial level, its not sensible when the advice i need is simple and could be googled

And yet, here you are asking accountants.

So the simple fact is you DO need an accountant.
You just don't want to pay them.

I think you are what my gran used to call a ne'er-do-well, and what my grandad used to call a scrounging git.

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14th Sep 2017 13:22

your being ridiculous,
some professions are a matter of skillset
accountancey isnt
neither is engineering music
you can learn how to do it,
its a set of rules
you just need to learn them
your attitude is wrong man

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to Alex Sawyer
14th Sep 2017 13:32

You don't know the scope of what you don't know. 'Accountancy' is not (just) a set of rules. You are getting confused with bookkeeping. Your knowledge is zero and your attitude is wrong . . . . maaaan.

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to Alex Sawyer
14th Sep 2017 13:33

So go and learn them.
Nobody's stopping you.

But please stop pestering the grown ups now.

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By DJKL
to Alex Sawyer
14th Sep 2017 13:35

Quote:

your being ridiculous,
its a set of rules
you just need to learn them

Mistake one, it is not mere rules, there is a fair bit more, yes, rules are important, but interpretation is sometimes not that simple. If it all worked a=b then there would be little need for the courts to interpret the law, the fact they are needed speaks volumes.

However good luck with your reading, shame that it has a cost, an opportunity cost, the time you take mastering the dark arts could have been time devoted to earning income.

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By kaff
to Alex Sawyer
14th Sep 2017 16:02

I'm assuming you're an adult, yet your posts suggest that you haven't entirely grasped the basics of grammatically and semantically correct English. That doesn't bode well for your proposal to self-teach yourself book-keeping or accountancy to the level of proficiency you're likely to need, particularly if you're aiming to do that at the same time as running your business effectively. You're likely to find the best business growth strategy is for you to concentrate on the stuff you know - i.e. the business- and for you to pay others to do what you're less good at.

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14th Sep 2017 17:35

alot of off topic irrelevance above....
regardless of how uniquely skilled accountancy is
it doesnt matter
the advice asked in the post is about a few concepts of book keeping so no need to pay a man for his vast knowledge when the post is asking questions regarding the framework of the acounts and book keeping as the business progresses

i think you think an accountant s responsoble for my book keeping and thats not the case
a small business only really needs an acountant at the end of the tax year not at the setting up of his business which is what the post is asking about

in a sense the post is simply trying to establish a way of presenting the books to the accountant in easier way for him to do his job without not putting any expenses on either books collecting up the receipts and expecting an accountant to figure it all out at the end

and how is accountacy not a set of rules, is maths not a set of rules either and is law and tax laws not a set of rules that an accountant knows and therefore is able to move figures around these rules thus creating less tax to pay

yeah i know theres some accountants on here touchy about people getting free advice and putting them out of a job but please leave your redundancy issues out the comment section please
thank you
people come here for advice not to be patronised

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By DJKL
to Alex Sawyer
14th Sep 2017 18:06

Quote:

a is law and tax laws not a set of rules that an accountant knows and therefore is able to move figures around these rules thus creating less tax to pay

Because it is not.

As evidenced by case law being needed to interpret statute.

As an example the area you ask about re costs concerns itself with the idea/concept "wholly and exclusively", vast reams have been written about this, cases re interpretation abound.

And people do not come here, accountants come here, it is a site for accountants, or certainly that is its stated aim.

"AccountingWEB.co.uk is the largest independent online community for accounting and finance professionals in the UK - providing award-winning content and online engagement between members in a true community environment."

https://www.accountingweb.co.uk/about-accountingweb

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to Alex Sawyer
15th Sep 2017 13:28

Quote:

a small business only really needs an acountant at the end of the tax year not at the setting up of his business which is what the post is asking about

That's schoolboy error number one right there.

Schoolboy error number two is being a complete knobknocker.

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By mrme89
14th Sep 2017 17:49

OP. You are a [***]. A massive, steaming pile of [***].

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14th Sep 2017 18:09

well now people come here for advice....
get over it and either give it up
or shut up

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to Alex Sawyer
14th Sep 2017 23:02

The advice for you is clear. Foxtrot Oscar. Nobody wants to give free detailed advice to a clueless cocksure snivelling muppet.

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14th Sep 2017 23:12

and the patronisation and trolling continues.

thanks for your help guys

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to Alex Sawyer
14th Sep 2017 23:25

Muppet wrote:
and the patronisation and trolling continues.

It seems so. But you really should stop now. It's a school night.

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to Alex Sawyer
15th Sep 2017 12:03

That's all worked well for you, hasn't it?

Had you approached this very differently you could have got much better results and gone away happy. Trouble is your emotional immaturity and sense of entitlement are obstacles you will need to overcome.

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