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General Accountancy Questions

Specific questions on entering data int my Sage accounts software

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I am looking for help on general accountancy questions.  I do my limited companies accounts myself and file them with HMRC with no problem.  But I have several questions such as:

1.Where, in my accounts, do I enter income from the government furlough scheme

2. Where, in my accounts, do I enter a electric company car, purchased for an employee.  I understand I can write off the entire purchase against tax in the first year

3. Other simialr questions

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By Youareatit
20th Nov 2020 13:45

MartynIanmith wrote:

I am looking for help on general accountancy questions.  I do my limited companies accounts myself and file them with HMRC with no problem.  But I have several questions such as:

1.Where, in my accounts, do I enter income from the government furlough scheme

2. Where, in my accounts, do I enter a electric company car, purchased for an employee.  I understand I can write off the entire purchase against tax in the first year

3. Other simialr questions

You are having a laugh aren't you.

So you don't think you should pay an Accountant?

But it's ok to ask Accountants on a forum for Accountants how to do your Accounts?

On what basis do you think we should provide free advice?

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Replying to Youareatit:
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By MartynIanmith
20th Nov 2020 13:59

Typical obnoxious oonline reply.
Where, anywhere on my post, do I say I want free information.

I am prepared to pay and I have been searching for online help where I can pay for this service.

I have already joined a paid service (called justask) and posted this question. But no one's got back to me, so that website doesn't seem to work.

So I'm happoy to pay

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Replying to MartynIanmith:
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By Youareatit
20th Nov 2020 14:33

MartynIanmith wrote:

Typical obnoxious oonline reply.
Where, anywhere on my post, do I say I want free information.

I am prepared to pay and I have been searching for online help where I can pay for this service.

I have already joined a paid service (called justask) and posted this question. But no one's got back to me, so that website doesn't seem to work.

So I'm happoy to pay

Justask - that famous site for Solicitors, doctors, tech experts, mechanics, vetinarians, electricians and plumbers. Not Accountants. Sure as hell not UK based Accountants.

Impatient.

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By MartynIanmith
20th Nov 2020 14:07

So lets start again.

I am looking for an accountant who can answer various questions I have when doing the accounts for my limited company.

I'm not looking for an accountant to do my books.

I have been in business 40 years and have business's in the UK, USA and South Africa. With all three companies I do my own accounts and have never had a problem with the relevant authorities.

The only times I have had problems is when I've had an accountant. My US accountant filed late and I got a $10k fine. Luckily I got that quashed and no do my US accounts as well.

But I only know general accounting and get lost on silly things. Such as I've just got £1000 back from HMRC for an employee. But where do I post this amount in my accounts??

I also have other questions like how do I handle the purchase of a company car.

So to summarise, I'm looking for answers to questions that arise, so that I can carry on doing my own accounts. HAPPY TO PAY

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Replying to MartynIanmith:
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By Youareatit
20th Nov 2020 14:37

MartynIanmith wrote:

So lets start again.

I am looking for an accountant who can answer various questions I have when doing the accounts for my limited company.

I'm not looking for an accountant to do my books.

I have been in business 40 years and have business's in the UK, USA and South Africa. With all three companies I do my own accounts and have never had a problem with the relevant authorities.

The only times I have had problems is when I've had an accountant. My US accountant filed late and I got a $10k fine. Luckily I got that quashed and no do my US accounts as well.

But I only know general accounting and get lost on silly things. Such as I've just got £1000 back from HMRC for an employee. But where do I post this amount in my accounts??

I also have other questions like how do I handle the purchase of a company car.

So to summarise, I'm looking for answers to questions that arise, so that I can carry on doing my own accounts. HAPPY TO PAY

So you slag off Accountants. Apparently the only time you have had problems with Accountants is when you have had an Accountant.

Yet now you are looking for very same Accountants to answer any random questions that you think you dont understand, whilst ignoring the ones you think you understand but probably dont.

Glaring error that anyone can spot at co house.
poster MartynIanmith a private message
Precision Test Systems LTD

Just because ''have never had a problem with the relevant authorities'' doesnt mean they wont catch up with you one day.

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Replying to Youareatit:
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By MartynIanmith
20th Nov 2020 14:43

I won't ever have problems with the authorities because I do my accounts legally. Thats why I want someone to help me with tiny things I don't understand.
Accounts just haven't worked for me in the past, thats all I can say.

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Replying to Youareatit:
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By MartynIanmith
20th Nov 2020 14:46

Should also add. As the VAT man pays me every time, (I'm an exporter, so VAT is always a credit to me), I've had three VAT audits in the past 15 years. The last audit, the VAT lady said "Your VAT accounts as the best I've ever seen. Although its a manual system, the way you have set them up means you will never make a mistake". Made me smile

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By insolvent
20th Nov 2020 14:22

Its nice to know you are willing to pay but are you saying you want to hire an accountant to do the work for you or one to teach you.

If its the latter I can recommend you to the bodies we have trained from; exams and work experience and then you are good to go.

But ill do a deal with you - if you can tell me how you run your business and the tricks / suppliers / logistic etc that you spent many years learning then I can exchange that information to tell you how to do things that I spent many years learning

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By MartynIanmith
20th Nov 2020 14:30

I don't want to hire an accountant or to have an accoutant do my books. The HMRC software that I use is brillaint and makes it easy for me to file my accounts.

I want to continue doing all my books (I was trained by my Dad, a very senior accountant).

But I am looking for someone, online or at an end of a telephone, who I can contact and ask a question. I'd expect an accountant to be able to answer any question I have in 5 minutes.

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Replying to MartynIanmith:
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By Youareatit
20th Nov 2020 14:38

MartynIanmith wrote:

I don't want to hire an accountant or to have an accoutant do my books. The HMRC software that I use is brillaint and makes it easy for me to file my accounts.

I want to continue doing all my books (I was trained by my Dad, a very senior accountant).

But I am looking for someone, online or at an end of a telephone, who I can contact and ask a question. I'd expect an accountant to be able to answer any question I have in 5 minutes.

How much are you prepared to pay for that answer?

Funniest post of this week. And boy you have some to live up to.

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Replying to Youareatit:
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By MartynIanmith
20th Nov 2020 14:51

I would expect any accountant to be charging £40 - £80 per hour. So I'd hoped to pay £20 for half of hours telephone call.

I can't see why everyone thinks its funny. I have run a sucessful business for 40 years. My customers are the worlds top blue chip companies (Nasa, BT, BBC, Aerospace, most top universities around the world etc etc). I had my Dad do my accounts when he was alive and he taught me basic accounting.

But I'm oviuosly not up with the latest trends. Hence why I need help

And, as I said, the HMRC's software is really good. Its hard to make an error, if your figures don't match up, the software stops.

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Replying to MartynIanmith:
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By MartynIanmith
20th Nov 2020 14:54

The last time I asked an accountant for a quote, he quoted me £5k to £10k per year. He seemed to think my accounts were very complicated as I have three comapnies around the world and export to 54 countries (and counting).

However, I'm a small company, so can't afford to paythat much.

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Replying to MartynIanmith:
Routemaster image
By tom123
20th Nov 2020 15:56

Three companies, 54 countries, export, upcoming Brexit, - sounds complex to me.

What sort of fee are you hoping for?

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Replying to tom123:
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By MartynIanmith
20th Nov 2020 16:24

I don't need help with Three companies, 54 countries, export, upcoming Brexit, - not complicated at all. I've been doing it for 40 years. Anyway Fedex, UPS, DHL handle all the customs invoices. It's really not difficult.

I just need occasional help on general topics. Its not an ongoing thing. A random thing. So lets say £50 for a 30 minute telephone call with an accountant.

My current questions (these may sound simple, they are for an accountant but I don't know myself):

1. I don't understand how to depreciate my assets. Luckily I don't really have many, so I do nothing. But I am losing out as I should be able to write them off.
2. I've received £1000 from HMRC as a furlough payment. What part of my sage accounts ledger do I put it?
3. I've purchased an electric car and I can write it off against tax in the first year. So what part of my ledger to I enter the car invoice, i.e is it just a cost? Is there anything to declare to HMRC in my end of year accounts
4. Can I buy another electric car. What happens if my profit becomes a loss. The HMRC software I use doesn't work if you have a loss situation.
5. I want to give an employer a bike as part of the bike to ride sceme. How do I do this, how do I do his pay slip?
6. Nearly every year I receive a R&D grant from the government. This usally wipes out half my tax. I use a company to do this (they charge me 25%). But I never know where to put this R&D grant into my accounts. The R&D company always send in to HMRC an amendment of my accounts, but I never really understand what they have done and I want to know

So I just have basic questions (for an accountant). When I know them, I can carry on doing my business. That lot would probably take a few hours of an accountants time.

Although I do my own accounts, the whole point is I can do 90% of it, but I want to do the other 10% correctly and legally.

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Replying to MartynIanmith:
By ireallyshouldknowthisbut
20th Nov 2020 16:32

it gets better:

"Nearly every year I receive a R&D grant from the government. This usally wipes out half my tax. I use a company to do this (they charge me 25%). But I never know where to put this R&D grant into my accounts. The R&D company always send in to HMRC an amendment of my accounts, but I never really understand what they have done and I want to know"

So you pay some dodgy R&D claim outfit an outsize sum of money for which you are probably not entitled (these % charge outfits are normally dodgy as heck) and yet you wont pay for ordinary advice which would generally include any R&D credits you are actually entitled to for nothing.

You are expecting a lot for your £20.

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Replying to ireallyshouldknowthisbut:
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By MartynIanmith
20th Nov 2020 16:38

Yet again another obnoxuious reply. You should be ashamed of yourself.

I am a little small company based in the South West. In my field (accruate clocks) I make the worlds best product. NASA, Jet Proplusion Agency, British Telecom, US Navy, US Army, US Airfore, Aerospace, Boing, MIT University (plus a load more), Motorola, Eriksson (plus most toehr cell phone compaies) buy my products. My only competitors are billion dollar American companys. However, every day I sell to the USA. The USA buys my equipment, but its the best (and mostly the most expensive).

When they put the recent rover on Mars, every company involved was a customer of mine.

So you're wrong. My R&D claims are justified. No one in the world beats me on specifications (well, I've just seen two USA firms hat are finally meeting my clocks performance, so I now have a bit of competition).

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Replying to MartynIanmith:
RLI
By lionofludesch
20th Nov 2020 16:48

MartynIanmith wrote:

Yet again another obnoxious reply. You should be ashamed of yourself.

I am a little small company based in the South West. In my field (accruate clocks) I make the worlds best product.

Yet you make bu99er all profit, so you'd have us believe.

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Replying to lionofludesch:
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By Youareatit
20th Nov 2020 16:55

Turnover and margins all on the decline.

A PITA client for anyone taking this one on, so far up his own back passage.

Offering rates below most good bookkeepers and then asking for tax advice as well as accountancy advice. Arrogant.

Says his Dad was a 'senior accountant' so you would have thought he would have a bit more respect for those who have put themselves through so much training.

Pretty clear that the accounts are not right.

Carp in, carp out, doesnt matter if it balances. HMRC system does not pick up on rot put into their system.

Yep, a joke post.

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Replying to ireallyshouldknowthisbut:
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By MartynIanmith
20th Nov 2020 16:40

Forogt to say, I'm happy to pay the going rate. I see accounts earm £150- £300/hour, but thats a top accountant.

My questions are really simply. Happy to pay a fair rate, £100/hour sounds good, but I'd prefer to pay pro-rate. Say minimum spend of £20 for a 5 minute call.

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Replying to MartynIanmith:
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By insolvent
20th Nov 2020 22:38

I think you are missing the point

Lets take your first question re depreciation. An accountant can discuss with you on your depreciation policy etc but what you are asking them to do is teach me how to do your job that you trained multiple years to do. So then I can do it myself and not need you. Imagine if everyone did that.

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Replying to MartynIanmith:
RLI
By lionofludesch
20th Nov 2020 16:33

MartynIanmith wrote:

I don't need help with Three companies, 54 countries, export, upcoming Brexit, - not complicated at all. I've been doing it for 40 years. Anyway Fedex, UPS, DHL handle all the customs invoices. It's really not difficult.

I just need occasional help on general topics. Its not an ongoing thing. A random thing. So lets say £50 for a 30 minute telephone call with an accountant.

My current questions (these may sound simple, they are for an accountant but I don't know myself):

1. I don't understand how to depreciate my assets. Luckily I don't really have many, so I do nothing. But I am losing out as I should be able to write them off.
2. I've received £1000 from HMRC as a furlough payment. What part of my sage accounts ledger do I put it?
3. I've purchased an electric car and I can write it off against tax in the first year. So what part of my ledger to I enter the car invoice, i.e is it just a cost? Is there anything to declare to HMRC in my end of year accounts
4. Can I buy another electric car. What happens if my profit becomes a loss. The HMRC software I use doesn't work if you have a loss situation.
5. I want to give an employer a bike as part of the bike to ride sceme. How do I do this, how do I do his pay slip?
6. Nearly every year I receive a R&D grant from the government. This usally wipes out half my tax. I use a company to do this (they charge me 25%). But I never know where to put this R&D grant into my accounts. The R&D company always send in to HMRC an amendment of my accounts, but I never really understand what they have done and I want to know

So I just have basic questions (for an accountant). When I know them, I can carry on doing my business. That lot would probably take a few hours of an accountants time.

Although I do my own accounts, the whole point is I can do 90% of it, but I want to do the other 10% correctly and legally.

Good luck with your search.

I'm an accountant, not a teacher.

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Replying to MartynIanmith:
RLI
By lionofludesch
20th Nov 2020 16:00

MartynIanmith wrote:

The last time I asked an accountant for a quote, he quoted me £5k to £10k per year. He seemed to think my accounts were very complicated as I have three comapnies around the world and export to 54 countries (and counting).

However, I'm a small company, so can't afford to paythat much.

Oh well, just muddle through and hope for the best.

Brexit and MTD for Corp Tax coming along - what could go wrong ?

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Replying to MartynIanmith:
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By Paul Crowley
20th Nov 2020 18:45

No way in 5 minutes can I explain capital allowances and depreciation

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By insolvent
20th Nov 2020 15:51

Hi Martin

I am prepared to help you. I am like you also, I know about import, export, customer, logistics but just have not spent the years in training and building that knowledge of products, customers.

If you can share with me your wealth of knowledge built up over the 40 years, I am happy to share with you my wealth of knowledge that I spent many years accumulating. I think on that basis its a fair deal right. My questions wont be more than 5-10 minutes also as I know how to use internet and once I know the key bits I can contact the suppliers and customers myself.

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By frankfx
20th Nov 2020 16:08

The thread has become somewhat charged.

Sage help , you pay for the software can help.

Or post on sage community. ask sage

Warning

These well intentioned routes for support are often dead ends . time wasted. Narrow focus.

Or

Pay for an accountant.

Triage your precise needs.

Agree with an accountant you require zero frills and thrills.

Pay £x per month, for those needs.

Accountant will identify the staff member to take ownership of your prescribed and defined requirements.

All calls will start with, for efficiency,:

" I shall say this only once".

https://youtu.be/A4I9DMSvJxg

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Replying to frankfx:
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By MartynIanmith
20th Nov 2020 16:48

I'm having fun!!!

Thank you for stating the obvious. I'd forgot that Sage offers help. I'll leave this group and ask the Sage forum or actually phone Sage.

Thanks for helping

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Replying to MartynIanmith:
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By Youareatit
20th Nov 2020 16:57

Bye.

Although Sage dont offer tax advice. So your accounts will be wrong.

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Replying to MartynIanmith:
RLI
By lionofludesch
20th Nov 2020 17:20

MartynIanmith wrote:

I'm having fun!!!

Thank you for stating the obvious. I'd forgot that Sage offers help. I'll leave this group and ask the Sage forum or actually phone Sage.

Thanks for helping

Now he's gone, did anyone else look at his accounts ?

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Replying to lionofludesch:
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By Paul Crowley
20th Nov 2020 18:56

Yes
Difficult not to

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Replying to Paul Crowley:
RLI
By lionofludesch
20th Nov 2020 23:18

Fella can't even spell his own name

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Replying to frankfx:
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By MartynIanmith
20th Nov 2020 16:50

You say pay for an accountant and agree no fills.

That's what I'm trying to do!!!!!!

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By ireallyshouldknowthisbut
20th Nov 2020 16:12

I have to say I admire your phenomenal talents, having detailed tax and accounting knowledge to be able to perfectly file in four tax jurisdictions, and needing just a 30 minutes call to solve your couple of tiny queries which are of such a basic nature you expect to spend £20 on the call.

You must be a genius of unimaginable talent.

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By SXGuy
20th Nov 2020 16:22

Pita client right there. Sells to multiple countries for big firms probably massive turnovers, expects an accountant on retainer for £20 per phone call.

The problem for me is, it would be all or nothing. Especially at this time of year, not really prepared to answer questions in the hope I get a score a month, without spending the time to know the full facts of the company, which could end up being a lot more than a 30 minute phone call.

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Replying to SXGuy:
By ireallyshouldknowthisbut
20th Nov 2020 16:28

I think the probably is is anyone willing to help in such a situation is going to be such an unprofessional newbie the OP will get really bad advice for their £20. Anyone called me with a query like that, I would tell them to jog on.

Therefore it will be self selecting prophecy that the OP goes on thinking accountants are a waste of space, not least as it would be impossible in 30 minutes to actually ask the really important questions that need asking, ie the ones the OP has not a clue about.

Still its their funeral.

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Replying to ireallyshouldknowthisbut:
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By Paul Crowley
20th Nov 2020 19:30

£40 per hour
Pay peanuts, get Monkeys

Is that why USA went wrong? $10K wrong

Even worse is how little OP would value his Dads skills
My son would regret that level of insult to me on a public forum.

£40 To company means about about £15 per hour gross. Not far off minimum wage

OP Is that how you value your dad?

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