This would be easily arranged if you were happy to help but I dont think you have the personal qualities Im looking for in a long term business relationship.
Best of luck though.
Is that a joke? I hope so! Ha ha. Every single sale goes through the books. Its not exactly Narcos!
Of course Im not suggesting that. I mean that would be hugely arrogant. And if I thought that I wouldnt be asking for help.
As regards my returns my affairs have been relatively simple (and as an ex-finacial adviser and ex-stockbroker) I have felt capable of lets say at least basic competency.
What Im saying is that I need some help. I think you might agree that some professionals are better than others and I just want to consider all the information so that I feel secure in my dealings with my accountant (whoever that's going to be).
THANKS FOR YOUR HELP.
I AGREE. AS I SAID ABOVE "BEFORE I SPEAK TO AN ACCOUNTANT..."
I THINK ITS IMPORTANT TO BE WELL INFORMED FOR EG, I ALWAYS DO MY OWN ACCOUNTS/ RETURNS BUT FOUND AN ACCOUNTANT WHEN I REGISTERED FOR VAT.
SUBSEQUENTLY I DISCOVERED THROUGH MY OWN RESEARCH THAT COULD SAVE AROUND £5K A YEAR ON THE FLAT RATE SCHEME AND DO ANNUAL RETURNS (NOT QUARTERLY) SAVING MORE VALUABLE TIME AND MONEY.
IM MORE THAN HAPPY TO PAY AN ACCOUNTANT (OR ANY PROFESSIONAL OR TRADESMAN OR ANYONE) BUT AM JUST LOOKING FOR SOME HELP BEFORE I DO SO.
EXCESS OVER WHAT I NEED - IM SURE AT SOME POOINT I WOULD WANT ACCESS TO SOME OF IT BUT UNTIL THEN IT CAN BUILD UP AS RESERVES.
T/O : £170K PA
GROSS PROFIT: £78K
NET PROFIT: £65K
PROJECTED FOR 17/18
T/O : £265K
GROSS PROFIT: £165K
NET PROFIT: £135K
IS THAT HELPFUL?
ISNT THE DIVIDEND TAX ABOUT 18% UP TO APPROX 43,000 OF TAXABLE INCOME?
AND ISNT THAT TAXED TWICE - ONCE AT 20% FROM PRE TAX PROFIT AND THEN AGAIN AS A DIVIDEND?
FIRSTLY THANKS FOR YOUR HELP
SECONDLY, IF YOU ARE HAPPY TO LET ME KNOW WHAT INFO IS NECESSARY I WILL SUPPLY IT NO PROBLEM.
THIS, CLEARLY, IS NOT MY AREA OF EXPERTISE AND SO PLEASE FORGIVE MY INEPTITUDE
thanks for your reply. would you be able to explain why?
Ok thanks. I meant that the artist or their agent didn't read the original offer of work properly and then in order to protect goodwill in the relationship i sometimes compromise by 'adding' vat to the original amount. So say fee £100 but they didn't realise that included vat i may pay them £120
Thanks Nick and Lion
I think Im classed as principal and the theatre as agent.
It would appear (I think) that if I register, even on a hire, VAT becomes payable on ticket sales.
Its already payable on split deals but Ill wait till April till registering.
Thanks everyone much appreciated!
Ok, thanks very much PNL and VAT DR!
Could you let me know how much you charge for VAT services?
I'll have to register from 5th Aril and I think (perhaps niavely) my returns should be relatively simple/ straight forward...