Member Since: 29th Jun 2004
7th May 2014
Feedback and clarification please
Very many thanks for the responses from all of you, particularly the detail you've gone into.
"14931125" - I think we have the same issue, just with different dates.
"tebthereb" - I rather thought that the date the employees were entitled to their wages remained 27 April which is why I processed for week 4. I had assumed, though seemingly incorrectly, that the agreement to delayed physical payment, affects only whether the RTI submission is late or on time. Are you quite confident that entitlement occurs on 4 May please?
"stepurham" - good practical suggestions - many thanks. I particularly like the idea that the setting aside of cash in an envelope constitutes payment; sometimes I can't see the wood for the trees!
It looks like where I have gone wrong is thinking that the "date of payment" for RTI submission timing is ALWAYS the date of physical payment, forgetting, or not realising, that delayed payment even under informal arrangements affects the week or month for which the payroll must be calculated.
5th May 2014
OP's post of 04/05/2014.....
... is not a good way to obtain the additional help he's looking for.
I won't be wasting my time any longer.
Well done though for wanting to learn how to keep your accounting records. There are many small business owners out there that just can't be bothered to acquire such knowledge.
3rd May 2014
I agree with the others, .....
..... you do need an Accountant.
Assuming that you've copied all of the figures correctly (and I'm not certain you have), it does appear it is the depreciation that has gone wrong.
Your figure for cash at bank is the same as your profit before tax. This would seem to indicate that all of your income and expenses have been received/paid by the year end (hence no debtors and no creditors other than the tax bill and the loan from you).
It would also seem to indicate that the depreciation hasn't been entered properly - the asset itself has been reduced by £552 but where is the other side of the entry? If you've managed to charge it the profit and loss account currently standing at £4,127 then you've gone wrong. It should be charged to administrative expenses.
Once your accounts balance, you've reached the end of step 1. There are many other steps required before you've prepared an accurate set of accounts fit for purpose. Then you have to make tax adjustments before the Corporation Tax can be calculated.
If I need some electrical work doing in my home, I don't do it myself!
Get an Accountant!
5th Aug 2013
Thank you Locutus
I knew about the 2006 Act provisions but was under the mistaken impression that if the Articles refer to a Company Secretary (even if only duties thereof) then a Secretary was still required.
14th Jul 2012
Thanks again LyneT...
I'm sure you've explained it very well indeed, it's just that I'm not getting it.
The life tenant is a higher rate taxpayer, so if the R185 shows £400 he will effectively receive higher rate relief on the disallowed rental expenses; and that doesn't seem correct to me.
I think my superiors will have to deal with this one.
13th Jul 2012
Thank you LyneT...
Your clarification is much appreciated. Could I check one more thing please?
Following on from your last sentence, does that mean then that in the example in my original question the R185 will show £2,400 net but the beneficiary can receive only £400?
12th Jul 2012
Thanks riksti ....
I have looked at the manuals but I don't think they deal with my precise query (unless I really am mis-understanding the situation).
The example given states that Trust Management Expenses are present. I think my query is whether disallowed rental expenses can qualify as TMEs. If so, I think I can follow what to do. If not (and I think this is the case), then it seems that the R185 must show a higher figure than is available for distribution.
30th Jun 2012
Thank you Paula...
...and also to thomas34 for asking what was also going through my mind.
18th Jun 2012
Very many thanks to all respondents.
I've also made a note to self to use the search facility!
7th Jun 2012
Regular contact from this firm
I sympathise with you Moonbeam.
I've been bombarded with calls, emails and post (no free samples though) and I've had to be strong with them.
It's quite amusing when I look back though:
1. I demanded that they send me no further emails. A few days later they contact me to ask whether I was satisfied with my recent call to customer service. How did they contact me? You've guessed it!
2. A lady rang to confirm my (non-existent) "standing order". I explained that I didn't want to be contacted by telephone either. The lady didn't apologise but said that she would arrange it. The next day I was contacted by the same lady asking the same question. I asked if she remembered me. She didn't; but she does now!