I used PTP account production for 3 years with no problems then in Apr13 the upgrade failed and I could not get the package to work even on a brand new computer and numerous calls to their support desk. I read the above and am now happily using VT accounts on a 60 day free trial. PTP seems to be over engineered. VT does the job.
You can try to reconcile the closing balance with the opening balance but for your sanity just consider the closing balance sheet date and assets and liabilities at this point. It should balance.....
All good advice. I would suggest that you get some fee money up front as I suspect that there will be some tax bills to pay. If the client refuses I would consider walking away.
I like your 1 to 5 analysis. I offer fixed price work and so the first thing is to assess the quality of the starting point. I no longer deal with types 1 and 2 as I found that I was struggling to pay the bookkeepers and make a profit on a fee that was affordable to the client. 4s and 5s work for me as a one man band and also allow me to focus on the more interesting, high value added, areas.
Now this might be harsh but I suggest that you stick with book keeping as mistakes will cost clients money. I only target clients and work within my skill set.
I started a practice straight out of industry and generated sales of 15k in year 1 working from home. Go for it and, worst case scenario, return to someone else's practice with your tail between your legs if it fails.
My answers
Dividends
In the yr when the client is a BR taxpayer could you not declare a divi (I assume that there is a P&L reserve) up to the HRT limit?
VT
I used PTP account production for 3 years with no problems then in Apr13 the upgrade failed and I could not get the package to work even on a brand new computer and numerous calls to their support desk. I read the above and am now happily using VT accounts on a 60 day free trial. PTP seems to be over engineered. VT does the job.
You can try to reconcile the closing balance with the opening balance but for your sanity just consider the closing balance sheet date and assets and liabilities at this point. It should balance.....
Ask the stake holders how they would like it presented. There is no impact on taxable profit.
All good advice. I would
All good advice. I would suggest that you get some fee money up front as I suspect that there will be some tax bills to pay. If the client refuses I would consider walking away.
I like your 1 to 5 analysis. I offer fixed price work and so the first thing is to assess the quality of the starting point. I no longer deal with types 1 and 2 as I found that I was struggling to pay the bookkeepers and make a profit on a fee that was affordable to the client. 4s and 5s work for me as a one man band and also allow me to focus on the more interesting, high value added, areas.
arghhhhhh
Useful to look at prior years but you are interested in 12/13 and if you have no evidence of costs then the answer in nil.
Now this might be harsh but I suggest that you stick with book keeping as mistakes will cost clients money. I only target clients and work within my skill set.
I started a practice straight out of industry and generated sales of 15k in year 1 working from home. Go for it and, worst case scenario, return to someone else's practice with your tail between your legs if it fails.