Member Since: 22nd Mar 2012
1st Dec 2016
I am a fan of Xero (but not the recent price hike) and wouldn't recommend Sage One to anybody, unfortunately I inherited it with the client.
I haven't processed the journal as to correct the opening balances it would mean clearing the 2016 P&L data to nil which is no good for comparative reports and to date it the first day of the current year would distort year-to-date figures. So it's a lose-lose.
Have advised client to only view the TB without opening balances and ignore the balance sheet values it will show!
30th Nov 2016
Finally got through, there is no process for this so all P&L and equity codes have to be journalled out manually!
28th Oct 2015
The liability is £4088.25
But the OP is asking for the amount of tax payable which is £3528.25
2nd Oct 2015
It is a business service offered, and for which the customer is charged, but the employee who completes the callout is paid a small bonus for the inconvenience which is meant to cover any expenses which they may have incurred.
Personally I think they should be included in the calculation, but I'm having some difficulty in convincing my MD.
1st Oct 2015
Does anyone have any thoughts on how this applies to callout payments? Would you class an additional payment/bonus for a callout as commission or non-guaranteed overtime?
30th Sep 2015
11th Sep 2015
Thanks for your reply.
Thanks for your reply.
We have already decided that there will be a group VAT registration. The proposed structure is that the only 'real' income will be dividend income from the subsidiaries, which will then be distributed to the shareholders of Holdco, in theory there should be no trading profit or loss.
Currently the lease is in the name of Company A who pays the rent, and all leasehold improvements alongwith the long term lease in Company A balance sheet. From a practical point of view it would be easiest if the property owner could charge rent to Holdco for Holdco to then recharge to the subsidiaries, but without holding the lease in the balance sheet is this possible? Will we require 2 leases in the names of the individual subsidiaries and will the owner need to issue 2 invoices for rent to the subsidiaries? If the lease and improvements are in the Holdco balance sheet then an accounting loss (but I understand not a taxable loss) will again be created by writing off, I believe is being written off over 10 years. I appreciate that if it is being written off in the Holdco then it is not being written off in the subsidiaries so the net effect is the same but it will look odd for the Holdco to be reporting an accounting loss.
The main reason for splitting the trades is to avoid any future upset between the directors of the business who head up their own divisions. IHT advantages of this structure have also been discussed with the individuals accountant.
12th Aug 2015
That sounds fine. Another way would be to set up the credit card as a supplier instead of a bank account and post all credit card invoices to that one supplier (and to the correct nominals) then pay the credit card using a supplier payment.
4th Aug 2015
Make sure you have cleared any selection on the customer/supplier module before you run the report
Reports-Aged Debtors/Creditors Analysis (Detailed)
Make sure the customer/supplier ref to and from include all
30th Jul 2015
As I've already said the VAT in our case is negligible, but potentially on 2% of £19million I consider that to be material.
I have accepted the invoice and I have written a polite letter to the auditor so that they are aware when they complete their next audit. I thank you all for your comments and advice and I'm glad of all your interest and input but I cannot go back in time. I feel I have acted professionally and ethically and dare I say helpfully so I will no longer be defending my actions on this.