Member Since: 3rd Nov 2013
8th Apr 2016
Possibly a glitch
I asked the client to do it under his sign-in and he couldn't either. The next button is buggered.
8th Apr 2016
Treat Foreign VAT as expenses
I do a few of these. The VAT is treated as expenses if the turnover equals the gross amount. The income tax is offset against CT on the same income. Another way of treating the VAT is to record the net income (gross less VAT) as turnover but I prefer showing all figures on the accounts.
7th Feb 2016
Almost a decade later...
8 years after first asked and 6 years after the response, interesting to see that this is still the first link that comes up when 'accounting for smp' is searched on google.
11th Jan 2016
@gileshoward You (or HMRC) will need to determine if the spread betting is a trade or hobby. (Mind you, you already claimed 'personal basis'.) The tax position is that if it is a personal thing, the gains and losses are outside the scope of income tax.
25th Sep 2015
25th Sep 2015
I must say that I've often wondered how accountants who just glance over TBs and fill out templates for submission can justify the fees (£1+k) they charge. Anyone can submit a set of accounts but I do think clients, whether doing their own bookkeeping or not, always feel or believe that accountants are needed to check the accounts. A lot of us know that most clients have such a high level of trust in their accountants, they rarely go through the final accounts before signing them off. Perhaps Regina's question should have been 'what exactly do accountants do to justify the high fees they charge?'
22nd Mar 2015
Just in case you didn't know as well, the link is here: https://www.gov.uk/government/uploads/system/uploads/attachment_data/fil...
You can thank me later.
20th Sep 2014
It's very irritating. Every month, I have to individually submit paye details because with this cog 'awaiting submission', I can't click submit all. Will contact hmrc IT dept for assistance at some point, if it has one.
13th Jul 2014
I remember reading an article on here about adding salary to average profits though I also know that the tax office favours 'minus'. In any case, the negative value works great in this scenario.
Re assets, the only advantage is the tax-free 'cash' that'll probably sit on the loan account till the company generates enough funds to settle it but he's more in favour of keeping his collection personal so that resolves the other issue. He just needs to work out how much to charge the company for its use but I'll leave that for him to work out.
17th May 2014
@lionfludesch.. Not Quite
There will be if VAT had been charged without registration.. This was the case with an acquaintance (an IT contractor) who charged VAT over a 2-year period because the agency advised her to do so but never declared the VAT as she 'forgot' to register!