Sit/stand desk has made such a big difference physically to me. One of the best purchases I've ever made, getting a decent one, along with a chair specifically fitted for my shape.
I got a balanceboard (69fit) and that is good. Less space than a cycle thing but still a minor workout.
Key is not exercise but variation through the day, so no standing, sitting, leaning, cycling, perching, hopping whatever for longer than half-one hour at a time.
Would an approach of recognising the revenue in Y/E 31/3/20 for tours which the schools cancelled pre 31/3/20 and in Y/E 31/3/21 for tours cancelled post 31/3/20 be permitted on the basis that the duration of lockdown was unknown and so as at 31/3/20 there was a possibility that the tours could have still taken place had lockdown and travel restrictions been relaxed ?
I can't comment if this is 'permitted' as such but it certainly seems reasonable to include the costs and income in the accounts as at the time of cancellation. If the tour was cancelled in March then y/e 20, if cancelled in April then y/e 21. With certain tours you may find you have some discretion... If costs were all paid in y/e 20 then I would be inclined to include the income in the same year and leave 2021 empty.
As there was no tour there is no tour departure date to worry about. I understand that this income is actually cancellation income so is outside of TOMS VAT. So no need to worry about annual toms calc ratios.
Is the £270k actually held on account for the customer? If so then it stays on Balance Sheet and no Revenue recorded until the new trip departs.
I can only see this as Revenue if they Tour Op is not going to return the £270k at all. If they take this action it is probably to cover tour costs so margin wouldn't be skewed too much.
I understand that Furlough is like a type of leave and as such employment is continuous so cannot count as notice period.
Whilst it is positive for her as she will prob receive more with the 80% JRS than UC, remember from the employer's standpoint her redundancy pay may increase and her holiday pay still accrues!
As a user for 8 years I have been impressed with Xero email support. Then they went through Xero Central which is annoying but can still work.
However, help with the Open Banking changes has been useless. The answers are copy and paste and even repeated on the same query. My guess is they hired many short-term low staff who know little about the product in practice.
Having worked in practice I can understand the OP but now as an outsourced in-house accountant for several businesses rarely does a year go by without the external accountant making unnecessary or incorrect changes at y/e, even when I give them full working papers.
So whilst I am more focused on the operational side, the CA is often only thinking about year end reporting, at the expense of how the business is actually run during the year.
Yes, TOMS VAT will apply to you - if you have gone over the registration threshhold?
As has been mentioned TOMS can work in Xero. There is no module that will calculate everything for you, so the annual calc at year end and entering the TOMS VAT estimate as you go along will still be manual. But there are lots of ways of making a complicated set of rules more straightforward!
I work for myself and have migrated and set up many tour ops and other travel related business in Xero as one-off jobs. I also show them how to run it themselves so they can enter the VAT, keep up to date and get trip by trip p+l info.
Using a firm like WHA (I can recommend from experience) mentioned above is definitely worth it over a non-travel accountant for the insight, hints and rule changes.
My answers
Sit/stand desk has made such a big difference physically to me. One of the best purchases I've ever made, getting a decent one, along with a chair specifically fitted for my shape.
I got a balanceboard (69fit) and that is good. Less space than a cycle thing but still a minor workout.
Key is not exercise but variation through the day, so no standing, sitting, leaning, cycling, perching, hopping whatever for longer than half-one hour at a time.
I can't comment if this is 'permitted' as such but it certainly seems reasonable to include the costs and income in the accounts as at the time of cancellation. If the tour was cancelled in March then y/e 20, if cancelled in April then y/e 21. With certain tours you may find you have some discretion... If costs were all paid in y/e 20 then I would be inclined to include the income in the same year and leave 2021 empty.
As there was no tour there is no tour departure date to worry about. I understand that this income is actually cancellation income so is outside of TOMS VAT. So no need to worry about annual toms calc ratios.
Is the £270k actually held on account for the customer? If so then it stays on Balance Sheet and no Revenue recorded until the new trip departs.
I can only see this as Revenue if they Tour Op is not going to return the £270k at all. If they take this action it is probably to cover tour costs so margin wouldn't be skewed too much.
I understand that Furlough is like a type of leave and as such employment is continuous so cannot count as notice period.
Whilst it is positive for her as she will prob receive more with the 80% JRS than UC, remember from the employer's standpoint her redundancy pay may increase and her holiday pay still accrues!
You are going to continue to pay rent?
And pay staff the same wages and hours?
Took me many hours to get through.
When I did she just added the accounts office reference to her list to update later.
Basically none of my small number of clients (most are in travel) are paying any taxes at all for the foreseeable.
VAT I will call again because they are stricter. PAYE you can get away with for months.
As a user for 8 years I have been impressed with Xero email support. Then they went through Xero Central which is annoying but can still work.
However, help with the Open Banking changes has been useless. The answers are copy and paste and even repeated on the same query. My guess is they hired many short-term low staff who know little about the product in practice.
Having worked in practice I can understand the OP but now as an outsourced in-house accountant for several businesses rarely does a year go by without the external accountant making unnecessary or incorrect changes at y/e, even when I give them full working papers.
So whilst I am more focused on the operational side, the CA is often only thinking about year end reporting, at the expense of how the business is actually run during the year.
Yes, TOMS VAT will apply to you - if you have gone over the registration threshhold?
As has been mentioned TOMS can work in Xero. There is no module that will calculate everything for you, so the annual calc at year end and entering the TOMS VAT estimate as you go along will still be manual. But there are lots of ways of making a complicated set of rules more straightforward!
I work for myself and have migrated and set up many tour ops and other travel related business in Xero as one-off jobs. I also show them how to run it themselves so they can enter the VAT, keep up to date and get trip by trip p+l info.
Using a firm like WHA (I can recommend from experience) mentioned above is definitely worth it over a non-travel accountant for the insight, hints and rule changes.
Andrew
Yes to both. The idea is it links with your accounting software and then exports the transaction to the correct bank account.
Some subscriptions, I think Extract, do not offer this however.