VAT & Expenses/Allowances

[northernladuk]

Unusually I agree with NLUK and Stek with what appear to be quite offhand and unhelpful comments..

Thank you in this case but in general, I don't think telling anyone in a situation like this or similar to go speak to a professional is offhand or unhelpful. We don't know the details, we are (in the main) contractors, and we are complete strangers so the advice he may get will be questionable at best. Is the best advice to go speak to a professional or take your pick of answers that may or may not be the right one. Yes, some people may say it kills the threads, but in basic situations where someone clearly doesn't understand it then the professional is the way to go every time. He might get the answer about which box to tick and then cock up the next box because he doesn't know and didn't ask.

That's my opinion, others can fill their boots and have a pop, great stuff, but that's my take on it. Sorry....

[pr1]

we are (in the main) contractors, and we are complete strangers so the advice he may get will be questionable at best.

You aren't obliged to reply to every post, and there are lots of qualified accountants on here promoting themselves who are usually happy to help

[northernladuk]

You aren't obliged to reply to every post, and there are lots of qualified accountants on here promoting themselves who are usually happy to help

Ahh. There you are. Wondered when you were going to pop up again...

[pr1]

Ahh. There you are. Wondered when you were going to pop up again...

well I can't bear to see you run for "most tedious poster" uncontested

[northernladuk]

well I can't bear to see you run for "most tedious poster" uncontested

Oh the irony.....

But thank you for your consideration.

[SueEllen]

Not sure what you class as a real person. Different approaches, but VAT course not for me thank you very much

How about someone you know who is an accountant? Though it did feel like I was going back to school.

Anyway they don't do the VAT courses any more it's webinars to save money and probably because they have retired off a lot of their trainers. You do miss out on having an ex-VAT inspector tell you all the things people try to claim for as a business expense, more things you can claim as legitimate business expenses, how your accounts etc are your responsibly NOT your accountant, admit stuff before HMRC catch you and try and sort it out. Oddly even though they are only suppose to be concerned with VAT they did go through other things.

[Ted]

I'm putting my forms into my acocuntant for the first VAT return. I'll be speaking to him about what he wants soon, but I was wondering what (if any) preparation do you guys do before handing them in?

I've got all my invoices, expenses etc in order. However, I've not created any spreadsheets correlating these. What if any of this work should do - or should be continually doing?


Thanks.

[northernladuk]

So you've no spreadsheet or online portal with all your finances nicely laid out? You've nothing to look at that tells you your current position at a glance? How do track your money in/out, you tax liabilities and how much profit you've got to divi out etc? Sounds like a recipe for disaster.

Have a think about swapping to an accountant that offers freeagent. Everything is done in the portal, Vat(ibncluding submission), all your expenses, bank feed, the whole 9 yards. Nothing for you to do but create invoices and log your expenses.

[Jessica@WhiteFieldTax]

I'm putting my forms into my acocuntant for the first VAT return. I'll be speaking to him about what he wants soon, but I was wondering what (if any) preparation do you guys do before handing them in?

I've got all my invoices, expenses etc in order. However, I've not created any spreadsheets correlating these. What if any of this work should do - or should be continually doing?


Thanks.

You should have had advice from your accountant at the outset about this. Check back, or ask them why not. It's quite fundamental, and a bit of a red light concern.

[Ted]

The only incomings to the company are my weekly payments from the customer. The only outgoings so far have been two expenses payments to myself.

So far I've not drawn down any salary or pension from the company.

I've these kept in a log - not that it is difficult to do.

My accountant, who is a family friend has not told me what to produce apart from the above log of ins and outs for the company.

Does anyone use TurboCash or gnuCash?