Boring but stop neglecting accounts and start keeping proper records, even if it's only simple spreadsheets. An accountant can only do as good a job as the information provided.
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Contracting - Accounts in a mess. Do i need a bookkeeper?
Collapse
X
-
bloggoth
If everything isn't black and white, I say, 'Why the hell not?'
John Wayne (My guru, not to be confused with my beloved prophet Jeremy Clarkson) -
Originally posted by ladymuck View Post
I'm annoyed on your behalf that your accountant seems to have a head in the sand attitude. They are probably right, it will all work itself out. However, what (I am assuming) you want right now is a bit of hand holding and guidance and being told the details so you have a clear idea what's going on.
You'll need to be much more forceful to get them to do anything else.Comment
-
Originally posted by jmo21 View PostI am guessing the accountant means/plans to do is to simply "do the accounts" at some point after year end when they have all your bank statements etc, which will involve classifying lots of "withdrawals" as dividends, and then telling you how much you owe in personal tax.
You'll need to be much more forceful to get them to do anything else.
If an accountant is working like this then he can't stop the OP spunking his money away. Even now with my accountant checking quarterly I could still get in to some horrible trouble for 3 months without them knowing. Deffo got the wrong service from his accountant but even with the right one clients can still get themselves in a mess.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
-
Doesn't sound that serious if the baliffs aren't knocking on your door. Basically let the accountant sort it out at year end. Usually there is no corporate tax owing so, just need to declare withdrawn funds as divis and then it's just a matter of working out your personal tax liability. If you have a permie job should be able to pay it.I'm alright JackComment
-
Originally posted by BlasterBates View PostDoesn't sound that serious if the baliffs aren't knocking on your door. Basically let the accountant sort it out at year end. Usually there is no corporate tax owing so, just need to declare withdrawn funds as divis and then it's just a matter of working out your personal tax liability. If you have a permie job should be able to pay it.
Bailiffs knocking on the door is not the point at which you should get your tulip in order.
"Usually there is no corporate tax owing so, just need to declare withdrawn funds as divis and then it's just a matter of working out your personal tax liability" makes absolutely no sense. If you're paying dividends, there needs to be profit, so there will be corporation tax owing.
"If you have a permie job should be able to pay it" - You have no idea what he will owe, what this permie job will be paying or what the his personal expenditure is. How on earth can you say that he'll be able to pay it.Comment
-
Originally posted by northernladuk View PostHaving had experience of a one man band with a very hands off I'd have guessed exactly this. My last guy had no spreadsheets or anything. He advised how much to take which I kept to thankfully and he appeared just to magic the numbers up at the end of the year.
If an accountant is working like this then he can't stop the OP spunking his money away. Even now with my accountant checking quarterly I could still get in to some horrible trouble for 3 months without them knowing. Deffo got the wrong service from his accountant but even with the right one clients can still get themselves in a mess.Comment
-
Originally posted by BlasterBates View PostDoesn't sound that serious if the baliffs aren't knocking on your door. Basically let the accountant sort it out at year end. Usually there is no corporate tax owing so, just need to declare withdrawn funds as divis and then it's just a matter of working out your personal tax liability. If you have a permie job should be able to pay it.
OP ask the accountant if they have a bookkeeper or office junior who can do your bookkeeping for you. Yes you will have to pay but it's better than being in this complete mess.
You will need to provide them with your bank statements, any receipts you have got business costs and any travel logs."You’re just a bad memory who doesn’t know when to go away" JRComment
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Comment