What info does my accountant need

[cartlidgea]

I was with an Msc before, with an accountant what info do they need to process my payroll. I presume I state what amount I have been paid in a month, they already know I am on flat tax rate, then just send them my expenses, they have my P45 already?

I dont really draw money or do anything else with my bank account just receive payment from the client and withdraw what I am due. I then presume from this they tell me how much expenses I can claim back, what salary and what dividends? Can I draw this total amount in one go or have to take it out seperately to highlight what salary, expenses and dividends I have taken.

Will it work out the same and correct if i just withdraw my salary and expenses the moment the client pays as I know both of these before I get paid then wait for the accountant to tell me what dividends I can take out of what is left

Anything else I need to know or consider?

A seperate question, who needs to fill in a self assessment form just people who earn over £33k and are directors? With savings/bonds does this effect the 33k stated above as you already pay tax on these before you are given any interested if so how much interest can you earn before it becomes a problem. Before you work out if you earn over 33k etc do you totally remove your expenses first from the amount you have earned?

Cheers

[DaveB]

I was with an Msc before, with an accountant what info do they need to process my payroll. I presume I state what amount I have been paid in a month, they already know I am on flat tax rate, then just send them my expenses, they have my P45 already?

I dont really draw money or do anything else with my bank account just receive payment from the client and withdraw what I am due. I then presume from this they tell me how much expenses I can claim back, what salary and what dividends? Can I draw this total amount in one go or have to take it out seperately to highlight what salary, expenses and dividends I have taken.

Will it work out the same and correct if i just withdraw my salary and expenses the moment the client pays as I know both of these before I get paid then wait for the accountant to tell me what dividends I can take out of what is left

Anything else I need to know or consider?

A seperate question, who needs to fill in a self assessment form just people who earn over £33k and are directors? With savings/bonds does this effect the 33k stated above as you already pay tax on these before you are given any interested if so how much interest can you earn before it becomes a problem. Before you work out if you earn over 33k etc do you totally remove your expenses first from the amount you have earned?

Cheers

Ask your accountant.

If you don't have an accountant yet ring the ones who post on here - SJD, NixonWilliams, First Accountancy - and ask them. They will all be happy to talk to you about it as a prospective client.

If you do already have an accountant and they are not answering these questions then get rid of them. Seriously.

[cartlidgea]

Ask your accountant.

If you don't have an accountant yet ring the ones who post on here - SJD, NixonWilliams, First Accountancy - and ask them. They will all be happy to talk to you about it as a prospective client.

If you do already have an accountant and they are not answering these questions then get rid of them. Seriously.

Unfortunatly I do already have an accountant and it is one of the ones recommended on this site :-<

[Epiphone]

Unfortunatly I do already have an accountant and it is one of the ones recommended on this site :-<

Then post on here, it should focus their attention. Can't speak for the others as I've not seen them taken to task before but Simon from SJD is good at sorting out any problems with his firm. If something isn't going right then other board members deserve to know anyway.

[oraclesmith]

If you're a Director of a limited company you must do a self assessment.

[simondolan]

Not sure of you are with us or not, but I'll give my thoughts anyway.

As someone coming over from an MSC you are used to having everything done for you and simply being issued a payslip once a month and your bank account credited. It is very different when using your own Limited Company. It is up to you to decide what salary you draw, up to you to decide what dividend you choose to declare and what expenses to both incur and reimburse.

Your accountant can help you to decide what might be the best course of action for you, but ultimately it is up to you, not your accountant to "tell you what to pay yourself"

You are not by any means the only person having difficulty with the transition from an MSC - it is a culture change which you will have to get to grips with or else go umbrella and end up paying more tax and NI.

If you are with us and you do have any specific issues then please feel free to drop me a line - simonatsjdaccountancy.com

I was with an Msc before, with an accountant what info do they need to process my payroll. I presume I state what amount I have been paid in a month, they already know I am on flat tax rate, then just send them my expenses, they have my P45 already?

I dont really draw money or do anything else with my bank account just receive payment from the client and withdraw what I am due. I then presume from this they tell me how much expenses I can claim back, what salary and what dividends? Can I draw this total amount in one go or have to take it out seperately to highlight what salary, expenses and dividends I have taken.

Will it work out the same and correct if i just withdraw my salary and expenses the moment the client pays as I know both of these before I get paid then wait for the accountant to tell me what dividends I can take out of what is left

Anything else I need to know or consider?

A seperate question, who needs to fill in a self assessment form just people who earn over £33k and are directors? With savings/bonds does this effect the 33k stated above as you already pay tax on these before you are given any interested if so how much interest can you earn before it becomes a problem. Before you work out if you earn over 33k etc do you totally remove your expenses first from the amount you have earned?

Cheers

[Darren@UptonAccountants]

MSC to LTD

Completely agree with Simon, the difference in culture does appear to be causing confusion.

Would suggest you talk to your accountant in order to clear things up and run through your queries one by one so that you're aware of how things work together with filing requirements and dates.

[timh]

I'm with one of the accountants on here, and in my first week of incorporation I think I was on the phone to them for 3+ hours asking silly questions and jotting down answers.. I suggest you do the same, that's one of the things they're there for.

[Old Greg]

I was with an Msc before, with an accountant what info do they need to process my payroll. I presume I state what amount I have been paid in a month, they already know I am on flat tax rate, then just send them my expenses, they have my P45 already?

I dont really draw money or do anything else with my bank account just receive payment from the client and withdraw what I am due. I then presume from this they tell me how much expenses I can claim back, what salary and what dividends? Can I draw this total amount in one go or have to take it out seperately to highlight what salary, expenses and dividends I have taken.

Will it work out the same and correct if i just withdraw my salary and expenses the moment the client pays as I know both of these before I get paid then wait for the accountant to tell me what dividends I can take out of what is left

Anything else I need to know or consider?

A seperate question, who needs to fill in a self assessment form just people who earn over £33k and are directors? With savings/bonds does this effect the 33k stated above as you already pay tax on these before you are given any interested if so how much interest can you earn before it becomes a problem. Before you work out if you earn over 33k etc do you totally remove your expenses first from the amount you have earned?

Cheers

I'm also new to this and it's bleedin' confusing at first - don't let anyone tell you otherwise. But my advice is:

Read up as much as you can. There's loads of free stuff on the SJD website whether or not you're a client. Make sure you understand everything - it's your business - and if you don't, ask your accountant. Don't rely on them knowing things.
If you're not sure whether you've done something right, then ask your accountant: have I filled this in correctly? Is this expense allowable? Is there a better way of structuring my dividends etc.?
I've not had problems, but obviously if your accountant isn't supporting you, complain nicely and give them a chance to put it right.

[cartlidgea]

Thanks one and all for your advice my accountant came good today and answered all of my queries apart from one which I will now create a new thread for. Maybe they read the thread here and acted not sure, or maybe he was just extremely busy which is understandable. I know im paying for a service but we do as newbies have so many questions to ask and you just feel like you are bugging your accountant with so many questions....its only natural I surpose.