DIY Accounting

[pmeswani]

I might have a look at the software when I get a chance. I need to keep an independant view of my finances. I don't know how granular the software is in terms of being able to import bank statements from CSV's, etc. Also, I would be very interested if the software did Flat Rate calculations, as I have been taking my Accountant's word for it up until now. I can't access the site from my work PC as the client blocks access to the site.

[backrubber]

You could try Earnings Tracker, which is a free accounting/bookkeeping application aimed at contractors using the VAT Flat Rate Scheme, or MyBookkeepingManger, which is very similar but costs a wopping 99p + VAT.

[Troy]

Set up on Xero

I have an accountant, but only use them for PAYE. They set me up on Xero free of charge. I think I have the best deal possible!

[TheFaQQer]

I have an accountant, but only use them for PAYE. They set me up on Xero free of charge. I think I have the best deal possible!

Are you on commission for Xero? Three posts, all pretty much the same thing....

[Jeremiah@RHJAccountants]

FRS calculations

I might have a look at the software when I get a chance. I need to keep an independant view of my finances. I don't know how granular the software is in terms of being able to import bank statements from CSV's, etc. Also, I would be very interested if the software did Flat Rate calculations, as I have been taking my Accountant's word for it up until now. I can't access the site from my work PC as the client blocks access to the site.

You could ask your accountant if they have a simple spreadsheet in excel format with the calculations on so that you can check this.

All you do is take your income which will normally be your Gross sales and bank interest received and apply the FRS percentage to the total.

This will give you the FRS payable for the quarter.

I am sure if you ask your accountant they will send this to you.

[xoggoth]

Looked at various solutions but excel/word is by far the most flexible and can do it all, set up suitable links and the accounts including balance sheets etc are all prepopulated.

Good for adding checks too. A balance sheet is a sum of multiple smaller balances, eg income is balanced by an equal amount in either trade debtors or the bank depending if paid or not. By checking all the sub balances you can easily find the error in the full sheet.

[Barrow boy]

FRS & Interest

All you do is take your income which will normally be your Gross sales and bank interest received and apply the FRS percentage to the total. .

Not true Jeremiah, interest should no longer be included in FRS calculations, linky below for your info:-

HMRC FRS Link

[Jeremiah@RHJAccountants]

FRS

Not true Jeremiah, interest should no longer be included in FRS calculations, linky below for your info:-

HMRC FRS Link

All depends on which VAT Period we are talking about Before August or After which i am sure you applied this to Your VAT returns based on the changes from HMRC and using the link from HMRC

Glad to see you are taking an interest in my posts

[Barrow boy]

All depends on which VAT Period we are talking about Before August or After

CUK Forum Linky

Not quite Jeremiah, applies to before August with the tribunal ruling in January 2011. It's just HMRC not updating their site until August 2011. There's also the option of reclaiming what has been paid over on previous returns.

[Jeremiah@RHJAccountants]

Thanks for the interest in my posts

CUK Forum Linky

Not quite Jeremiah, applies to before August with the tribunal ruling in January 2011. It's just HMRC not updating their site until August 2011. There's also the option of reclaiming what has been paid over on previous returns.

Yes i am aware of this.

Nice use of the link to HMRC website shame this was not used before in previous circumstances