VAT investigation - Help!! CONFUSED

[northernladuk]

Any chance we can start a sticky or subforum in welcome where we can post examples of what can happen if you don't bother running your affairs properly so other newbies can take heed of what happens if they CBA to run their business like a business?

[namsey]

I don't want to or intend to fiddle the accounts everything is above board & legit

My only worry is, everytime I send a return in, I'm going to get a visit. Mr HMRC checked everything and was happy with it all, he added up everything in the bank, receipts & invoices and it all added up. Same again, everything was transferred from our bank to theirs, they're a large finance company.

Last return was for £22k, and this one's not going to be far off. After this one we will be paying them money. HMRC scare me, I've got nothing to be scared of but I have a lot of other stuff to deal with and this is 1 more thing to worry about.

I do the book keeping myself daily I'll ring around for a local accountant.

[Nathan SJD Accountancy]

I don't want to or intend to fiddle the accounts everything is above board & legit

My only worry is, everytime I send a return in, I'm going to get a visit. Mr HMRC checked everything and was happy with it all, he added up everything in the bank, receipts & invoices and it all added up. Same again, everything was transferred from our bank to theirs, they're a large finance company.

Last return was for £22k, and this one's not going to be far off. After this one we will be paying them money. HMRC scare me, I've got nothing to be scared of but I have a lot of other stuff to deal with and this is 1 more thing to worry about.

I do the book keeping myself daily I'll ring around for a local accountant.

If you are stretched for time with everything, it may be worth finding an accountant who can also do the book-keeping for you. Or alternatively, if you prefer a more hands on approach, employ a book keeper. That way you can oversee things more closely on a day to day basis.

If you are too busy, delegate.

[LisaContractorUmbrella]

Any chance we can start a sticky or subforum in welcome where we can post examples of what can happen if you don't bother running your affairs properly so other newbies can take heed of what happens if they CBA to run their business like a business?

That's a really good idea NLUK - any mods around??

[northernladuk]

I don't want to or intend to fiddle the accounts everything is above board & legit

Ignorance or unintended mistakes are not a defense with HMRC. You are legally responsible for the running and finance of your company and they expect you to do it properly. If you don't they will be knocking on your door and inspecting every single return every year.

I do the book keeping myself daily I'll ring around for a local accountant.

Mistake number 2. You really need to take a better attitude IMO. A local accountant will not know small contractor business. You want one of the bigger guys that know what they are doing. You will never need to go see your accountant so locality is not an aspect you are looking for. Do some research on here and look for someone that knows exactly what we do. Saying that.. have a look at a post that I did (that STILL isn't stickied) and make a decision.

http://forums.contractoruk.com/accou...-requests.html

[eek]

Ignorance or unintended mistakes are not a defense with HMRC. You are legally responsible for the running and finance of your company and they expect you to do it properly. If you don't they will be knocking on your door and inspecting every single return every year.



Mistake number 2. You really need to take a better attitude IMO. A local accountant will not know small contractor business. You want one of the bigger guys that know what they are doing. You will never need to go see your accountant so locality is not an aspect you are looking for. Do some research on here and look for someone that knows exactly what we do. Saying that.. have a look at a post that I did (that STILL isn't stickied) and make a decision.

http://forums.contractoruk.com/accou...-requests.html

Umm, I don't think he is a contractor. how many do you know with expensive lease agreements for hardware?

[namsey]

to be honest I have been trying to do everything myself to try and save some money but I don't think it's worth it. I'll pass everything onto the accountant.

One more question, will the accountant liaise with the company we buy the machines from to sort this mess out or is that something I'll have to do? They are sending me a Vat invoice as I spoke to them today and told them my concerns, they said I don't have any as they will send me both invoices, apparently I should have had 1 last time aswell!!! But I didn't.

[northernladuk]

to be honest I have been trying to do everything myself to try and save some money but I don't think it's worth it. I'll pass everything onto the accountant.

One more question, will the accountant liaise with the company we buy the machines from to sort this mess out or is that something I'll have to do? They are sending me a Vat invoice as I spoke to them today and told them my concerns, they said I don't have any as they will send me both invoices, apparently I should have had 1 last time aswell!!! But I didn't.

Will give you a clue... Accountant does your accounts... You run your business....

[xoggoth]

Most companies get a VAT inspection when they start going, no reason you should get another unlesd you do something major wrong.

[escapeUK]

Any chance we can start a sticky or subforum in welcome where we can post examples of what can happen if you don't bother running your affairs properly so other newbies can take heed of what happens if they CBA to run their business like a business?

As long as only people who have actually experienced the problem post rather than those who think they know it all. I bet you know who I am thinking of.