General Book-keeping & Accounting - The Book-keepers Forum (UK)

Buzzer1975 · Buzzer1975

Hi all, First time post for me! I have a 2 different companies, a mechanics and a alloy wheel business. I'm frequently paying bills from the alloy wheel business that should really come out of the mechanics but dont due to cash flows etc. I have paid a large bill for materials today. Do I enter it as a...

Community · Community

Hi, working as subcontractor and my contractor informed me that I have to invoice him with ZERO VAT as his new project is ZERO RATED PROJECT. He is not developer (he works for them) I have checked VAT Notice 700 and in one sections it says: 17.4 Subcontractors accepting certificates If youre a contrac...

bluewaterandco · bluewaterandco

Despite the fact that 50% of new firms fail within the first year and 95% fail within the first five years, the SME sector continues to develop despite the economic slump. While no one can predict whether a business will thrive or fail, you can take efforts to ensure that it gets off to the greatest possi...

Yulika · Yulika

Regarding cis invoices.. how would you enter this: Ie: invoice £100 Less cis @ 20% =£20.00 Contracter owed £80.00 But bought some materials, value £30 for personal use on company acct and boss has deducted it from the total. So paying contractor £50

Lottie · Lottie

Hi I was wondering if anyone could help / offer some advice?I am just in the process of filing a VAT return for this quarter. However when I started reconciling the bank statements, I noticed that one sales transaction for £1308.00 which should have been included in the last reconciliation that I d...

RachelJ · RachelJ

Hello,Very new to this and learning as I go, so forgive me as this is probably a very basic question.I started my business Sept 2021. Started with no inventory, but purchased inventory that month. No sales at that time. Also added my own capital to my bank account which paid for the inventory.I read...

new start up · new start up

Hi again A while ago I know a landlord that at the end of the shift he would have his bar staff pour the waste beer from the drip trays into a messuring jug and make a log of it. He said he claimed the Alcohol duty back on wasted alcohol Is this as simple as a form from the inland revenue where you complete and sen...

new start up · new start up

Hi I have an invoice in euros that was purchased some time ago. I do not know what the exchange rate at the time was though

gamebore · gamebore

Hi I am looking for advice I run a manufacturing company. I get through numerous griders, grinding disks etc and just wondered as to what nominal code i should use i normally just use the repairs and renewals is this correct. I also would like to know what nominal code I need to use for safety equipment i...

blueeyes · blueeyes

Hi, A client had a change of vehicle and is missing 6 months of fuel receipts, he left them in the glove compartment. The majority of his fuel receipts have always been paid cash so impossible to know exactly what would have been spent. What can be done in this case? TIA

M1 · M1

Hi everyone, I'm currently filling out my tax return and was curious how I should declare a few things. I work as a software developer via contracting, but also produce virtual game assets that are sold on several marketplaces. I've used a lot of money earned from my contracting to purchase Sample lib...

Community · Community

Hi All, How would you treat hire purchase payments for a VAN in a self assessment tax return? Cash price 17,664.00 deposit paid 6,461.00 Amount of credit 11,203.00 interest charges 2,300.99 Amount payable across 48 months / 281.33 How this should be used in tax return? Kind Regards C.

blueeyes · blueeyes

Hi, A sole trader purchased a van Feb 21, I understand the full cost of the van (£5000) will be claimed as AIA on the tax return however i'm unsure as to what rate/method to use to account for the depreciation? Also does the depreciation figure then get apportioned for the months owned throughout the fin...

solomon30 · solomon30

Hello,I would like all invoices and credit notes received from suppliers to be entered into our Purchase Ledger. However, our accounts disputes this when a credit note is received shortly after an invoice and they both net off and tends to avoid posting them to PL and just shreds both documents!My...

Leger · Leger

I'm currently doing 20-21 accounts for a sole trader. I've spotted that a couple of loans have been recorded as income in the 19/20 accounts totalling 3.5k. Also interest to be added to be added to these and another loan (correctly recorded) totaling c£1200. Turnover for that year was 97k. Is tha...

mindy · mindy

Hi, I'm asking about the difference between the direct write-off of a bad debt vs. the allowance method. I know that under a bad debt expense, a specific invoice is being charged off against it, while under the allowance method only an estimate is being charged off. I had two questions: 1. Besides the...

Dahlia · Dahlia

Hello New to this forum and thank you for reading. I'm part way (finished Level 2 ICB Bookkeeping & Accounts with Xero) working through Level 3. The plan is/was to finish the course and become self employed. I have been juggling this with a completely unrelated career in sales/marketing. I re...

HarryStottle · HarryStottle

I have my own views on it but I would be interested in the views of others. If a bookkeeper allocates a payment to the wrong balance sheet account is it better to then a) just correct the original journal or b) enter a further journal to correct the error? For background, the scenario is that these are entr...

Community · Community

Hi All, Scenario 1) Can Shareholder + Director invoice his own LTD as self-employed? (General building services trading LTD) (he will be providing labour to LTD) Scenario 2) Can Shareholder (not director) LTD where he owns 50% shares as self-employed? (General building services trading LTD) (h...

Community · Community

Hi, client received CIS repayment from HMRC for overpaid CIS tax. How this incoming money should be coded in books? Kind Regards

Topic		Started By	Replies	Views	Last Post
	newbie help with nominal code (Preview) Hi all, First time post for me! I have a 2 different companies, a mechanics and a alloy wheel business. I'm frequently paying bills from the alloy wheel business that should really come out of the mechanics but dont due to cash flows etc. I have paid a large bill for materials today. Do I enter it as a...	Buzzer1975	6	1517	Tue Mar 29 11:36 2022 by Buzzer1975
	CIS VAT zero rated projects (Preview) Hi, working as subcontractor and my contractor informed me that I have to invoice him with ZERO VAT as his new project is ZERO RATED PROJECT. He is not developer (he works for them) I have checked VAT Notice 700 and in one sections it says: 17.4 Subcontractors accepting certificates If youre a contrac...	Community	3	1352	Wed Mar 23 21:31 2022 by Artois
	How to make small business successful? (Preview) Despite the fact that 50% of new firms fail within the first year and 95% fail within the first five years, the SME sector continues to develop despite the economic slump. While no one can predict whether a business will thrive or fail, you can take efforts to ensure that it gets off to the greatest possi...	bluewaterandco	1	1203	Mon Mar 14 13:29 2022 by Leger
	Cis (Preview) Regarding cis invoices.. how would you enter this: Ie: invoice £100 Less cis @ 20% =£20.00 Contracter owed £80.00 But bought some materials, value £30 for personal use on company acct and boss has deducted it from the total. So paying contractor £50	Yulika	2	1272	Thu Mar 10 14:08 2022 by Yulika
	Urgent Sage Cloud help! (Preview) Hi I was wondering if anyone could help / offer some advice?I am just in the process of filing a VAT return for this quarter. However when I started reconciling the bank statements, I noticed that one sales transaction for £1308.00 which should have been included in the last reconciliation that I d...	Lottie	3	1418	Mon Mar 7 09:16 2022 by Riel
	Closing stock journal - month 1 (Preview) Hello,Very new to this and learning as I go, so forgive me as this is probably a very basic question.I started my business Sept 2021. Started with no inventory, but purchased inventory that month. No sales at that time. Also added my own capital to my bank account which paid for the inventory.I read...	RachelJ	1	1215	Sat Mar 5 11:43 2022 by Leger
	reimbursement from I.R for alcohol duty (Preview) Hi again A while ago I know a landlord that at the end of the shift he would have his bar staff pour the waste beer from the drip trays into a messuring jug and make a log of it. He said he claimed the Alcohol duty back on wasted alcohol Is this as simple as a form from the inland revenue where you complete and sen...	new start up	0	1195	Mon Feb 28 23:11 2022 by new start up
	Putting invocies though in a though in a foreign currency (Preview) Hi I have an invoice in euros that was purchased some time ago. I do not know what the exchange rate at the time was though	new start up	8	1829	Mon Feb 14 23:33 2022 by Leger
	Sage nominal codes (Preview) Hi I am looking for advice I run a manufacturing company. I get through numerous griders, grinding disks etc and just wondered as to what nominal code i should use i normally just use the repairs and renewals is this correct. I also would like to know what nominal code I need to use for safety equipment i...	gamebore	1	1888	Fri Feb 4 14:16 2022 by Onion4Sage
	Missing receipts (Preview) Hi, A client had a change of vehicle and is missing 6 months of fuel receipts, he left them in the glove compartment. The majority of his fuel receipts have always been paid cash so impossible to know exactly what would have been spent. What can be done in this case? TIA	blueeyes	6	1734	Tue Feb 1 01:46 2022 by Leger
	Business expense vs AIA for Sample Libraries and software? AIA Sample library software expense tax (Preview) Hi everyone, I'm currently filling out my tax return and was curious how I should declare a few things. I work as a software developer via contracting, but also produce virtual game assets that are sold on several marketplaces. I've used a lot of money earned from my contracting to purchase Sample lib...	M1	1	1872	Mon Jan 24 16:30 2022 by Artois
	HIRE PURCHASE AGREEMENT (VAN) - SELF ASSESSMENT (Preview) Hi All, How would you treat hire purchase payments for a VAN in a self assessment tax return? Cash price 17,664.00 deposit paid 6,461.00 Amount of credit 11,203.00 interest charges 2,300.99 Amount payable across 48 months / 281.33 How this should be used in tax return? Kind Regards C.	Community	5	1534	Thu Jan 20 16:19 2022 by Leger
	Accounting for depreciation of van (Preview) Hi, A sole trader purchased a van Feb 21, I understand the full cost of the van (£5000) will be claimed as AIA on the tax return however i'm unsure as to what rate/method to use to account for the depreciation? Also does the depreciation figure then get apportioned for the months owned throughout the fin...	blueeyes	2	1591	Thu Jan 6 17:26 2022 by SoloHans
	Invoices and Credit Notes which Net Off - post them all? purchase ledger credits and invoices net off (Preview) Hello,I would like all invoices and credit notes received from suppliers to be entered into our Purchase Ledger. However, our accounts disputes this when a credit note is received shortly after an invoice and they both net off and tends to avoid posting them to PL and just shreds both documents!My...	solomon30	1	1897	Thu Jan 6 17:24 2022 by SoloHans
	Incorrectly recorded as sales - prior year (Preview) I'm currently doing 20-21 accounts for a sole trader. I've spotted that a couple of loans have been recorded as income in the 19/20 accounts totalling 3.5k. Also interest to be added to be added to these and another loan (correctly recorded) totaling c£1200. Turnover for that year was 97k. Is tha...	Leger	5	1690	Sat Dec 18 16:44 2021 by Leger
	Difference between bad debt and allowance (Preview) Hi, I'm asking about the difference between the direct write-off of a bad debt vs. the allowance method. I know that under a bad debt expense, a specific invoice is being charged off against it, while under the allowance method only an estimate is being charged off. I had two questions: 1. Besides the...	mindy	0	1285	Thu Dec 16 02:12 2021 by mindy
	Career change + ICB + next best steps (Preview) Hello New to this forum and thank you for reading. I'm part way (finished Level 2 ICB Bookkeeping & Accounts with Xero) working through Level 3. The plan is/was to finish the course and become self employed. I have been juggling this with a completely unrelated career in sales/marketing. I re...	Dahlia	0	1416	Sun Nov 28 08:27 2021 by Dahlia
	Correct error directly or correct an error with a journal (Preview) I have my own views on it but I would be interested in the views of others. If a bookkeeper allocates a payment to the wrong balance sheet account is it better to then a) just correct the original journal or b) enter a further journal to correct the error? For background, the scenario is that these are entr...	HarryStottle	3	1728	Fri Nov 19 18:17 2021 by Leger
	SHAREHOLDER/DIRECTOR - invoicing LTD as subcontractor (Preview) Hi All, Scenario 1) Can Shareholder + Director invoice his own LTD as self-employed? (General building services trading LTD) (he will be providing labour to LTD) Scenario 2) Can Shareholder (not director) LTD where he owns 50% shares as self-employed? (General building services trading LTD) (h...	Community	2	1679	Fri Oct 29 14:31 2021 by Leger
	CIS repayment from HMRC (entry to books) - Limited Company (Preview) Hi, client received CIS repayment from HMRC for overpaid CIS tax. How this incoming money should be coded in books? Kind Regards	Community	6	1982	Thu Oct 28 09:16 2021 by Artois
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