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

Ciawoman · Ciawoman

Hi If a limited company paid an amount into a director's private pension, what way should this be treated in the accounts and how would it be declared to Revenue? I have asked a few accountants and got different answers so totally confused.

Nuts4Numbers · Nuts4Numbers

Having worked in practice for many years im finally about to set up on my own (after quitting my job). The main work will be bookkeeping and general admin but one thing that concerns me is that I have little experience of payroll preparation. Do people think this is a big issue? Has anyone else been in thi...

matt123 · matt123

I am considering finishing my part time job to concentrate on my accounts business full time. How did everyone manage this? It would be comforting hearing everyone's story. I am a little risk adverse but have 6 months living expenses put aside (is this enough)? I have 1/2 days work within the business...

Rhianrach · Rhianrach

How do I deal with something that is paid for now for the next 3 years. It's smart security for our computers and it is only £70.77 net so would you bother putting it in the prepayments list that goes to the accountant?

suekeown · suekeown

I have put all my budget figures into Sage 50, but when I run a variance report it is only showing actual figures for May. January to April are not there. Why could this be?

Woo · Woo

Hi there, I have a new client who are a music band, selling cd's and touring the country. I understand that the costs associated with producing the cd's are a cost of sale but am having a little trouble identifying the cost of sales when relating to touring. For example: live sound engineers, costs incu...

tonyleeming · tonyleeming

Hi everyone, I should know this and I think I may have had a mind blank for some reason. For limited company accounting and just as a basic formula should it be: Gross Sales - Allowable expenses = Net Profit Then Net profit - 20% = true profit. For example, Gross Sales £50,000 Allowable expenses £45,00...

Nikola · Nikola

I would like my client to keep a tighter rein on the accounts and although i have mentioned several times, nothing really comes of it. Client owns several companies and has a bank account for each company, but purchases goods and pays for using any of the cards regardless of which company the goods are f...

tac · tac

Hi, Could anyone comment on my query. I know it may sound simply, I would just like to get some feedback on what would be the norm. I've created a purchase code to cover "professional fees" these include accountancy, bookkeepig ,bank fees, solicitor fees. Would you ordinarily break these...

tonyleeming · tonyleeming

I was just thinking and do you know sometimes when you have a question for hmrc it would be easier to pop it into an email. As when you phrase it over the phone it might not make sense or if you write a letter it can take a while to come back. Email is quite a good way especially for more general advice or que...

YLB-HO · YLB-HO

I have recently purchased a new computer and could not get a Office license for it - I was only offered the Cloud version for a monthly subscription. I don't like monthly subscriptions as a client (who pays for adobe) lost all her documents, when the subscription lapse when she went on holiday. So I de...

subxero · subxero

Hi, I'm new to this forum and I'm a junior only recently started working in practice in London, whilst studying for ACCA. We currently use Xero for bookkeeping and IRIS for accounts production. I hope you don't mind me asking some basic bookkeeping/accounting questions just to sharpen up my knowled...

subxero · subxero

Hi, I need advice on a set of company accounts: For example sake: there were 4 companies (A,B,C,D) as year ended 31/12/14, with inter company transactions between them as at 31/12/15, Only A exists and B,C,D will become dormant I've been told that all assets and liabilities should be journalled acro...

HellsBells · HellsBells

Hi All Are tips and gratuities given to a sole trader (no employees) counted as business income or personal income? i.e. are they recorded through the business as sales income or just on the personal tax return? Thank you

Pip1974 · Pip1974

Hi, I am due to sell part of my client fee base (sale of fees plus business name/branding included), I have had a mental block on the correct bookkeeping treatment for this as I am not selling shares or the whole of my business!?! They are purchasing 100% goodwill, but what are my transactions? Thank you...

Sammy76 · Sammy76

Two companies I work for have purchased new vehicles. One uses Sage, the other QuickBooks. They have paid deposits and the rest is on finance. It's been a long time since I've had to post anything like this (10+ years). Where do I post the deposits and how do I set up the finance on both Sage and QBs. What j...

Wallis002 · Wallis002

Hi! I am so glad I found this forum! I recently started working for a clothing wholesaler who works with a factor company. They have sold the debt with the right to recourse. I have never worked with factoring before so I'm trying to learn all I can on to how to account for the transactions in QuickBooks. S...

Cheshire · Cheshire

Hi I asked one of my client's Accountant what he would like to see for the year end and he has asked for (sage) backup, but then also asked for a pile of sage reports, which he could just get from the back up of course (but I will run the reports if he really wants me to), plus a couple of other pretty standard bi...

Onion4Sage · Onion4Sage

Hi All, Does anyone have any useful tips on the practicalities of operating the 4-4-5 calendar popular in some retail, manufacturing and parking entities? I haven't been able to find anything other than high level overviews online. In particular, does anyone know of where I could access some helpf...

nicd1981 · nicd1981

Hey all, Ive just taken on my first client who uses CIS returns. Ive completed the return relating to the month which was surprisingly simple, I was very worried before. Now ive posted this do I need to post anything into sage? The tax suffered has already been posted , is that all I need to reconcile with...

Topic		Started By	Replies	Views	Last Post
	Staff Pension (Preview) Hi If a limited company paid an amount into a director's private pension, what way should this be treated in the accounts and how would it be declared to Revenue? I have asked a few accountants and got different answers so totally confused.	Ciawoman	1	978	Tue Jun 2 19:39 2015 by Peaman
	About to Quit Employed Job and go Self Employed (Preview) Having worked in practice for many years im finally about to set up on my own (after quitting my job). The main work will be bookkeeping and general admin but one thing that concerns me is that I have little experience of payroll preparation. Do people think this is a big issue? Has anyone else been in thi...	Nuts4Numbers	6	1198	Tue Jun 2 13:33 2015 by HendyPhilhendy
	Making the jump! (Preview) I am considering finishing my part time job to concentrate on my accounts business full time. How did everyone manage this? It would be comforting hearing everyone's story. I am a little risk adverse but have 6 months living expenses put aside (is this enough)? I have 1/2 days work within the business...	matt123	3	928	Tue Jun 2 10:19 2015 by Haymac
	Prepayments (Preview) How do I deal with something that is paid for now for the next 3 years. It's smart security for our computers and it is only £70.77 net so would you bother putting it in the prepayments list that goes to the accountant?	Rhianrach	8	1279	Fri May 29 23:21 2015 by Rhianrach
	Budgets (Preview) I have put all my budget figures into Sage 50, but when I run a variance report it is only showing actual figures for May. January to April are not there. Why could this be?	suekeown	1	1057	Fri May 29 19:49 2015 by Onion4Sage
	Cost of Sales (Preview) Hi there, I have a new client who are a music band, selling cd's and touring the country. I understand that the costs associated with producing the cd's are a cost of sale but am having a little trouble identifying the cost of sales when relating to touring. For example: live sound engineers, costs incu...	Woo	2	938	Fri May 29 14:36 2015 by Woo
	Back to basics, but a really simple question (Preview) Hi everyone, I should know this and I think I may have had a mind blank for some reason. For limited company accounting and just as a basic formula should it be: Gross Sales - Allowable expenses = Net Profit Then Net profit - 20% = true profit. For example, Gross Sales £50,000 Allowable expenses £45,00...	tonyleeming	1	990	Thu May 28 14:12 2015 by Shamus
	How to coach client into doing things properly (Preview) I would like my client to keep a tighter rein on the accounts and although i have mentioned several times, nothing really comes of it. Client owns several companies and has a bank account for each company, but purchases goods and pays for using any of the cards regardless of which company the goods are f...	Nikola	18	1557	Wed May 27 18:28 2015 by Shamus
	purchase codes (Preview) Hi, Could anyone comment on my query. I know it may sound simply, I would just like to get some feedback on what would be the norm. I've created a purchase code to cover "professional fees" these include accountancy, bookkeepig ,bank fees, solicitor fees. Would you ordinarily break these...	tac	7	853	Wed May 27 16:23 2015 by Cheshire
	When sometimes you just have a question (Preview) I was just thinking and do you know sometimes when you have a question for hmrc it would be easier to pop it into an email. As when you phrase it over the phone it might not make sense or if you write a letter it can take a while to come back. Email is quite a good way especially for more general advice or que...	tonyleeming	4	993	Wed May 27 14:49 2015 by Leger
	Open Office v Office365 (Preview) I have recently purchased a new computer and could not get a Office license for it - I was only offered the Cloud version for a monthly subscription. I don't like monthly subscriptions as a client (who pays for adobe) lost all her documents, when the subscription lapse when she went on holiday. So I de...	YLB-HO	23	1877	Wed May 27 11:09 2015 by CarolineE
	Accounts preparation/double entry for Small/medium companies (Preview) Hi, I'm new to this forum and I'm a junior only recently started working in practice in London, whilst studying for ACCA. We currently use Xero for bookkeeping and IRIS for accounts production. I hope you don't mind me asking some basic bookkeeping/accounting questions just to sharpen up my knowled...	subxero	4	1418	Tue May 26 21:22 2015 by Cheshire
	Intercompany (Preview) Hi, I need advice on a set of company accounts: For example sake: there were 4 companies (A,B,C,D) as year ended 31/12/14, with inter company transactions between them as at 31/12/15, Only A exists and B,C,D will become dormant I've been told that all assets and liabilities should be journalled acro...	subxero	2	1027	Tue May 26 18:27 2015 by subxero
	Tips and Gratuities (Preview) Hi All Are tips and gratuities given to a sole trader (no employees) counted as business income or personal income? i.e. are they recorded through the business as sales income or just on the personal tax return? Thank you	HellsBells	15	2178	Mon May 25 12:09 2015 by HellsBells
	Sale of fees - treatment (Preview) Hi, I am due to sell part of my client fee base (sale of fees plus business name/branding included), I have had a mental block on the correct bookkeeping treatment for this as I am not selling shares or the whole of my business!?! They are purchasing 100% goodwill, but what are my transactions? Thank you...	Pip1974	2	932	Fri May 22 14:39 2015 by Pip1974
	New Vehicle (Preview) Two companies I work for have purchased new vehicles. One uses Sage, the other QuickBooks. They have paid deposits and the rest is on finance. It's been a long time since I've had to post anything like this (10+ years). Where do I post the deposits and how do I set up the finance on both Sage and QBs. What j...	Sammy76	1	1087	Thu May 21 11:55 2015 by Sammy76
	Factoring with Customers and a Vendor (Preview) Hi! I am so glad I found this forum! I recently started working for a clothing wholesaler who works with a factor company. They have sold the debt with the right to recourse. I have never worked with factoring before so I'm trying to learn all I can on to how to account for the transactions in QuickBooks. S...	Wallis002	1	879	Tue May 19 21:33 2015 by Cheshire
	Balance Sheet reconciliation (Preview) Hi I asked one of my client's Accountant what he would like to see for the year end and he has asked for (sage) backup, but then also asked for a pile of sage reports, which he could just get from the back up of course (but I will run the reports if he really wants me to), plus a couple of other pretty standard bi...	Cheshire	6	2739	Sun May 17 12:52 2015 by Shamus
	4-4-5 calendar (Preview) Hi All, Does anyone have any useful tips on the practicalities of operating the 4-4-5 calendar popular in some retail, manufacturing and parking entities? I haven't been able to find anything other than high level overviews online. In particular, does anyone know of where I could access some helpf...	Onion4Sage	3	1394	Sat May 16 22:07 2015 by Onion4Sage
	CIS Return -Postings (Preview) Hey all, Ive just taken on my first client who uses CIS returns. Ive completed the return relating to the month which was surprisingly simple, I was very worried before. Now ive posted this do I need to post anything into sage? The tax suffered has already been posted , is that all I need to reconcile with...	nicd1981	1	1099	Fri May 15 13:16 2015 by Leger
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