Professional Book-keepers in Practice - The Book-keepers Forum (UK)

Alys · Alys

Hi, I have been contacted over facebook by a potential client to sort out her year end reports from her bookkeeping spreadsheets. It's a tiny sole trader company that has been going since October last year and has not yet made a profit, the only help she really needs is in separating out capital from rev...

lots to learn · lots to learn

Trusts & Capital Gains Tax I am hoping someone can help me regarding a problem I am having with CGT.My client transferred his share of a property to a trust in June 2010 to avoid the increase expected in the CGT at the time (which didn't actually happen)The Capital gain was then declared on his self...

Georgie · Georgie

Hi, In VT there is a template for a Trust. Can I use this for a charity? Georgie

matt123 · matt123

I have used a template engagement letter for a while but wanted to make so changes. What I planned to do was have the basis of the letter at the front with a list of all my services with tick boxes. Then the signature at the bottom of the page. Then have a second and third page attached with the full detail of e...

Georgie · Georgie

Hi If you borrow an additional amount of money on your own mortgage to fund a purchase of a buy to let,can that portion of the interst be claimed as an expense? Georgie

Dev86 · Dev86

Hi Whats the correct entry for a sole trader who has been paid in cash which has been debited to his personal account? The sales invoice remains outstanding and I need to sort it out before year end Is it as simple as: Dr Drawings Cr SLCA Reasoning being that the owner has essentially taken the cash g...

Georgie · Georgie

HI I have to re do and submit a tax return for a client for the tax year 13/14 and have noted that they have incorrectly claimed for about £5000 worth of expenses. So once I submit the amended tax return they will owe HMRC some money. What are the fines/penalties for this? Georgie

CarolineE · CarolineE

Hi all. I'm hoping someone will be able to offer wisdom! Prior to sending off my application to be supervised for AML I need to arrange a COP. Can anyone give me any tips on the best way to approach this? Many thanks in advance :) Caroline

Georgie · Georgie

Just want to double check this. Client has no P45 for last year so he has given me his final payslip. It has "taxable gross" and "pension gross" which are 2 different amounts. For self assessment purposes I use the "taxable gross" don't I? Georgie

rachel_mclean · rachel_mclean

Hi, I've made a bit of a mistake and am not sure of the best way to go about correcting it. There was a supplier payment that I thought was a wages payment so I've posted it as a wages payment BP to 2220 net wages. What is the best way to correct this please? without deleting it (I've already reconcilled the ba...

jaybag · jaybag

Hi all Really silly question and am guessing I know the answer but want to clarify. My own year end is up now, all on sage and all correct, am I able to submit my own tax return and certify my own accounts? Or should I ask an accountant to do so. I know all is correct for my expenses and all postings just thinkin...

Georgie · Georgie

Hi, A client has asked my advice and so have spent a while researching on the internet until I have gone goggle eyed so wondered if someone here would kindly confirm if what I think I know is correct: A sole director of his limited company wants to rent a flat while he works away for 12 months . So, the rent, a...

JRA · JRA

I am just setting up my new practice, no clients yet. I am hoping to target SME for the short term My question is, should I register for VAT.I was thinking about flat rate scheme My thoughts in favour are - adds credibility to the business. Thoughts against - extra costs for SME who are not registered, ext...

Georgie · Georgie

Hi How do you write off a bad debt in Sage if using cash accounting? I have just tried to do it and a warning has flagged up... Georgie

Georgie · Georgie

Hi, I was going to submit the CIS Monthly Return today but I got a message that said it wasn't due before 6th April. Should I wait until tomorrow then? Sorry silly question I know but CIS is new to me. Oh and is there a final submission for the tax year of any kind as well for CIS? Georgie

David Ballantyne · David Ballantyne

Hi all, I am currently an AAT MIP, but I am not currently authorised to do self assessment tax returns for sole traders and partnerships or corporation tax. As part of working towards resolving this I am working through the Osborne tax texts for the AAT syllabus. What I want to know is whether this i...

Georgie · Georgie

Hi, Can someone clarify what exactly it is you need to give the incoming accountant? I got rid of a pain in the **** client who was late paying, late for meetings , rude, arrogant, asked my advice then did the complete opposite and had 10 men down the pub who knew better (and this was on a good day) So...

rachel_mclean · rachel_mclean

Hi what software do people use for multiple companies? I have been using 12pay but looking to change to something similarly priced (or would go quite a bit more for a simpler layout) I want to use something really basic (but not as basic as HMRC basic pay tools!!) that is easy to use - finding lots or repo...

Wisteria23 · Wisteria23

Hi all, I need to register with HMRC for MLR but find it quite confusing how much I need to pay them. It says that from April 1st 2015 these are the charges: - "Application charge for registering for anti-money laundering supervision (new customers)" of £100 - "Premises fee (new c...

Georgie · Georgie

Hi, Does anyone know how the assets are treated of a sole trader who has now incorporated when: 1. The assets have been fully claimed for through capital allowances when they were a sole trader but now wants to use them in his limited company? 2. low cost equipment like an office chair for £100 has alrea...

Topic		Started By	Replies	Views	Last Post
	Bookkeeping over the internet and Customer Due Diligence Customer Due Diligence (Preview) Hi, I have been contacted over facebook by a potential client to sort out her year end reports from her bookkeeping spreadsheets. It's a tiny sole trader company that has been going since October last year and has not yet made a profit, the only help she really needs is in separating out capital from rev...	Alys	2	5204	Mon Apr 27 08:27 2015 by Meadowlands
	Trusts & Capital Gains Tax (Preview) Trusts & Capital Gains Tax I am hoping someone can help me regarding a problem I am having with CGT.My client transferred his share of a property to a trust in June 2010 to avoid the increase expected in the CGT at the time (which didn't actually happen)The Capital gain was then declared on his self...	lots to learn	1	771	Wed Apr 22 13:07 2015 by lots to learn
	Trust VT (Preview) Hi, In VT there is a template for a Trust. Can I use this for a charity? Georgie	Georgie	0	891	Tue Apr 21 10:53 2015 by Georgie
	New Engagement Letter (Preview) I have used a template engagement letter for a while but wanted to make so changes. What I planned to do was have the basis of the letter at the front with a list of all my services with tick boxes. Then the signature at the bottom of the page. Then have a second and third page attached with the full detail of e...	matt123	3	1045	Tue Apr 21 10:29 2015 by matt123
	Mortgage interest (Preview) Hi If you borrow an additional amount of money on your own mortgage to fund a purchase of a buy to let,can that portion of the interst be claimed as an expense? Georgie	Georgie	2	852	Sun Apr 19 12:17 2015 by Georgie
	Cash Sale (Preview) Hi Whats the correct entry for a sole trader who has been paid in cash which has been debited to his personal account? The sales invoice remains outstanding and I need to sort it out before year end Is it as simple as: Dr Drawings Cr SLCA Reasoning being that the owner has essentially taken the cash g...	Dev86	3	1149	Sun Apr 19 09:22 2015 by VinceH
	Amended tax return (Preview) HI I have to re do and submit a tax return for a client for the tax year 13/14 and have noted that they have incorrectly claimed for about £5000 worth of expenses. So once I submit the amended tax return they will owe HMRC some money. What are the fines/penalties for this? Georgie	Georgie	1	1456	Sat Apr 18 11:24 2015 by Cheshire
	New business - Advice needed on Continuity of Practice Agreement (Preview) Hi all. I'm hoping someone will be able to offer wisdom! Prior to sending off my application to be supervised for AML I need to arrange a COP. Can anyone give me any tips on the best way to approach this? Many thanks in advance :) Caroline	CarolineE	6	1135	Fri Apr 17 15:02 2015 by CarolineE
	Payslip (Preview) Just want to double check this. Client has no P45 for last year so he has given me his final payslip. It has "taxable gross" and "pension gross" which are 2 different amounts. For self assessment purposes I use the "taxable gross" don't I? Georgie	Georgie	2	1265	Thu Apr 16 21:24 2015 by Georgie
	Sage - supplier payment incorrectly entered as wages bank payment (Preview) Hi, I've made a bit of a mistake and am not sure of the best way to go about correcting it. There was a supplier payment that I thought was a wages payment so I've posted it as a wages payment BP to 2220 net wages. What is the best way to correct this please? without deleting it (I've already reconcilled the ba...	rachel_mclean	2	1058	Mon Apr 13 14:54 2015 by VinceH
	Own year end and tax return (Preview) Hi all Really silly question and am guessing I know the answer but want to clarify. My own year end is up now, all on sage and all correct, am I able to submit my own tax return and certify my own accounts? Or should I ask an accountant to do so. I know all is correct for my expenses and all postings just thinkin...	jaybag	3	1296	Mon Apr 13 12:04 2015 by Cheshire
	Renting while working away (Preview) Hi, A client has asked my advice and so have spent a while researching on the internet until I have gone goggle eyed so wondered if someone here would kindly confirm if what I think I know is correct: A sole director of his limited company wants to rent a flat while he works away for 12 months . So, the rent, a...	Georgie	4	1054	Sun Apr 12 19:16 2015 by Peaman
	Should I register for VAT (Preview) I am just setting up my new practice, no clients yet. I am hoping to target SME for the short term My question is, should I register for VAT.I was thinking about flat rate scheme My thoughts in favour are - adds credibility to the business. Thoughts against - extra costs for SME who are not registered, ext...	JRA	9	1289	Sat Apr 11 13:58 2015 by JRA
	Write Off (Preview) Hi How do you write off a bad debt in Sage if using cash accounting? I have just tried to do it and a warning has flagged up... Georgie	Georgie	7	1130	Sat Apr 11 10:56 2015 by FoxAccountancyServices
	CIS Monthly Return (Preview) Hi, I was going to submit the CIS Monthly Return today but I got a message that said it wasn't due before 6th April. Should I wait until tomorrow then? Sorry silly question I know but CIS is new to me. Oh and is there a final submission for the tax year of any kind as well for CIS? Georgie	Georgie	2	934	Mon Apr 6 14:47 2015 by Georgie
	Refreshing tax knowledge (Preview) Hi all, I am currently an AAT MIP, but I am not currently authorised to do self assessment tax returns for sole traders and partnerships or corporation tax. As part of working towards resolving this I am working through the Osborne tax texts for the AAT syllabus. What I want to know is whether this i...	David Ballantyne	6	1371	Mon Apr 6 14:38 2015 by David Ballantyne
	Incoming accountant (Preview) Hi, Can someone clarify what exactly it is you need to give the incoming accountant? I got rid of a pain in the **** client who was late paying, late for meetings , rude, arrogant, asked my advice then did the complete opposite and had 10 men down the pub who knew better (and this was on a good day) So...	Georgie	3	1011	Thu Apr 2 23:22 2015 by Cheshire
	Payroll software for multiple companies? (Preview) Hi what software do people use for multiple companies? I have been using 12pay but looking to change to something similarly priced (or would go quite a bit more for a simpler layout) I want to use something really basic (but not as basic as HMRC basic pay tools!!) that is easy to use - finding lots or repo...	rachel_mclean	14	2843	Thu Apr 2 16:33 2015 by RedFive
	Question about fees for registering with HMRC for MLR (Preview) Hi all, I need to register with HMRC for MLR but find it quite confusing how much I need to pay them. It says that from April 1st 2015 these are the charges: - "Application charge for registering for anti-money laundering supervision (new customers)" of £100 - "Premises fee (new c...	Wisteria23	6	1929	Wed Apr 1 20:31 2015 by wellbalanced
	Assests transferred to limited company (Preview) Hi, Does anyone know how the assets are treated of a sole trader who has now incorporated when: 1. The assets have been fully claimed for through capital allowances when they were a sole trader but now wants to use them in his limited company? 2. low cost equipment like an office chair for £100 has alrea...	Georgie	3	920	Wed Apr 1 20:29 2015 by MarkS
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