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AICB


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Help! I need a Voice of Experience
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I feel silly asking this because I feel I should really know already. But if someone could tell me how they'd approach it for best effect, I'd be very grateful.

Situation: I've been landed with a totally disorganised heap of several hundred transaction records: bank statements, credit card statements, credit card receipts, invoices, delivery notes, sub-contractor invoices - some paid, some not - cheque stubs, bills various of every type - and no principal (who is out of the country right now). It all goes back to April and some way beyond.

Need: I want to produce a VAT return for this guy in the shortest possible time (naturally) and avoid his collecting a penalty - but where on earth to start?

Query: Can someone give an idea of what strategy might work best? Should I start with bank statements, or by entering cash payments, or invoices, or what. I'm just not used to such total, wanton disorganisation and haven't (yet) got the experience to know where to start my attack on it. Is there, in fact, any magic formula at all?

Any words of wisdom would be so appreciated.

Thanks

andy
(Sage 50/ 2010 by the way)

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Andrew
RuthA


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The way I start is by physically sorting it first - so a pile of invoices, a pile of receipts etc. Then order in whatever way you are going to eg by date or alphabetically. Then start at the beginning and enter it all, not worrying about bank statements until all the paperwork is on the system. That way the cashbook is most likely to be close to the bank statement and you can be sure that you geneuinely don't have any paperwork for any transactions that aren't in the system.

But you mention the VAT, when is the period end? If it has come and gone, it could make sense to only do the paperwork up to that date - then do the VAT return - then do the rest of the paperwork, although it depends how much time you have to do it.

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Ruth (AFA, ACIB)

Shore Accounting
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AICB


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Thank you Ruth smile
I sorted everything by document type and by date. I'll do what you suggest - just power ahead and get everything in before even looking at the bank/CC statements. It's just so dispiriting to find a businessman who's got so little interest in doing it right.

The VAT is to June so, yes, I shall ignore anthing from July forwards just for the moment.

I appreciate your reply.

andy

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Andrew
RobH


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Andy is this the first vat return? Assumingh it isn't are there any vat calculations for the previous quarters? If so there would besome kind of bookkeeping in place that may assist you when transferring onto Sage. Also be aware whether it is cash accounting or standard accounting as if the former you will have to sort payments and receipts.

Rob

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Wella


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RobH wrote:

........................................are there any vat calculations for the previous quarters? If so there would besome kind of bookkeeping in place that may assist you when transferring onto Sage............

If it is anything like the client I have just taken over, there wont be!! The bookkeeper I just took over from obviously didn't have a clue and claimed anything when ever she got an invoice. The client is on cash accounting, so I had to go back to several previous quarters to make sure the VAT hadn't been claimed already. It also turned out that I had a last minute get the full quarter sorted out scenario too.

I would suspect the chances are that if your client hasn't been that bothered in the past then the previous VAT returns are probably not correct either.

Does he fall into the group that has to file online and pay electronically? If so make sure that's all in place too. My clients return was due end June I put other clients on hold to get it done for him, passed it over on 28 June and said if he submits it straight away, it might just go through. It was only then I found out he had done nothing about registering for online filing, or setting up electronic payments. I had to help him with this as he didn't know what to do.

I managed to file the return on time but the direct debit mandate didn't get through in time and he just got a £500 default assessment for not paying on time (no sympathy for him)

Just something else to bear in mind

Bill

 



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AICB


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No - it's the 2nd return. There is a previous bookkeeper but she can't be contacted right now, unfortunately. At least I checked his vat scheme when I took the job on, though! (Std)


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Andrew
AICB


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Yes - thanks for the online payment tips, Bill. I had the same thought at 5 am this morning and came over all cold-sweaty.

I did a check this morning to see whether the HMRC site was set up to receive his return - imagine my relief!

Apart from anything else, it gives me till Saturday to get everything squared away and his return paid. A slight easing of pressure.

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Andrew
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Hi Andrew, you have slightly more time than you think, for on-line submissions and electronic payments you have seven calendar days from the end of the month in which to file.

-- Edited by semsley on Wednesday 28th of July 2010 03:45:48 PM

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AICB


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Yes indeed (and won't he be glad of it!) But my real deadline is getting the VAT Return off in the first place and, with all the sales documents missing and the Principal on holiday abroad ... ho hum!

... or do you mean that we get the extra 7 days to submit the return as well as pay over the tax?

-- Edited by AICB on Wednesday 28th of July 2010 07:17:12 PM

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Andrew
semsley


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Yes to submit the return and pay.  If you pay by DD you get an extra 3 working days on top of that but if you pay by electronic banking you have to pay when you submit return.

http://www.hmrc.gov.uk/vat/managing/returns-accounts/deadlines.htm#1

http://www.hmrc.gov.uk/vat/managing/returns-accounts/deadlines.htm#2

-- Edited by semsley on Wednesday 28th of July 2010 07:12:33 PM

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E&OE
AICB


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My goodness - what joy!
How could I have lived so long and not realised the deadline for the Return was also extended?

Thank you smile


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Andrew
semsley


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smileYou're welcome

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E&OE
kjmcculloch


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AICB wrote:

It's just so dispiriting to find a businessman who's got so little interest in doing it right.


Thats what keeps us in a job smile.gif



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Kris McCulloch 
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The views expressed in this post are my own personal (HRA protected) views, and are not representative of any organisation I have any involvement with.
Susie Sue


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and long may it last - haha!

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Sue
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