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Post Info TOPIC: First return to HMRC! Help!
Barberman


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First return to HMRC! Help!
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Happy Easter Everyone.

I recently opened a Barber Shop which I do not work in but is run by my employees. I am employed full time with other work.

Anyway, I need some guidance as to what to give my accountant so that he can best do my return and also point out where I could make further tax savings.

I have been keeping a record of the weekly takings, wages paid and receipts of expenditure (which I have seperated into monthly piles).

How do I present these to him and is there anything else I need to do?

This is are very basic questions but I appreciate any help.



-- Edited by Barberman on Sunday 24th of April 2011 03:15:42 PM

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Wella


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 Hi Barberman

Just a few things that will be useful for your accountant.

  1. When is your financial year end?
  2. How much stock do you still have at that date (the cost value)
  3. Do you owe any suppliers at that date, if so how much? (It may include VAT due, if you are VAT registered)
  4. Do any customers owe you money at that date, if so how much?
  5. You made need to estimate expenses that have not been billed at the year end date to. Such as rent, electric, gas, wages earned but not paid.
  6. A list of your assets and the cost price, such as shop equipment furniture and fittings etc.

These are some of the main things. There are probably other things to consider but that's a start

HTH

Bill



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Barberman


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Thanks Wella.

I haven't been doing proper book keeping. WIll this be a problem? Is it enough just to give my accountant the total figures for each?

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Wella


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If the accountant is going to do a lot of the bookkeeping as well then it will cost you more in fees.

If doing the bookkeeping is something you struggle with, either because you are not familiar with what needs to be done, or find the time to do, it may well be worth hiring a bookkeeper, say monthly to keep the accounts in order. It takes the burden off you, and will help keep the accountant costs down.

Bill



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gbm


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Hi Nuri,

It sounds simple, but just ask your accountant what he needs. We don't bite!

Accountants have got to be approachable for the relationship to work.

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Regards,
Nick

Website: www.gbmaccounts.co.uk
Twitter

Factsheet | Starting a Business

 
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