I am just finalising the first period accounts for my company. It seems weird to put an accountants report in, being one and the same! Just wondered how others had tackled this?
I put the accountants report in for my accounts as easier to include that trying to work out how to exclude though there isnt a requirement to have one in either the full or abb accounts.
Just recently done my 4th years accounts. Got the CT liability down to a reasonable level but will probably be hit for it in next years accounts and possibly need to VAT reg (oh the joys!!!!!).
MarkS wrote:'probably be hit for it in next years accounts and possibly need to VAT reg (oh the joys!!!!!)'
Mark
I love it when people are like this!! in one hand our like woo hoo im making loads of money... then in the other your like DAMN, now i have to go VAT reg!! :( LOL
I've been VAT registered since day one (feb 1990) so never really been a concern to me but when you boys VAT register would you put your fee's up by 20% or keep them the same and take a 20% hit?
Clients that I've had who have registered for VAT have increased their fee's and I've seen no decline in their order books but then for the most part they are businesses dealing with other VAT registered businesses so there are no losers.
Personally I just figure that I get my software, computers, professional memberships etc. 20% cheaper than others.
But sometimes, considering the business that we are in I do ponder would I have more clients if I were not VAT registered... Conversely I also ponder would quality clients who did not already know of a business by word of mouth have less confidence in a business that was not VAT registered as it makes a statement about your business the same as dedicated offices or being incorporated.
Swings and roundabouts methinks.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I know an accountant (acting as a consultant on a freelance basis) who reckons he 'makes' around £6k a year on VAT.
He must be on some kind of flat rate scheme that suits! Of course, it might not suit (or pay quite as well) where you have say an office and a lot of overheads.
-- Edited by Count1314 on Tuesday 5th of November 2013 12:55:24 PM
Hi Count,
when I do vat returns for consultant type clients on FRS I always make a point of telling them how much 'free money' we have gained from the vat, usually between £1500 to £2k per quarter, I'm sure they are the only ones who actually look forward to having their vat prepared!
Hi Mark, thanks for your reply. I excluded it, as I have to turn it on in the first place :)
VAT.. well, I will just *have* to help all my small business grow, so that if I ever hit the threshold, they will already be VAT registered and it wont make a difference
Got 2 prospectives tomorrow and another on Friday and one lined up for next week with a few more in the pipeline that I need to follow up on, but just not had time.
The way I am going I dont have time to do any work as have got 3 meetings tomorrow (the other meeting is with Taxwise re their Tax Insurance Cover) and 2 meetings on friday (the other meeting is with an existing client to show them how to keep their records). Then got a meeting with a new client on Monday to see how they keep their records, teaching SAGE intermediate course all day Tuesday and Wednesday and cant remember off the top of my head what have on the end of next week as have left my iphone in the office but sure will have stuff on Thursday and Friday. (do know have prospective meeting on Saturdsay 16th).
But still enjoying things even if is hectic.
Probably get January by then look to take someone on on a p/t basis going forward as an accountant local to me has died and already had a few enquiries this week from clients of his who found me on the internet, so sure there will be many more like this over the next few weeks as seemingly the business is closing rather than being sold on.
Probably get January by then look to take someone on on a p/t basis going forward as an accountant local to me has died and already had a few enquiries this week from clients of his who found me on the internet, so sure there will be many more like this over the next few weeks as seemingly the business is closing rather than being sold on.
Stop putting ideas in my head.
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