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Post Info TOPIC: Whats the hardest thing you have encountered for FY12/13 tax return period


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Whats the hardest thing you have encountered for FY12/13 tax return period
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Hi,

 

I know many of you may be really busy with the deadline approaching.. Anyone want to share what the hardest thing that you have encountered?

Thought it would be useful to newbies like me :)

 

Thanks

 

Stuart



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Expert

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Lack of paperwork by disorganised clients and not having separate bank accounts, having to reconcile all their personal stuff as well as business!!!!! That is a pet hate of mine. Some clients just don't listen.

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Amanda



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Hi Amanda,

So what would you normally do in this situation where a client is using his personal bank account for his business, do you code all personal things to a separate account? how do you get this out of the books?

Thanks

Stuart



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Anything in bank account that isn't business goes to drawings.

It takes twice as long to reconcile if its got all their everyday stuff in it.

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Amanda



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Drawings, ahh ok :)
Thanks

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I agree with Amanda - takes ages to figure out what is business and then having to explain why they can't claim things as a business expense!

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Alison - Simply Balanced Solutions



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Dog food, Cat Food, weekly shop at Sainsbury's, Pizza express and many more! It takes so long to do it really annoys me! Mind they get charged for it so maybe I shouldn't moan. I do request that they get a separate bank account but they never listen.

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Amanda

bk


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Even with a separate bank account you still get some strange ones going through, like Amanda - vet bills and had one for £118 hair bill.

Debbie

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Debbie Brown-Kane

Oakmanor Accountancy

www.oakmanoraccountancy.com

e: debbie@oakmanoraccountancy.com



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Yep, I got a hair bill in this batch.

Also got a new printer in the Excel spreadsheet that the client had prepared but the receipt was for a scalextric set just before Christmas. Lol, do the clients not think that we read the receipts!

The strangest one's though have to be the one's that we allow through for given businesses. Had one this year where I allowed fthrough a fish tank for the child therapist (apparently its a legit form of therapy).

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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.

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