We are about to post our end of year accounts, however before we do can anyone let us know what information should be included on our sage accounts to do this please? We are a limited company and I have all our invoices, salaries, directors' loans and purchases on Sage however I have never put mileage onto Sage (I keep it all logged on an excel spreadsheet) and was wondering if I could offset this against what we have already taken in directors' loans or if we should pay this out separately. Many thanks for any help.
What do you mean by "post our end of year accounts?"
Do you mean send them to your accountant to prepare your year end accounts or are you intending to prepare the statutory accounts and submit yourself?
If you are using your personal car for business purposes then you can claim tax free 45p for the first 10k business mileage per year and 25p per mile thereafter.
So say for instance you have done 15k business mileage in year you can claim £5,750 (10k x 45p + 5k x 25p) as a tax deductions against company profits. To incorporate into SAGE do a journal
We were hoping to do our statutory accounts and submit themselves if possible. We currently have directors' loans but personally pay for expenses and petrol ourselves as we don't have a credit/debit card with our business account. These loans are listed on Sage but obviously some of this money will need to be offset against our expenses - is this possible to illustrate on Sage?
Hi Milly As Mark says you can do journals to offset your expenses. You can do as many journals as you want, just need to get your debits and credits the correct way round. See the example in Marks response. Note also his comment re mileage as opposed to fuel.
Are you really sure you want to do the statutory accounts yourself? I'm just thinking you could be missing covering things like capital allowances, depreciation, overdrawn directors loans and the tax liability caused by this (the wording of your posting indicates this could be the case), accruals for corporation tax, other accruals,prepayments and the correct allocation of dividends. Etc. missing things could cost you more than an Accountant would.
Will you also be completing the Corporation Tax computation for HMRC?
Submitting the accounts to companies house will also be required although this is the easy bit.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
We were hoping to do our statutory accounts and submit themselves if possible.
Unless you know exactly what you are doing you may end up costing yourself more than an accountant would to do the accounts, tax, payroll etc.
Would advise to go and speak to a local accountant or if you would be happy to deal remotely drop me an email or give me a call. See website in link below.
I agree with Jo and Mark.. at least give thought to a quote from a local accountant, to look over what you are going to file. I've done 3 jobs in the last few months, where the client submitted their own accounts, and unfortunately, all of them did not quite fully understand what they were doing, and amended accounts have had to go in. One client last year almost cost himself £4k!
