I have a client (Sole Trader) who died in July this year. Only found out when his wife emailed me. She had decided she wants to keep the business going so have set her up with her own Self Assessment Account.
My problem is getting the closing stock balance for the Tax Year end.
I have asked the wife if she can give me a closing balance and she is not sure how she will know what they had on 5th April.
Is it necessary to do the balance sheet? It's not like it's reported to HMRC. I have opening balance from year before but not sure how I will calculate the closing balance.
what you can do is this 1. take your opening balance figure (closing stock from last period) 2 add all the purchases to the date required 3 then minus any sales @ cost to the date required That will lead you to the closing stock figure. If you like i could e-mail you a quick spread sheet to make this easier for you
-- Edited by Energise Accounting on Monday 27th of October 2014 01:54:57 PM
-- Edited by Energise Accounting on Monday 27th of October 2014 01:58:11 PM
-- Edited by Energise Accounting on Monday 27th of October 2014 01:58:44 PM
-- Edited by Energise Accounting on Monday 27th of October 2014 02:07:52 PM
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Accounts,Book-keeping,Tax,Business Finance,Invoice Discounting and Factoring we also specialise in public house Accounting and Finance So if you need our help please give us a call.
It is a very simple spread sheet however, you shoud be able to get all the info you need off the accounting software to fill it in.
send a e-mail to my business.
-- Edited by Energise Accounting on Monday 27th of October 2014 02:59:47 PM
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Accounts,Book-keeping,Tax,Business Finance,Invoice Discounting and Factoring we also specialise in public house Accounting and Finance So if you need our help please give us a call.
