Hi, I am a newbie in Aberdeenshire. I am a self employed book-keeper/virtual assistant. I have recently signed up a couple of new clients who need basic book keeping & payroll assistance. Having just returned to the land of the living after sending my youngest child off to school I am finding it difficult to catch up on new HMRC information. I have taken over a paper payroll system and will be migrating this to Sage One in the New Year. I also plan on using Xero with other clients. I am looking forward to gaining insights from the forum and hopefully providing useful information also.
Hope that you enjoy posting here... Sometimes we even talk about bookkeeping and accounting... But then we get better and start chatting about Joannes Muffins, breaking bad, how many ex's we have, having a gripe or just having a banter, etc.
Despite the name of the site there's a good mix of both bookkeepers and accountants from all major professional bodies on here from ICB all the way through to ICAEW so fingers crossed if you do have a difficulty there will be someone around on here to help.
All the best,
Shaun.
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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.
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.
Roger... Don't tell me you don't watch American Dad.
Hang on, let me see if I can find a clip on Youtube that Fox entertainment haven't had removed.
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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.
Found a Roget clip although don't know how long it will be there for...
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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.
Guys, while I have got you here.. I am having a senior moment....
SPA - small pools allowance.. has to be on second year, yes? So £1000 own items introduced in 2013-14, 18% WDA for 2013-14, leaving £820. I have to wait for next year to relieve this, right?
-- Edited by FoxAccountancyServices on Thursday 27th of November 2014 04:32:29 PM
Just about to say what about AIA then saw those magic words "items introduced".
the balance immediately before the WDA calculation must be less than or equal to that years small pool.
Now the reason that I didn't say £1000 there is that its Pro Rata'd so if the taxpayer set up their business in (say) January the small pool for the first year would be £250 (1000*3/12).
If the criteria are met then there is no reason (to my knowledge) that the amount cannot be written off to the small pool in the first year.
kind regards,
Shaun.
p.s. I emphasised the "or equal to" as you used the exact figure in your example as though it would not be allowable at that amount where if the business had been going for the full twelve months it would have been.
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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.
Yes because it was more than £1000 (£1025) before you started the WDA calculations.
£25 less and the whole lot could have gone to the SPA in year 1.
I might have gone with a :
If you continue to own that (insert tool to the value of circa £25 here) yourself rather than introduce it to the business then you get your capital allowances faster so pay less tax this year (assuming that they are paying any tax this year). The accelerated allowances might prove more beneficial to the client than the lost £25.
Of course, you might want the capital allowances next year rather than this dependant upon whether their usage might waste the personal allowance (which is not so flexible... Actually, that one's not flexible at all. You either use it or lose it).
I know that you already know the above but sounds like your just having one of those days... Last one that I had I absolutely fried the old grey matter and ended up hardly able to string a sentence together let alone remember the intricacies of the UK tax system.
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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.
Hi, I am a newbie in Aberdeenshire. I am a self employed book-keeper/virtual assistant. I have recently signed up a couple of new clients who need basic book keeping & payroll assistance. Having just returned to the land of the living after sending my youngest child off to school I am finding it difficult to catch up on new HMRC information. I have taken over a paper payroll system and will be migrating this to Sage One in the New Year. I also plan on using Xero with other clients. I am looking forward to gaining insights from the forum and hopefully providing useful information also.
Welcome Ann. Can I suggest you have a look at Moneysoft Payroll Manager (1) as an alternative to Sage One? You can then add other employers at no extra cost and you're not restricted by employee size. A few people on here use it I believe so there's lots of help available if you get stuck.
(1) Other products are available, including 12pay which I've also used, which is also a good product.
No affiliation to Moneysoft, just a very happy user
Watch out for the post.
