But who is going to pull it all together into a set of P&L and balance sheet at the end of year, using the correct basis periods, ensuring proper accruals accounting and any adjustments that are required before you do the tax return?
I would certainly be looking to source one prior to the year end so that they can cover off any issues such as this for you.
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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
Hi. If you insist on doing this yourself, at the very least, pay someone to do it for you this year. Buy a few books, do some research. It isn't hard, but it is easy to pick the wrong path if you don't think of all the possible variables. As Joanne has pointed out many times, without a letter of engagement in place, MLR checks etc, it is wrong for anyone to go into too much depth. It is just the rules we have to follow.
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Johnny - Owner of an overly-active keyboard.
A man who can read, yet doesn't, is in no way wiser than a man who can't.
Hi
If anybody can not answer me for this question please don't abuse me
Because I want to do this properly
The contractors bookkeeper- count all together so he made big mistake
Thank you all but I see the best way is to call HMRC
Don't answer you make me nervous
Have a good day
The original question is not one for HMRC to answer - suggest you drop it somewhere with a note on the nominal name 'to be sorted out' and let the Accountant sort it when you find someone.
You now appear to have another issue, which you have only just raised, in that you seem to indicate that someone else has not deducted CIS correctly.
This is in part why we cannot answer on here - we often dont get a full picture, but also due to what Johnny said but more importantly because this forum is for professional bookkeepers and Accountants, not for business owners.
To be quite honest I view questions from business owners abuse us on here - the fact that you will not get and pay for an Accountant, but then expect those same Accountants to provide advice for free via this forum. Plus then quite often, when we dont give the answers those same business owners want or expect, they have a good moan about it.
-- Edited by Cheshire on Monday 1st of August 2016 07:07:40 PM
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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
Hi I have an answer from HMRC >> Income into my business << This answer I placed here for all I'm not conceited or selfish LOL
Oh dear, I go off to write a business plan and next thing I know I have to do another judgement of Solomon.
Ok, nowhere in this thread did anyone call you conceited or selfish. I'm actually seeing you more as someone whose really trying but you've been thrown in the deep end and cannot hope to know what you have never been tought so don't even know that it exists.
you are acting as the sub contractors bookkeeper so as Joanne asks, who is the accountant? Who brings everything together, prepares the accounts, CT600 (assumes incorporated). self assessment, etc?
This thread just leads to more questions such as you started off by asking about which nominal code but you need to now think about for which bit as you have both income of the 25p and a completely seperate milage expense which may not even be via milage rates.
The frustrating thing for regular posters here is that they know that if they just answer questions asked it may be giving you completely the wrong answer as they are not privy to everythinng that you know (or should know) about the business.
When bookkeepers and accountants talk to other bookkeepers and accountants we can take for granted that the other person understands the implications of their actions but when we talk to business owners and people not trained as bookkeepers or accountants we cannot make those sort of assumptions so you end up deluged with more questions before any help is offered.
Any of us could have told you that it should be treated as additional income. (Thats entry level knowledge). What people did not want to do was answer your immediate question without making you aware of the whole scenario and also understanding whether there was an accountant in place for the business to sort out any mistakes that you may have made... There will be errors and ommissions in what you prepare which I am sure that you will learn from but if you miss them then it could be costly for the business. Potentially more costly than employing the services of an accountant to revue and correct your bookkeeping and prepare the official documentation / statutory returns for the business.
Without intending any insult to yourself I concur with the sentiment of Joanne and Johnny's posts. (Well done for being subdued in your response Johnny... Well done for not using any expletives Joanne ).
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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.
We all know that we should take Accounting advice from HMRC especially those minimum wage bods they have at their call centres who have been trained so well in the Accounting subject.
Plus they only answer the question you ask, but what if you are actually asking the wrong question?
Plus of course HMRC are never wrong, ever.
There are no court cases they have lost from being wrong. No tribunals have ever been overturned. No accountant has ever won an argument with them.
Actually their website does very clearly state that you should never take an answer given by their call centres or indeed other staff as being advice because what you have been told might be wrong, but of course we should all ignore that statement.
Yet
Even their own guidance goes against actual Law at times, which we all know about as it's been fully documented and discussed on numerous occasions, on here and within/without the walls of the Chartered Associations.
Chartered accountants train for over 10 years, bookkeepers for less, but still can take considerable amount of time and lots of hard cash to train fully and we give our time for free to help fellow professionals on here, but are constantly being expected to provide that same free help to business owners. Why should we? Do those same business owners give away their products or services for free? Rarely a thank you in fact. Most often just rude, moaning, jibes.
It might seem an innocuous question to start with but guaranteed, from experience, there is a lot more too it.
Oh and just to be clear, of course we all know the answer to the question, but if you did discover something we werent aware of, we would just accept an unknown posters word for it being answer, but would look for this to be substantiated via external evidence, by way of Accounting regulations/case law etc.
To the OP, I think it's great you are helping your hubby and doing his books, BUT with a lack of knowledge you could be making a mistake and being shortsighted not to get the (paid for) professional help to put this all together properly for the year end, so I just re-iterate that advice as you havent made mention of doing this. I suspect not incorporated, if not, is this even the best way for your circumstances and given the changes in law surrounding subbies etc. One to check
What is it he does? I might need a freebie. LOL.
Edited re typos
-- Edited by Cheshire on Saturday 6th of August 2016 10:56:23 AM
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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
).
