Myself FRS 102 and FRS 105, together with various share issues: company buy back, individual share sales, redeemable etc.
Also delving with incorporation, ACCA F6 and P6 are being read like novels at the minute!
Hoping to acquire a Ltd company by the end of the year - bookkeeping, accounts and tax.
Having taken it slowly from the start, long nights of checking, re-checking, together with VAT and self assessments I think I'm ready for the next stage, I no longer have a panic when I think of things. I rarely have to check a book to answer general questions anymore, the foundations are there.
Was at one point toying with CIS, yet that seems like a lot of hassle for little return.
Just interested to know how you found the jump.
Thanks
__________________
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.
I used to do CIS. No - wont touch it, cant be bothered, bloody pain in the derrier! There is always loads of stuff missing - although charge a bit more than usual and you could make some good wonga! (hourly rather than fixed!)
You know me - I started with Limiteds! But thats me - do everything backwards!!!!! (just down to my background I guess!)
__________________
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
Written notes in the accounts, do they have to be worded in specific ways? I can see from the FRS that disclosures need to be made, take for example a DLA being overdrawn, is their a prescribed method of writing, or can it just be concise, legible and to the point?
Thanks
__________________
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.
There is generally a standard way for the notes, dependent on FRS/GAPP and you will see the same/very similar generic wording used across the board for many of the notes used. Some are worded more specifically, depends which note it is. You will be able to pick up wording suggestions that suit to be able to tweak them in the accounts production software.
Seems to me that companies house will accept any old garbage these days but you might find HMRC get a bit angsty with some of it, but the problems generally occur when the companies concerned come to get finance and it's a drains up situation if they contain anything a bit untoward (probably more so the mid corporates, rather than smaller).
Must admit though I saw a hilarious one the other day. If I can find it again I will show you.
__________________
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
How comes everyone seems to hate CIS, as I said in my Intro I come form a Construction background so the majority of my clients are either in the Construction Industry or builders working by themselves.
I was hoping that when MTD comes into play and quarterly submissions are needed that a lot of the subbies who file their own Tax Returns at the end of the year would rather just pay someone else to do it.
__________________
Doug
These are only my opinions of how I see things and therefore should not be taken as advice
Ha, where to start Doug. Im assuming that in your former business and your clients all do things by the book. Ive worked with contractors and subbies alike. Some of the problems - no invoices issued/received; payments in cash with no record kept/no idea what invoices to allocate to/CIS not deducted when it shouldve been/CIS not deducted correctly/CIS deducted and not paid on to HMRC/CIS certificates of deductions not provided, subbies not verified/IR35/listening to their mates down the pub and getting into rows about what is claimable and not/umbrella companies/tax returns that are (completely and utterly) wrong, investigations........I could go on.
One great thing about CIS is HMRC do have a great bunch of staff within that department who are way more helpful that any other, nay every other department put together.
Personally I just cant be bothered with PITA clients, no matter how much I can charge them. But if you are forging a niche there then thats great. (I will stick with my footballers! lol)
__________________
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
No joking aside, I was lucky enough when I opened my Building business that I had a really good accountant who made sure I did everything by the book right from the start, cost a fortune but was worth every penny.
I am now trying to bring this to my clients by using the same methods that I was taught to their businesses, already I have had to register some as Contractors because they had been wrongly advised before about paying subbies, which is working to my benefit as now I will be taking over all their bookkeeping as well as the CIS side of their business so at least I will know that the monthly deductions and submissions are done with HMRC both correctly and on time and also means that I get monthly payments not just their year end accounts.
But totally understand where you are coming from because some are absolute nightmares trying to get receipts and bank statements off as well as me trying to explain the importance of keeping records for everything, but got to stick to this area as this is where I have the experience and despite the problems that arise I do actually enjoy it, unless you've got a couple of footballers going spare
Cheers
__________________
Doug
These are only my opinions of how I see things and therefore should not be taken as advice
But then I do work for a company where although the boss would merrily do all the above if not checked, his wife (also a director and my direct manager) is a very black and white kind of person and everything has to be done strictly according to the book!
What we want to know is why can't other HMRC departments (PAYE I'm looking at you) be as efficient as CIS.
Taxfiler is good Johnny, but it's not straightforward importing the trial balance if you're using the accounts section. What final accounts package do you use at the moment Johnny? I'm thinking of going back to VT Accounts and then just using the ixbrl to send from taxfiler. However I'm also looking at capium as well next month, so I can offer cloud accounting as an extra for those that want it.
Doug, I enjoy CIS, mine are straightforward so I've not experienced the problems Joanne has, although for one limited company (acting as a subby and having a couple himself) I did a CIS suffered claim for 7k and HMRC refused 4k of it. They were very helpful in sending me a breakdown of the deductions they had, and I was able to see straight away it was one contractor. Not sure what the problem was but I managed to get a blanket CIS deduction sheet from the contractor concerned and HMRC stumped up the rest, although I had to send in bank statements showing the individual payments to the bank.
__________________
John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
Luckily mine are fairly straight forward as well but as said previously trying to get all the source documents off them can be a nightmare but in fairness that's not just my CIS clients, most of my subbies are pretty easy as they just move from site to site working and are only concerned about getting a rebate as quick as they can at the end of the year, my CIS contractors are basically one job at a time businesses who just employ subbies when and where needed once again I am lucky that these are fairly straight forwards at the moment but it is early days and I am sure I will get my fair share of problems in the future.
This is still my first year and I am quite happy to only work for the smaller businesses while I gain more experience and also the confidence of dealing with other peoples firms and not my own, I have had to turn away a couple of LTD companies because even though I was happy dealing with their bookkeeping and the CIS side of things they also wanted me to do their final accounts which I wasn't happy doing because I don't feel I have the necessary experience.
Cheers
__________________
Doug
These are only my opinions of how I see things and therefore should not be taken as advice
On phone ATM so forgive me. John I'm using Excel ATM, purely servicing sole traders. Can someone explain the landlord tenant CIS scheme, I remember reading the bullet points to this is passing. Can I wrongfully assume that much of this, reporting wise, is swept under the carpet?
__________________
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.
Luckily mine are fairly straight forward as well but as said previously trying to get all the source documents off them can be a nightmare but in fairness that's not just my CIS clients, most of my subbies are pretty easy as they just move from site to site working and are only concerned about getting a rebate as quick as they can at the end of the year, my CIS contractors are basically one job at a time businesses who just employ subbies when and where needed once again I am lucky that these are fairly straight forwards at the moment but it is early days and I am sure I will get my fair share of problems in the future.
This is still my first year and I am quite happy to only work for the smaller businesses while I gain more experience and also the confidence of dealing with other peoples firms and not my own, I have had to turn away a couple of LTD companies because even though I was happy dealing with their bookkeeping and the CIS side of things they also wanted me to do their final accounts which I wasn't happy doing because I don't feel I have the necessary experience.
Cheers
Send them my way. I love CIS!!!!
__________________
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
On phone ATM so forgive me. John I'm using Excel ATM, purely servicing sole traders. Can someone explain the landlord tenant CIS scheme, I remember reading the bullet points to this is passing. Can I wrongfully assume that much of this, reporting wise, is swept under the carpet?
Ive not dealt with any of these - isnt it over £1m+
I hate landlords. Actually no thats a lie - I just hate letting agencies!
__________________
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 Johnny, I was looking into this yesterday concerning one of my clients who was working for a property developer and I was under the impression that he should have been getting deducted 20% by the developer but he was not, could send you a link to the site that I used but being the new boy not really sure how to.
If you've got any pointers maybe I can attach it somehow (downfall of being a builder and not a computer whiz kid)
__________________
Doug
These are only my opinions of how I see things and therefore should not be taken as advice
Hi Doug
The site doesnt usually allow any links that effectively advertise someone else's business but if its HMRC (or such) then that is allowed.
Other than that sometimes posters will send offline messages to each other, although to be able to do that the person you wish to email needs to have allowed PM's via their profile.
To add a link - highlight it all, right click, click on copy, then point your mouse at the reply box, right click and click on paste. (or use CTRL c to copy and CTRL v to paste).
HTH
__________________
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
That's fine don't wanna be banned for posting links in my first week
But the general understanding that I got was that if Landlords are spending an average of £1 mil a year over 3 years (consecutive) on construction work they are deemed to be contractors.
This is where I got stuck with my client in that I can not know the position of the property developer and his accounts so left it that if no deductions are being made then even if they should be it is ultimately down to the contractor (Landlord)
Johnny it might be worth looking online because the more I read into it the more complicated it gets with reverse premiums and leases which in all honesty I have not got a clue about.
Beginning to find there is a lot more to CIS than I thought !!
__________________
Doug
These are only my opinions of how I see things and therefore should not be taken as advice
