Hi
So hows about an intro before we start. We always ask newbies!
Usual stuff - what prof body do you belong to, do you work for yourself or in a practice/ firm, are you a bookkeeper or accountant, what qualifications, how long in role, where up to in your studies-what exams passed/with what body/in midst of doing, where based, what you did before this role? That sort of thing. Helps get to know you but also how best to pitch answers.
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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
Yes good idea.... less speed more haste as the saying goes!
AAT qualified. Bookkeeper. At this moment in time I don't belong to any professional bodies.
I have always been involved with accounts from leaving school (love numbers). I have a PAYE employment but do the bookkeeping on a self employed basis also.
oops and forgot to ask - do AAT know you are acting as s/e without their practice licence - this of course assuming you are still a member (not an issue if you are not paying your subs!).
MLR of course is required to save you from a big fine and prison
Just need to clear up those points before going any further.
-- Edited by Cheshire on Saturday 20th of July 2019 10:15:53 AM
-- Edited by Cheshire on Saturday 20th of July 2019 10:17:00 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
You will realise Im a pain, cant be helped, answer Qs with Qs, but then its because often there isnt enough info or one has to delve deeper! Plus I do tutoring occasionally so I like to get folk to think wider!
What are the trades?
When exactly did the 2nd trade start?
What are the year ends for each of the businesses?
(Should they be looking at incorporating one/other or both? What happens if one goes belly up?)
Does your PII allow you to cover work that you are not experienced in? (Only ask, as it might be worth upping your cover or declining the work to save a claim)
Have you done any digging round ITA?
-- Edited by Cheshire on Saturday 20th of July 2019 10:27:47 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
Dog walking and Kids party entertaining. Kids party business started in YE 2019.
Client is a sole trader so YE standard at 5th April.
Kids party business will be profitable as not much outlay (apart from set up costs which are in the tax year i'm dealing with).
I am doing the preparation for the accountant so just wanted to make sure I was giving the figures correct by combining the two figures separately but overall profit taking into account the loss. Also for my own knowledge.
There is no such thing as a standard 5 April year end for a sole trader Im afraid. That of course is the tax year end, but it might not be the optimal date for the business year end.
Clearly in this case the client having an Accountant on board, he/she should have the discussion now about when the optimal time for the new business before tax returns are submitted and bearing in mind the tax year end has only recently occured. Tax planning is key.
You can of course submit the bookkeeping numbers to the Accountant to aid them with their discussions should they need it, but keep the numbers for each business completely separate.
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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
It can be Caron. A few round this neck of the woods run dog it as a business. When I did pizza delivery I used to deliver to someone who had a sign written van.(just checked, they have a website too) and I've seen similar vans on my travels.
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
A dog walker is providing something, in this case a service, in return for a fee. That's the very basis of what a business is.
I suspect what you're really asking - or, in fact, expressing surprise at - is that it's possible to make a living doing it, but clearly it is. And just as John has seen a sign-written van for such a business, I've seen the odd reference locally to a dog walking business. It's always stuck in mind because ever since the first time I saw such a reference I've felt a little envious, TBH. I'd rather do something like that than sit at a desk. Except when it's pissing down with rain, of course. :)
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Vince M Hudd - Soft Rock Software
(I only came here looking for fellow apiarists...)
More to the point, why would a dog walker need a bookkeeper as well as an Accountant? Although perhaps has lots of other dog walkers working for him/her and cannot possibly cope with the mountains of paperwork thus generated.
Surely a case for the usual plastic bag full of rubbish!
Watch out for undeclared cash!!
Dog walking vans........
Dog walking businesses are pretty typical of the state of this nation. Buy a dog, pay someone to walk it because folk are too lazy, or too busy trying to make a living to pay for their dog walker. (Include, baby making, making food, cleaning the house/car/bins, doing the garden......). So the world keeps turning.
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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
Dog walking businesses are pretty typical of the state of this nation. Buy a dog, pay someone to walk it because folk are too lazy, or too busy trying to make a living to pay for their dog walker. (Include, baby making, making food, cleaning the house/car/bins, doing the garden......). So the world keeps turning.
Hang on a second... Are you suggesting that people are too lazy for baby making so sub contract that as well... I'm in the wrong friggin trade!!!
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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.
More to the point, why would a dog walker need a bookkeeper as well as an Accountant?
Well, They're obviously a Plc. in waiting! (same with the kiddies entertainer).
getting a listing on the nazdac is a real dog eat dog business and it's certainly no childs play.... Ok, I'll get me coat!
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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.
