L-J
3rd December 2009, 13:21
Hi Everyone, wondering if you can help me as at a bit of a loose end.
In April 2008 my partner and I purchased a Beauty Salon which because of personal circumstances we sold in September of this year. I have a few questions as I'm trying to do the final accounts. I am actually part qualified CIMA, but have no experience of doing accounts for businesses.
- Do I have to get an accountant to sign off partnership accounts?
- I am preparing the accounts for the tax year to April 2009 and heard somewhere once that sometimes you can prepare the accounts for up to 18 months? May be wrong. But if I can, do I have to get a different partnership return than the one I have, or do I have to inform anyone? Clearly would be easier for me to do this if the business was only running for 17months.
- My partner spent a lot of money on credit cards (and a loan for the purchase) in the beginning and the money we got for the sale is roughly equal to this amount. Do we have to declare the money we received for the sale to anyone if we're not actually making a profit?
- Some months when the business wasn't making a profit, we were still taking money from the business account to pay loan payments etc. Is this actually allowed when you're making a loss? Can this count against repaying capital?
- Do I have to register the sale of the business anywhere? I'm sure someone would love to see if we owe anyone any tax!
Sorry for so many questions, if anyone could even answer one I'd be really grateful.
Thanks so much.
In April 2008 my partner and I purchased a Beauty Salon which because of personal circumstances we sold in September of this year. I have a few questions as I'm trying to do the final accounts. I am actually part qualified CIMA, but have no experience of doing accounts for businesses.
- Do I have to get an accountant to sign off partnership accounts?
- I am preparing the accounts for the tax year to April 2009 and heard somewhere once that sometimes you can prepare the accounts for up to 18 months? May be wrong. But if I can, do I have to get a different partnership return than the one I have, or do I have to inform anyone? Clearly would be easier for me to do this if the business was only running for 17months.
- My partner spent a lot of money on credit cards (and a loan for the purchase) in the beginning and the money we got for the sale is roughly equal to this amount. Do we have to declare the money we received for the sale to anyone if we're not actually making a profit?
- Some months when the business wasn't making a profit, we were still taking money from the business account to pay loan payments etc. Is this actually allowed when you're making a loss? Can this count against repaying capital?
- Do I have to register the sale of the business anywhere? I'm sure someone would love to see if we owe anyone any tax!
Sorry for so many questions, if anyone could even answer one I'd be really grateful.
Thanks so much.