Recent content by CG2018

  1. CG2018

    Creating a business budget

    Yes thats a lot to consider, we are only a very small business at the moment, just myself, my husband and then trades that subcontract to us. I am guessing there are professionals we can access if/once we get to that stage of budgeting as I can grasp the basics with some effort, but if can...
  2. CG2018

    Creating a business budget

    That is very helpful thanks, so im basically working from the bottom up, as I do need to figure out revenue needed and create targets to grow from there. Thank you!
  3. CG2018

    Creating a business budget

    Thank you for your answers. The thinking behind us doing a budget is to see our regular outgoings (overheads and expenses) and to create a realistic budget for things we have not budgeted for before, e.g. advertising, to see what money we need to break even, and to then set financial targets...
  4. CG2018

    Creating a business budget

    Good morning everyone, We need to put together a business budget for this year, something we have never done before. I have software I can use, and i have last years figures that I can use as a guide. My question is, how do i project a budget for this year? We anticipate our sales will be...
  5. CG2018

    How is VAT input/output treated in accounts?

    Ok I think i finally understand it! Think I have picked the wrong day to get my head around finances but I will get there in the end. Thank you for your help!
  6. CG2018

    How is VAT input/output treated in accounts?

    Say based on that example we owe HMRC £1500, but we have other running costs in the business for example rent: Current vat balance £1500 We have an overhead cost of rent which is £350 per month plus vat £70 So £1500 minus £70 we claim back leaves a balance to pay of £1430.00 So after I have...
  7. CG2018

    How is VAT input/output treated in accounts?

    Thank you, yes we use Xero accounting software
  8. CG2018

    How is VAT input/output treated in accounts?

    Sorry if i am sounding silly I am struggling to get my head around this. So say for example after our overheads (phone, running costs) we claim back another £500 of vat - this is taken off our VAT bill and what we owe HMRC - what is that classed as?
  9. CG2018

    How is VAT input/output treated in accounts?

    Yes we are on an accrual scheme not a flat rate
  10. CG2018

    How is VAT input/output treated in accounts?

    Hello, I am very new to the forum and just have a question regarding vat. We are vat registered and i wondered how vat input and output is treated? So when we charge our customers the vat and it is paid to us, i keep this aside for 3 months until we submit our vat return and pay our vat bill...
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