Recent content by Clare@ClarityTaxation

  1. Clare@ClarityTaxation

    CT600 in iXBRL to HMRC

    A CT return can only cover 12 months, although a set of accounts can be longer. You can submit one set of accounts but then you'll need to do 2 CT returns if the company was trading for the whole period. If the company was trading for less than a year then the accounts should state that, and...
  2. Clare@ClarityTaxation

    Which accounting software allows mass import of data via journal?

    Most software allows an import these days. I use Xero a fair amount and it certainly does.
  3. Clare@ClarityTaxation

    Stock valuation

    If you keep it in stock then value it at net realisable value, if that's less than the original cost. The same would go for any stock that was destroyed, just replace the value with the value you expect to receive when sold.
  4. Clare@ClarityTaxation

    Goods brought for resale

    Cost of sales is usually a term used for the sum of a few sub categories such as opening stock, purchases, direct costs and closing stock. If it's just for your own bookkeeping then I would do as you suggest and use goods for resale, or purchases.
  5. Clare@ClarityTaxation

    Strike off limited business

    In my experience it takes a week or so to acknowledge it, but then they have to advertise for 2 months in the London Gazette before they strike it off. You should see the form lodged on the company record though, and the company will change from "active" to "proposal to strike off" if you check...
  6. Clare@ClarityTaxation

    Bookkeeping tool

    Talk to your accountant, they may be able to recommend something. Depending on how complicated your accounts are you might find a simple excel spreadsheet is easier. Just make sure your accountant can make sense of it, so they don't put your bill up as a result.
  7. Clare@ClarityTaxation

    VAT threshold and 14.5%

    To add a word of caution - if you make a lot of zero rated sales, which can be the case if you sell overseas, the Flat Rate Scheme might be inappropriate for you as you would still pay the flat rate on sales invoices you've not charged VAT on. Check the full details before signing up for it, or...
  8. Clare@ClarityTaxation

    winding up a limited company holding cash

    ER only applies in certain circumstances, and there's not enough information to make any judgement here as we don't know what the company does, who the shareholders are, who the employees are etc. Leaving the country could, in some cases, mean less tax as you could be non-resident. Depends on...
  9. Clare@ClarityTaxation

    XERO Accounting Ebay Sales Paypal Monthly Summary and VAT Threshold

    The VAT threshold is net of refunds. Be careful though as the limits are based on a rolling 12 months, not your financial year: https://www.gov.uk/vat-registration/calculate-turnover As far as Xero goes I would put in all sales and then all refunds, not just the net difference. This makes...
  10. Clare@ClarityTaxation

    Self employed for 6 months, what do I need to do?

    Sam - just call HMRC and tell them you're now self employed, as of 7th April and that you'd therefore like to register for a tax return. They will send you a UTR (unique tax reference) which you'll need in order to file a return. If you started 07/04/2016 then your first accounts should cover...
  11. Clare@ClarityTaxation

    Setup a limited company but didn't use it, what should I do?

    You can submit a dormant set of accounts if you want to keep the company open, for example if you want to keep the name safe. This would give you a longer company life too, if that matters to you. It means you'd have to file an annual return (compliance statement) each year, but that only...
  12. Clare@ClarityTaxation

    When can I take dividends?

    Just to add to the above - go careful about taking "one size fits all" advice on what income you can take, as your own personal circumstances may differ and that can have a big effect. You can in theory take a set amount of dividends and a set amount of salary and pay no income tax or NI, but...
  13. Clare@ClarityTaxation

    Paying myself from a Ltd company

    It doesn't need to be, and it should be quite easy once you're set up and you've got the hang of it. It's important to start off correctly though, as you'll then avoid making simple mistakes and making life difficult for yourself later on. If you chose an accountant early on you'll have the...
  14. Clare@ClarityTaxation

    Paying myself from a Ltd company

    Don't forget to claim use of home to then, and bear in mind that you're an employee now so the method of calculating it differs to that for self employed people. Also have a google about the 24 month rule when you're bored - it applies to travel to and from regular client sites, so may apply...
  15. Clare@ClarityTaxation

    Removed as a director and shareholder without knowledge

    Shares are a personal asset, albeit an intangible one. In theory it's no different to him sending off the logbook of your car/deeds to your house and transferring ownership to himself without asking you (or even telling you). If you end up in Court you should be put back in the position you'd...
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