Recent content by Figurate

  1. Figurate

    how much to pay myself as a self employed

    Are you trading as a sole trader or through a limited company? If you are a sole trader, then you can't pay yourself a salary - you are taxed on all your business profits whether you draw them (take them out of the business) or not. Sole traders don't pay out dividends. Sole traders pay...
  2. Figurate

    Sage Reconcile Amendment Help

    Yes :-)
  3. Figurate

    Sage Reconcile Amendment Help

    No, as Scalloway said, you just do a "bank receipt" into 1240 for the carriage. Your main bank account (1200) should already be reconciled, and there's no need to change that. Once you've done the paypal bank receipt into 1240 for the £6.99 carriage, you should also be able to reconcile...
  4. Figurate

    Sage Reconcile Amendment Help

    Do the bank transfer and payment not cancel eachother out then? (you should be able to just match/reconcile both and carry on as normal)
  5. Figurate

    A few quick tax questions

    EEC sales - Sales to the European Community. If your turnover is above the VAT threshold, you have to provide more detailed accounts in your tax return (as opposed to a basic three line format) If you distance sell to the EC, you need to be aware of the distance selling thresholds - each...
  6. Figurate

    Margin Scheme Help

    You have to allocate a purchase price to each item in the "lot" (See VAT Notice 718, para 4.1: "If you buy a number of items as a single lot but intend to sell them separately, you must allocate a purchase price to each one." and it's a condition of the standard VAT margin scheme that you must...
  7. Figurate

    Flat Rate Tax

    I can't comment specifically on the £4k. This is all about the Flat Rate Scheme (FRS): http://www.hmrc.gov.uk/vat/start/schemes/flat-rate.htm (some people make a small “profit” on the FRS, although obviously that isn’t the purpose of the scheme) But this is how the Flat Rate Scheme works...
  8. Figurate

    VAT Questions

    (HMRC don't normally give you tax advice, but they will point you to the VAT notice(s) to read, but David's already done that) As you'll see from David's link, the VAT margin scheme has several variants and you will want to pick the one that's relevant to your business. The VAT margin scheme...
  9. Figurate

    Kashflow Help

    If you have only just recently started using Kashflow from fresh, you'll need to set up a code for office equipment and a code for subscriptions. (Kashflow calls them "transaction types") I normally stick capital (such as office equipment, by which I mean a computer/printer etc...) in the...
  10. Figurate

    I have a Meeting with an Accountant Tomorrow

    uuggh, cat wee... that really does have a lingering pong. I count myself lucky, then :D:D
  11. Figurate

    I have a Meeting with an Accountant Tomorrow

    LOL, there's always one :D;) (It's funny how invoices always pick up aromas. I have a client who must use lots of pot pourri, as her invoices always have a floral hint. and engineering clients whose invoices have the scent of oil and machinery lubricant.)
  12. Figurate

    I have a Meeting with an Accountant Tomorrow

    Anything that you wear that you are comfortable in and decent should be fine. If you normally wear jeans, then wear jeans. You need to be at ease in your dealings with them and not be worried about what you are wearing. (Your age should not be a factor, by the way. You should be treated as an...
  13. Figurate

    Can NHS Employees claim expenses?

    Have a read of http://www.hmrc.gov.uk/incometax/tax-allow-ees.htm
  14. Figurate

    Drumming up some clients for new accountancy service

    Have a read of: http://www.accountingweb.co.uk/anyanswers/question/new-sole-practioner (There's quite a few threads on AWeb covering this area) Good luck
  15. Figurate

    Does anyone use Xero accounting

    It sounds like you are doubling up on your data-input, which is never a good thing - it's time consuming and prone to errors. As David has said, it does not take three weeks to produce a VAT return on Xero. (but in fairness, it shouldn't take 3 weeks on any software, Sage included) I also...
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