Recent content by GillespieBS

  1. GillespieBS

    Am I paying too much to my accountant?

    If it helps. The bookkeeping probably takes 30 hours a year. The end of year accounts and ct600 will take 3 hours. The tax return about 2. Payroll takes about 3 hours a year. Its the bookkeeping work that's the main variable. Get that right and everything is far simpler.
  2. GillespieBS

    Xero, KashFlow and receipt-bank

    I'm not sure if anyone has pointed out that Receipt Bank reads the receipt and creates your transaction for your approval (or straight in if that's how you set it up). Xero files it in such a way that makes data entry easier but you still have to do the data entry. Xero on its own would be much...
  3. GillespieBS

    Claiming input VAT when selling to a consumer who is non-VAT registered

    You have bought a product from your VAT registered supplier. You say you have paid £60 inc VAT so you have paid £50 plus VAT of £10. You can claim this £10 back as this is the input VAT.
  4. GillespieBS

    VAT returns "to be submitted digitally"

    Try Natwest (as I said) - they are part of the RBS group and you will get through. Best of luck
  5. GillespieBS

    VAT returns "to be submitted digitally"

    I'd suggest banking with Natwest and get a complimentary FreeAgent account. Yes approved by HMRC. Yes support available and no charge as far as I am aware. If you can use this forum and have been doing your books for years then I think you've got it in you.
  6. GillespieBS

    VAT returns "to be submitted digitally"

    Justin I highly recommend putting your energy into improving your systems and adopting an electronic system. You will not make silly mistakes like this one. Free (and very cheap) software is available.
  7. GillespieBS

    To VAT or not to VAT

    Your need to charge VAT should not differ if you are a sole trader or Ltd Co as far as I am aware. The decision whether to be a Ltd Co will be based on whether you would prefer to limit your personal liability as well as whether you get some income tax advantages. As above, the conclusion can...
  8. GillespieBS

    VAT returns "to be submitted digitally"

    Is this a genuine thread or a political rant? The time it has taken the OP to post on here and reject change they could have become a certified Xero adviser!
  9. GillespieBS

    R & D Tax relief

    If the system that you have created is a fixed asset/capital item then chances are that you will not get any benefit from doing an R&D claim. Some of the specialists are saying that you get a capital allowance on it and therefore still charge you a percentage however you may have got this...
  10. GillespieBS

    Claiming back VAT on a one off car rental?

    If you look hard enough you will probably discover that you have a car policy that states no employee is allowed to use the company hired vehicle for private use. As such that prevents you from using it privately.
  11. GillespieBS

    Closing Down a Ltd Company

    You might be able to save some accountancy fees if you extend your company year end and rather than prepare 2 sets of accounts, just prepare one set of cessation accounts.
  12. GillespieBS

    Cash flow forecast

    My forecasts tend to be a forecast model to use again next year and they produce monthly P&L, Balance Sheet and Cashflow. Tends to end up at £400 - £1000 each time depending on the complexity of the business. Client tends to produce their own Sales forecast and we work out how that translates...
  13. GillespieBS

    Eligible for R&D Tax credits?

    So it is more than likely that you get the exact same tax benefits if you didn't bother to do an R&D claim just you pay a specialist company a percentage to draw up an R&D report?
  14. GillespieBS

    Eligible for R&D Tax credits?

    Just did the GrantTree questionnaire and it doesn't seem to be interested whether the expenditure is capital expenditure so I think it is just designed to suck people in and generate leads.
  15. GillespieBS

    Best software for recording expenses and VAT?

    Accountants get Xero a lot cheaper now so it is pretty much the same price as Kashflow but you are right that Kashflow was always about half the price. I did find Kashflow easier to use at first but bottom line is that Xero are spending far more on marketing and that means that clients come to...
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