Recent content by jameslp

  1. J

    Is My Depreciation Method Correct?

    Thanks Jenni - I do love it when there's a simple answer!! :-)
  2. J

    Is My Depreciation Method Correct?

    Another query on this - if I was to apply depreciation on assets just once a year (at year end); what do I do about assets that were bought just a week or even a day before? Can I simplify things by depreciating a year off these items?
  3. J

    Is My Depreciation Method Correct?

    Hi Philip, Thanks so much for your excellent reply; it's really helpful. You're right, I really do want to do things properly and it's sometimes so hard to find the information needed to achieve that. What you've explained really makes sense; I'll judge each piece of equipment and allocate an...
  4. J

    Is My Depreciation Method Correct?

    I’m currently looking at my method of depreciation. I am using the straight-line method over 3 years for most equipment (computers, camera bodies, etc.) with a residual value of £1.00 for computers (pretty much scrap) and a few hundred for the camera bodies. However in the case of camera...
  5. J

    Figuring out Gross Income from Net Income

    I've just looked through your working and it's brought it all back. I've realised just how easy it is!! But I couldn't have done it without your help....
  6. J

    Figuring out Gross Income from Net Income

    Genius! Oh I wish I could remember how to do all of that - I have intentionally erased it from my memory; I had no idea it'd come in useful for something like this! Thanks for sharing your working too - it rings a bell and might remind me how to do it myself. Many thanks again, James
  7. J

    Figuring out Gross Income from Net Income

    Thanks sanjiv, close but it doesn't seem to work I'm afraid - thanks for trying. Billmccallum - many thanks for the offer; I've sent you an email! Williams lester - I totally understand and I won't hesitate to hire an accountant in future, but at the moment I'm still at the planning stages and...
  8. J

    Figuring out Gross Income from Net Income

    I'm trying to figure out what I need to charge when running my business to give me a final target amount (after all costs & tax) that will essentially be cash in my personal bank account. I thought this would be pretty simple until I got totally stuck on reversing tax (i.e. starting from a known...
  9. J

    Business Purchase using Credit & Direct Debit

    That sounds like a nice, simple solution! Many thanks semsley! :)
  10. J

    Business Purchase using Credit & Direct Debit

    Oh dear, am I completely on the wrong track and everyone is too polite to tell me!? :-/ ;-)
  11. J

    Business Purchase using Credit & Direct Debit

    I'm trying to enter a business expense (£200) into Sage for an invoice, which I am paying over a number of months (interest free). The payments span over two different accounting (and tax) years and I'm wondering how to log the expense and changes to the business bank account. Should I DEBIT...
  12. J

    Guide to a Typical Chart of Accounts

    Thanks. The travelling is usually directly related to a sale (i.e. for me travelling to a photo shoot). The only exception I've had is mileage for travelling to a trade show, which is obviously not directly related to a sale. When completing a tax return I would have assumed that all car...
  13. J

    Guide to a Typical Chart of Accounts

    That's very kind of you, thanks. Would you mind sending me a PM with your email so I can send you an Excel export? I've added to the bottom a description of the type of expenses I need to log and my guess as to what code it should be put against. I tried "7400 - travelling" for car mileage and...
  14. J

    Guide to a Typical Chart of Accounts

    Can anyone point me towards a web resource that explains a typical Chart of Accounts (such as the standard one in Sage) and gives examples of what should be entered into each? The kind of thing I'm looking for is: 4000 - Sales A - Income - "Credit this account is for all sales revenue." . ...
  15. J

    Personal Bank Account Transactions

    Another quick question on this, if I may, related to personal car mileage expenses. Should I credit the partner's loan further until I get to the point where I've paid off the loan, the business is making money and then I'd start using the Drawings account?
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