Recent content by Merlion ABS

  1. Merlion ABS

    Potential Unfair dismissal

    Ok, I think you need to some professional advice from an employment lawyer. I know a chap who can help and specialises in these cases. If you are willing to fight this, then send me a message and I will pass on his details to you. He works for a reputable law firm in Leicester butim...
  2. Merlion ABS

    definition

    I think you have covered the role a Financial Accountant would do. ie the day to day accounting of the company and making good the figures for the Auditors. A Management Accountant to me would be doing all the forecasting, budgeting, Monthly or Quarterly reporting, analytical reporting etc.. ie...
  3. Merlion ABS

    Promotion/Marketing stock

    I would be tempted to keep the items for display purposes separate from Stock. Stock is only really for goods that are to be resold. If you are buying a certain amount of flowers etc.. for display purposes only, then this needs to split out as Shop Display Costs. you reclaim the VAT on the...
  4. Merlion ABS

    New business start up

    Network Network Network, get out their and get yourself known before you start contacting local accountants. Most networking groups should have an accountant on board so there is your way in. Get to know local business people from local networking groups, join 2 or 3 if you can spare the...
  5. Merlion ABS

    Year End Audits

    This is provided by Accountants as part of the Auditing procedures for those companies that do require an Audit. I myself, offer solutions to small businesses to better monitor cash flow, better bookkeeping etc.. all suited to their business which sort of includes monitoring both debtors and...
  6. Merlion ABS

    Adult ( Porn ) Website Memberships - VAT

    General Rule to thumb is as follows: 1) Outside EC - no VAT 2) VAT registered inside EC - no VAT 3) not VAT registered inside EC - VAT Pretty much the same for all types of businesses. What I would say is do you use some form of merchant card processing service such as SagePay or...
  7. Merlion ABS

    Pension contributions during Maternity Leave..

    Have you paid her any holiday pay? as far as im aware even though she is on maternity leave, she will accrue holiday entitlement. This means the last 13 weeks are not unpaid, but some of it is rather holiday and she should be paid holiday pay which attracts tax and NI as normal. One of my...
  8. Merlion ABS

    Trade between EU

    Unfortunately you have to take their word for it. You might be able to find info on them from their website or letterheads etc... Still doesn't mean its correct though but might provide a little more sense of comfortability with it. From an Inland Revenue point of view you will have to...
  9. Merlion ABS

    HMRC - mess up Tax codes?

    Hmmm seems strange if he only has one pension and source of income. Are the National Insurance numbers the same? I guess not?? I would visit the local office with your Father if it isn't too far as it will be easier to clear up face to face rather than by letter. If you prefer to write a...
  10. Merlion ABS

    Cost Of Sales or Other Expenses

    Yes the materials are classed as a cost of sales however the re-imbursed money he gets has to be classes as income ie, disclose it on the invoice as income. So say if he charges £200 for the work and then gets re-imbursed £50 for the materials. The invoice should read £250 in total. He keeps...
  11. Merlion ABS

    Sole Trader using car for business & private use

    Yes defo work out the cost to the business from both claiming for 50% of the running costs, ie fuel, insurance, mot, tax etc and then compare to claiming mileage rates as Sanjiv mentioned. Depending on your mileage you can actually have more TAX FREE money in your pocket yet reducing your tax...
  12. Merlion ABS

    How to register.. Advice plz!

    Ok, yes there are advantages in forming a Ltd company as Gary says. Mainly from a personal tax point of view via the small salary and Dividend route. You accountant will explain this, but you can save tax personally therefore increasing the cash you take home. From a VAT perspective, I...
  13. Merlion ABS

    HMRC - mess up Tax codes?

    I doubt they would speak to you on this without your dads authorisation to do so so data protection would kick in. but then if you have all your dads details, how would they know its you?? Best bet is to write to them asking for clarification, it will take them 3 months to reply! do you know...
  14. Merlion ABS

    HMRC Self Employment Registration

    You will pay class 2 NI at about £32 a quarter. You can opt to pay by DD or they send you a payslip for it when it becomes due. http://www.hmrc.gov.uk/payinghmrc/class2nics.htm Give them a ring if you are unsure or want confirmation when you will get your first bill for it.
  15. Merlion ABS

    Trade between EU

    make sure you put their VAT number on the invoice. There is a website to check the validity of the VAT numbers just in case. http://ec.europa.eu/taxation_customs/vies/vieshome.do always useful to have!
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