Recent content by Newbie22

  1. Newbie22

    Customer Refusing to pay

    I have a customer who is refusing to pay for an invoice. Basically, I have a purchase order given to me from the "Company A" who are a big and well known company in their industry. They gave us a purchase order to produce a product for them, so with the commitment of a PO, we purchased the...
  2. Newbie22

    CT query

    I have a corporate tax liability of 27k, which is due shortly... my accounting end is 31st Dec 2009. What do I do if I can only pay say 50% of my corporate tax liability at the due date? which is soon, as its 9 months after my year end. Thanks :)
  3. Newbie22

    buying Taxi

    Could you help my little brain clarify something… I estimate that for 5 years from 2009-2010 I will make a NET profit £10,000 I know I will pay 20% tax and class 4… But where do I include the purchase of the new taxi? For example… profit = £10,000 (new car = £34,000) thus I carry forward...
  4. Newbie22

    buying Taxi

    Mr hoyle... thanks for your reply... does that mean HMRC are gonna owe me loads of money?? As surely this cant be the case? As I estimate I owe £4k in tax without the deduction of the taxi cost... so what would happen in this instance, they would owe me money, or would i offset it against next...
  5. Newbie22

    buying Taxi

    From the link provided kindly by Nicola, it looks like I can only claim 10% of the total paid for my taxi, it is solely for business use. Is a cap on the amount I can claim in one given year? Also I am expecting it to last, as there London Taxi's can last well over 200,000 miles… I paid £34k...
  6. Newbie22

    buying Taxi

    the model is a TX4 which is a London Taxi... co2 emissions are 233... year is 2009... roughly £34k i paid.. thanking you kindly :)
  7. Newbie22

    SAGE: Turnover

    Click "Customers" Tab... Reports up the top on the right hand side... its a default report... "Top Customer Reports" for YTD... or "Customer Activity Summary".. and you could choose the time period... They should meet your requirements, if not if you have sage support they will design you a...
  8. Newbie22

    buying Taxi

    Hi Elaine, Registered self employed, and have bought a taxi, to take people from place of work... Can I offset this cost against my tax as it is nearly £34k :| :(
  9. Newbie22

    buying Taxi

    As a self employed geezer, I have just bought a van/taxi for £35k can I offset this against my tax? Can I claim 100% for my first year? Thanking you kindly... :)
  10. Newbie22

    Pension Contributions

    Pension Contributions As a limited company can I put “Employer Pension Contributions” through the profit and loss as an expense? I believe as its an approved pension scheme I can offset this against corporation as tax? I would love some clarification from you Geniuses out there?
  11. Newbie22

    Owners Drawings Question?

    I am not giving advice.. I just wondered what is the situation? So drawings do not apply? Would it be a dividend payment then? Also in terms of sage, the entry is credit bank, debit 7004 (Directors Dividends) but in the COA its under gross wages... surely thats wrong? Where would you...
  12. Newbie22

    Owners Drawings Question?

    A limited company with two partners; Both have drawings every month of £2.5k as well as a salary, one partner is on a salary sacrifice scheme. They also take £1k every month, they see this as a loan repayment, (which the business pays to them) as they borrowed money to buy the business etc...
  13. Newbie22

    When is my Tax due...

    Hey, With the help of Nicola, just worked out my tax due.. (thanks nicolaJ) I am awaiting my UTR, as soon as I get this I will send the return to the tax man. This is for 2009-2010... when will they demand the tax that is owed? Providing I send it to them before 31st October? Thanks all :)
  14. Newbie22

    Tax Return Question

    Hey Jenni, Thanks for your reply it has been really helpful. Just a quick quesion in regards to class 4 nic... my profit was 7000 and min threshold is 5715... so theoratically should I pay 8% of the difference..? Thus 1285 @ 8% would leave me liable for £102.80... Am I wishful thinking...
  15. Newbie22

    Tax Return Question

    Hey, I went self employed on the 16th November 2009. Have just worked out my taxable income as £7,100.00 but I have not received my personal allowance for that... I was PAYE from April to November 09... how do HM apportion out my Personal Allowance... I just would like a rough idea how...
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