Recent content by nigel2008

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    Coronavirus and sole trader

    So, what help is there for a sole trader working from home with no employees? n
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    Cash in, cash out basis

    Hi If a sole trader transfers money from their personal bank account to their business bank account and that money is used to pay a supplier - how is it dealt with using the "cash in, cash out" basis of accounting please? Is it "cash in" as if it were a sale and therefore accounted for as such? N
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    Sole trader selling up

    I am a sole trader I and looking to sell my business. The sale will include a list of customers and a domain name that I own. What will a prospective buyer expect me to supply? N
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    Directors and investors

    An investor takes a shareholding of 20% in a new limited company. The investor has a copy of the new companies business plan itemising proposed activities and their costs. There are no other investors. One director has the other 80% of the shares Can the directors do as they like with the...
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    Sendy help please!!!

    Hi I have had a web site built. I am a non-techie! The developers have set up for me to be able to send email newsletters via Sendy which I believe is an Amazon product. I know that Sendy is similar to Mailchimp and monitors responses etc. The part I am really struggling with is how to...
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    VAT and invoices

    Hi, I am about to form a limited company. I need to pay someone now for some work they are doing for that company and they will charge VAT so as part of the process in forming the company I will need to make it VAT registered. Couple of questions! 1. Although the company is not yet registered...
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    Long term debt to trade supplier

    Thank you accountancy lab. I am not an accountant but what happens regarding the £5000 that has been paid out of the company's bank account in instalments? How is that accounted for or recorded? Grateful for your help. N
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    Long term debt to trade supplier

    Hi Small Ltd company incurred debt with supplier back in 2015 for goods supplied in 2014 and has an agreement to pay the supplier a set amount per week which has been adhered to and payments continue. Anyone know how these payments are dealt with in year end accounts? Are they a cost of sale...
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    What exactly is insolvency?

    I am not an accountant. I have been reading various threads on here regarding people asking for advice surrounding limited company insolvency. How does one determine if a company is insolvent? If you owe money to creditors which you are paying by arrangement by installments and where there...
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    Filed accounts are incorrect!

    Thank you for your reply David. The error is that we erroneously believed that the funds which my fellow Director and I personally put into the business was capital - rather than, as I am now informed, were in fact a Director's loan which is very much different to capital. The micro accounts...
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    Filed accounts are incorrect!

    Many thanks for all the replies. I must state that my fellow Director and I submitted the erroneous information ourselves - unintentionally - we did not use an accountant. That is the problem! We tried as lay people to understand the terminology for the various figures that are required - but...
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    Filed accounts are incorrect!

    Hi, We are a 2 man limited company. In business just under 2 years. Back in 2014 we filed our first year's accounts with Companies House using the micro entity online system - we qualify in terms of turnover etc to use that option. We also tried to understand what we needed to file with HMRC...
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    URGENT HELP with accounts

    The expenditure is payments to suppliers and wages, That's it.
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    URGENT HELP with accounts

    That's the issue. We can't afford an accountant - and we only have 3 days left to file the information.
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    URGENT HELP with accounts

    Hi, Been rather remiss in filing accounts with Companies House. Thought it would be easy to do based upon our business model but now stuck! We are trying to file under the micro category which we fit - accounts for Feb 13/Feb 14 - to 28/2/14 and we only have until this weekend before we will...
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