Recent content by Philip Hoyle

  1. Philip Hoyle

    "Reduction in red tape for SEMEs"

    I don't think Grenfell is a good example, because there was all the regulation, checks, inspections etc in force, they just weren't done properly, with it not being obvious exactly "who" was responsible, and so many people were involved, they all seemed to assume "someone else" had checked...
  2. Philip Hoyle

    Does fibre broadband go off in a blackout?

    During the Lancaster black out in Storm Desmond, we didn't even have analogue phone signal (I have an old unpowered phone I use during power cuts normally) at first so the exchange back up system mus have failed. Also for a few hours, the mobile network was down too, maybe due to sheer number...
  3. Philip Hoyle

    What Skills are worth learning in business ?

    Financial awareness. Not necessarily accounting/book-keeping (but I think that's essential, but then I would say that), but just general numeracy and understanding relatively simple finances. I've been around over 3 decades now and seen far too many potentially good businesses fail because of...
  4. Philip Hoyle

    Chances of HMRC inspection?

    Likewise, many years since a client had a formal tax enquiry, in fact I can't remember the last one. But again, likewise, we do our utmost to avoid any "red flags" or for clients putting their heads above the parapit, by doing "sanity checks" on everything we submit to ensure it all makes...
  5. Philip Hoyle

    Digital bookkeeping advice

    As said above, create a new bank account in QB called "Stripe". Then set up a rule in QB so that monies paid into your current account from Stripe are auto-entered/explained as a transfer from QB Stripe bank account to QB current account. That sorts out your current account in QB. Then you...
  6. Philip Hoyle

    Do accountants deal with GnuCash?

    Another point is the MTD (making tax digital) is coming over the next few years, even for limited companies, where HMRC want your accounts submitted electronically via your book-keeping software. The popular "paid for" systems are working towards this functionality, but there's radio silence...
  7. Philip Hoyle

    Accruing for Corporation Tax and VAT Monthly

    Most accounting software will give you figures for VAT due at any time as it calculates it as you go along with every transaction entered. As far as I know, freeagent is the only one that also calculates corporation tax "as you go", but as long as whatever system you use is set up correctly...
  8. Philip Hoyle

    Two limited businesses but only one invoice system

    I don't think that would work anymore now that we have Making tax digital for VAT. The software will have to submit the VAT returns to HMRC, and the likes of QB has no facility built in for 2 different VAT returns with different VAT numbers. You'd have to create some kind of link to bridging...
  9. Philip Hoyle

    Is Inflation now OK?

    Inflation is a handy tool to "inflate away" the country's debt.
  10. Philip Hoyle

    Self-Employment Grant - another scam.

    But why no comparable restrictions for furlough? Why can employees get furlough if they earn over £50k or over half their income is from other sources? It makes no sense why there are random restrictions for some people and not others. And why no provision for people whose "other income"...
  11. Philip Hoyle

    Why has the government extended Furlough to the end of Sept ?

    Night clubs were allowed to open last year, some were open in October before the November lockdown closed them again. But it certainly wasn't business as normal - there were restrictions as to numbers, for example as well as social distancing etc. From memory, few actually opened up as the...
  12. Philip Hoyle

    VAT on services purchased from other EU countries

    No, you can't claim other EU country VAT on your UK VAT return. The correct way to avoid it is to give the supplier your UK VAT number and they should then re-invoice without the VAT added. You then "reverse charge" the VAT on your UK VAT return, i.e. charge it to yourself as output VAT and...
  13. Philip Hoyle

    Quickbooks initial setup and my accounting year

    I'm afraid all software is going to give you the same problem of having a VAT period end that doesn't coincide with the company accounting year end, which seems to be your main issue from how I read your post. Another issue is that you've presumably already done your VAT returns for the 19/20...
  14. Philip Hoyle

    Invoice with zero-rated goods and standard VAT on delivery? (FreeAgent)

    You wouldn't normally split out the costs of postage/delivery to get the product to you - it's just part of the cost of the item you've bought. Re the VAT, you should select the "amount" line in the VAT box in Freeagent, then you can enter the VAT as charged on the invoice, which will neither...
  15. Philip Hoyle

    Accountants Pricing - Rough Costs?

    Is it a limited company, sole trader or partnership? Do you want the accountant to do VAT return preparation & submission and/or Payroll/CIS preparation & submission?
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