Recent content by Rohit

  1. R

    business valuation (Cafe)

    Perhaps cash transactions are not reported fully to evade tax??? For example income tax on self assessment if sole trader and corporation tax if limited company. I would be least suprised if their actual turnover turns out to be a lot higher than what they have reported on the SA or CT600...
  2. R

    Closing LTD Company

    Agreed although IMO it would be better to avoid hassle with HMRC & keep client happy. Any correspondence from the revenue may cause unnecessary anxiety for both the accountant & his/her client...:D Even a simple letter to HMRC would do the trick
  3. R

    Is it a good idea to transfer VAT registration?

    Hi Gareth Use form VAT68 (TOGC) if using existing VAT number for new company. HMRC Link below http://search2.hmrc.gov.uk/kb5/hmrc/forms/view.page?record=gmxrHlQONsk&formId=1005 Hope this helps
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    Closing LTD Company

    Hi Jamie Use DS01 striking off application (usually a fee with this application form). Can only be used once 3 months have passed and no transactions/trading has happened in these 3 months. Companies house will strike the company off its register. Must must ensure that all creditors...
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    New Sole Trader - what household bills can I offset

    Claiming home expenses such as utilities, council tax, mortgage interest etc can also have impact on the exemption of residential property (Principal private residence) under the capital gains tax regime. CGT gains may be crystallised and payable if home expenses are claimed other than what...
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    Becoming a Limited company

    Absolutely correct. But even if you do decide to go down the software route it may take time to pick things up. All products are different. Some may be easy to use with a user friendly interface :) but some could be really tedious & rigid. :mad: The free software may have its own limitations and...
  7. R

    starting up, help

    VAT If you are expecting an income of £77k then your turnover must be a lot higher. If your turnover is above the VAT threshold then registration is compulsary. See conditions below - if a non registered business makes taxable supplies whose value exceeds £77,000 in the last twelve months or a...
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    Becoming a Limited company

    You are most welcome! It is probably worth focusing on your core competencies and growing your business & leave the rest to the accountant. You can buy generic systems that can do the job but still have to learn how to operate them. Just shop around I guess...If you need any advice regarding...
  9. R

    New and need Help please

    Hi Chris Please can you be a bit more specific? What is it you would want to know? For example, - Is it tax you are worried about? - Or is it company administration? - Also is your business a limited company or are you a sole trader?
  10. R

    accounting coursework - little help

    You are more than welcome to share your preliminary thoughts on this forum. I will be happy to offer you any suggestions. It is quite obvious why your tutor is acting in the way you describe. IMO she wouldn't want to "serve it on the plate" to you as this may put others at a considerable...
  11. R

    Should I buy my wedding dress from China?

    What I dont get is even though we all agree that the biggest counterfeit market in the world produces junk in volumes, why has their economy overtaken the likes of Japan & Germany. Really the answer lies in our own stupid obsession with cost reduction at any cost. Labour, raw materials etc...
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    Becoming a Limited company

    Ohh BTW the CGT annual exemption for tax year 2012/13 is 10,600
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    Becoming a Limited company

    Going limited may also bring the business under the capital gains tax regime i.e. on the goodwill. There is an automatic relief called "Incorporation relief" that will apply unless you elect to "disapply" it. This basically works as a deferral relief & reduces the base cost of shares issued to...
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    accounting coursework - little help

    Not just accounting all professions endeavour to satisfy user needs. From an accounting perspective, key is management information commonly referred to as MI. Accountants are armed with financial knowledge that enables them to understand/analyse, communicate and participate in driving the...
  15. R

    Spedning money on company debit card

    Oops...you are correct. Although you never know these days, he may decide to launch an app which may rule the world. :)
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