Recent content by Somos Accounting

  1. Somos Accounting

    Accounting Software? - Construction CIS? VAT?

    I don't use Quickbooks for that reason and hence chose to work with Xero. I also work with FreeAgent and agree this is simple to use and user-friendly but does differ to the functionality of Xero/others. Some accountants will work with a range, some recommend only one piece of software. For me...
  2. Somos Accounting

    When your accountant starts acting unprofessionally...

    Not sure why some accountants seem to work to the very last deadline to be getting their clients returns filed, it really does baffle me (that's unless they've more clients than they can handle or unorganised and not started early enough). IMO it's better to be prepared and plan well in...
  3. Somos Accounting

    Accounting Software? - Construction CIS? VAT?

    Whilst I cannot vouch for Quickbooks (as I don’t use), I’d recommend you have a look at Xero. It will deal with PAYE, VAT and the CIS elements you need. As a subcontractor you shouldn’t need the extra “CIS” module (will be an extra cost from Mar 20) either as the standard CIS features will...
  4. Somos Accounting

    Suggestions on finding an accountant?

    I agree with Nicola, too - some valuable contributions from accountants on this site and they should certainly be a consideration as a starting point. Digital communication, in my opinion, is the way to do it. There will be a lot of accountants that still don't so I guess you've ruled some out...
  5. Somos Accounting

    Suggestions on finding an accountant?

    Most accountants pick up new clients vis referral. So if you have friends/family that use an accountant, it may be worth asking about their experiences and/or if they can recommend theirs? First-hand experience is a good starting point. Otherwise, do you have any particular requirements e.g...
  6. Somos Accounting

    Importing personal bank statement to business book-keeping system

    Have you had a look at FreeAgent software? If you have a business bank with Natwest/RBS its free too. It has the facility to link a personal account and as long as it is marked as such, you only need to explain the business transactions (you can leave the personal ones unexplained). If you're...
  7. Somos Accounting

    Is dividend tax already worked into this table from my accountant ?

    It ultimately depends on how much dividend is required, but commonly to take up to the higher rate is the way to go. The above is using 18/19 rates too, so maybe worth asking your accountant for the same calculation for 19/20, though it will only stand to change a couple hundred £.
  8. Somos Accounting

    Is dividend tax already worked into this table from my accountant ?

    It looks like the full breakdown isn't given.... Your personal income from the company would consist of £8,400 salary and £56,376 dividend, using the above calculations (assuming you declared all the company profits as dividend and assuming you're the sole shareholder too). Therefore your total...
  9. Somos Accounting

    Accounts for a limited company

    21 Months from date of incorporation for the first accounts, so 20th December 2020 - to Companies House. You can check online https://beta.companieshouse.gov.uk Regards HMRC and Corporation Tax check out this https://www.gov.uk/first-company-accounts-and-return
  10. Somos Accounting

    Depreciation vs capital allowances

    Yes, valid points - I'd assumed the OP was doing their own accounts and returns (perhaps I should have stated my assumptions).
  11. Somos Accounting

    Depreciation vs capital allowances

    https://www.gov.uk/work-out-capital-allowances/work-out-what-you-can-claim explains the calculation further. Yes, you would need to keep a separate calculation of the capital allowances for tax purposes.
  12. Somos Accounting

    Depreciation vs capital allowances

    £4.1K * 18%, i.e. the reduced balance or written down value (WDV). Perhaps worth also checking first if it would qualify for Annual Investment Allowance (AIA).
  13. Somos Accounting

    UK banking for a small business

    I work alongside FreeAgent and can vouch that it is a great option for a small business. Of course, there are many software options and it really depends on your business and needs. If you bank with Natwest or RBS the licence is free, so a combination of them both may be a cost efficient...
  14. Somos Accounting

    limited company director's monthly salary not transferred/owed to director

    Yes, as above - it should show as due to them in the company accounts on the Directors Account. Just be careful to check that no other amounts have been withdrawn, or personal expenditure incurred via the company account which may have been offset against the "outstanding salaries" due. I'm...
  15. Somos Accounting

    Does a tax return need filing still?

    I stand corrected. I suppose this proves that HMRC guidance cannot be relied upon, thus to refer to the underlying legislation. The question is why do HMRC still insist?
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