Recent content by The Online Accountants

  1. The Online Accountants

    Expenses showing as Income from Employer

    Given the remarks above, and just to clarify, we would want to keep track of the expenditure we had incurred and recharged to customers, rather than just adding the extra income to turnover, and recording the cost as an ordinary expense. Usually the expenditure is incurred before it is charged...
  2. The Online Accountants

    No VAT number - use another business

    Laura, your gut feeling is right. You cannot use your partner's VAT number to reclaim VAT on your behalf. Just be truthful with the European supplier and tell them you are not VAT registered. If you decide to register at a later date you can find the details here...
  3. The Online Accountants

    Tax advice company director and sole trader

    Just account for the two entities separately, so you know exactly what the income and expenditure of both is. Then account for them separately on your tax return.
  4. The Online Accountants

    Accountancy Fee for Ltd company

    What accounting system are you using and how many transactions are going through your Bank Accounts every month?
  5. The Online Accountants

    Expenses showing as Income from Employer

    When accounting for the sales invoice you should record £3000 as sales income. The additional £200 should be posted to business expenses account. When the client paid you the additional £200 should be posted against the business expenses account , cancelling out the original expenses with an...
  6. The Online Accountants

    Dormant Accounts

    On the Balance Sheet you will have a debtor - share capital not paid - £10 The capital in the Balance Sheet will be your Share Capital issued of £10
  7. The Online Accountants

    Online payments options for customers/ debt collection services

    Look into Stripe as it will take payments for you and it's easy to use. I think that it may also integrate with Quickfile.
  8. The Online Accountants

    VAT charged by Payroll Service Companies?

    You should be paying PAYE tax and National Insurance plus any pension payments - on your employees' pay figures. If the payroll company is VAT registered they should charge VAT on their invoices, to you, for doing the work. I would go back to them and question how they have arrived at the VAT...
  9. The Online Accountants

    Setting up new business

    You need to read through the lease, in fine detail, to make sure that you have completely understood every term. If not sure, run this by a lawyer. 1. There may be a deposit to pay, nothing to pay, or even a rent free period. Look closely at the lease to find out. Usually on commercial leases...
  10. The Online Accountants

    Leaving to go it alone - do I tell the truth?

    Again, honesty is the best policy then you won't always be looking over your shoulder and can just go ahead and get on with your life and business.
  11. The Online Accountants

    Sole Trader Mobile contract

    Just chose a business percentage you feel comfortable with and make sure you have some workings to back that calculation up should you ever be asked.
  12. The Online Accountants

    Issues with boss, holidays and double standards...

    In that situation, if I were your friend, I would be looking elsewhere for a job. Why waste energy on fighting this, and being in an uncomfortable situation, when the friend could divert all that energy into moving on.
  13. The Online Accountants

    SH01

    Call Companies House and ask for their advice. There is a form RP04 that you can complete to complete any inaccuracies on the Companies House register. Companies House should be able to talk you through how to complete and file this.
  14. The Online Accountants

    Stock valuation

    The value of stock includes all the costs of bringing that item to it's present location and condition eg. cost of purchase, cost of conversion (direct labour and production overhead). Stock value is shown in the cost of sales and overheads further down in the profit and loss. Stock is also...
  15. The Online Accountants

    I registered for VAT, now what?

    Do you have a copy of your VAT Registration certificate? If not, ask you accountant for this. The certificate will show your VAT number and the date of VAT registration. You should start charging VAT to your customers from that date and also reclaim VAT on purchases too. Your VAT number...
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