Recent content by Ziggy2024

  1. Z

    Recording rental income

    If it is residential income then there it will be exempt so VAT isn't an issue but the principle is correct. You need to separate the expenses from the income and show these separately on your bookkeeping / tax returns. The income needs to be the gross amount.
  2. Z

    Corporation Tax Liability

    The client has presumably paid the accountant for a service that they didn't provide. Although there will be no interest, there will still be late filing penalties unless you get these overturned so a financial loss. Up to the client of course. To be fair, 15 clients is a very low number for...
  3. Z

    Corporation Tax Liability

    Wow, that is negligent to say the least. Does the accountant still act for the client? I would think there is legal recourse here. I have worked with accountants for a long, long time. This sort of thing is rare, I have come across something of this magnitude maybe twice and suggests...
  4. Z

    Mistake in my CT600 submission?

    I wouldn't amend for that, just include in the current year as a under / over provision.
  5. Z

    Recording staff holidays

    Interesting, I knew about the sick pay from day 1 right but haven't looked in depth at all the changes. It's a shame they have to legislate things like this which are arguably common sense and protect both parties.
  6. Z

    Mistake in my CT600 submission?

    You don't need to revise your accounts for this as these are tax adjustments, you will need to file amended returns for 24 / 25 though. How are you planning to file the returns from this year, can you use this solution to file amended returns? Don't forget that you also need to add back the...
  7. Z

    MTD – more admin than expected?

    The intention is that accountants and agents are used as little as possible. The only winners in this are the software companies who have pushed for it. The information that you need to supply to HMRC is next to useless. If they did mandate proper record keeping I would agree with you, but...
  8. Z

    MTD – more admin than expected?

    No, it was absolutely expected. HMRC were informed time after time that it was going to be a lot of work for no discernible benefit in its current form. I think the stated intention (I don't believe this is the actual intention) of creating better bookkeeping habits and minimising errors is a...
  9. Z

    Sole trader invoicing

    Will it be free for the 3 years of invoicing the OP needs to catch up on? 🤣🤣
  10. Z

    Using Wordpress & Woocommerce For Invoicing/Accounting

    Couple of things that stand out for me. Maybe too late if you've already ditched the software! 1) why aren't you using the full features of Kashflow. Everything you mention in relation to invoicing can be added into the software (payment details, QR codes). WooCommerce also integrates directly...
  11. Z

    Corporation Tax Liability

    This is unlikely if the accounts show losses as the accounts will pull through to the tax return. There are a few things that I can think of that could have happened: 1 accounts profits do not equal taxable profits so it is possible that there isn't the amount of losses that you / your client...
  12. Z

    Reporting CIS Suffered by Contractor

    Each EPS should show the total to date. I do know companies that only report the CIS at the end of a period (when they complete the VAT return for example) or indeed at the end of the year. This is not how it is supposed to work but HMRC do not seem overly concerned about it in my experience.
  13. Z

    Corporation Tax Liability

    CT is self assessment so why would HMRC have amended the original submission? The director will surely be investigating and getting this corrected? I wouldn't put the amount into the accounts until I was sure that the calculation was correct but there is nothing wrong in doing so.
  14. Z

    Reporting CIS Suffered by Contractor

    It depends on whether you are a sole trader or a ltd company. Sole trader - offset against personal tax so reported when you complete the tax return Ltd company - offset against payroll costs so monthly EPS reports required.
  15. Z

    Criteria for qualifying for employment allowance

    This is the correct answer from my understanding. The criteria is that the director cannot be the only employee to earn over the threshold. The threshold is £96 per week so as long as you have an employee paid this amount you are eligible for the entire year.
See more
Top Bottom
Community
Articles
Menu