Appointment with Accountant advice

Discussion in 'General Business Forum' started by startingover, Sep 13, 2018.

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  1. startingover

    startingover UKBF Regular Free Member

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    I have an appointment with an accountant next week and want a bit of advice so I don't go in looking like an unprepared idiot.

    Bit of background, I recently sold an idea to a television channel as a result of this I had to setup a company, register for corporation tax and register for Vat.

    My company is setup at a television production company with companies house and we will be hiring out equipment for filming and paying companies to sort out the post production side of things.

    This is all completely new to me although I have been registered as self employed and registered for vat before many years ago.

    Before I go to the accountants I want to be armed with a bit of knowledge if anyone can help.

    Sorry if some of this sounds so obvious.

    so, as a company registered as a tv production company can I provide other business services not within the TV industry under the same trading name?

    When do I claim VAT? As am example if my next return is in December and I book an editing suite paying a 10% deposit in November with the balance paid when I use it probably in February next year, do I claim VAT on the full amount in December, Do I claim VAT on the deposit in December or do I wait and claim everything on the next return after I paid the full balance?

    When it comes to my tax return is a limited company return similar to the return that self employed people fill in?

    By hiring equipment and post production suites are these tax deductible?

    and a very stupid question, what does Tax deductible mean?
     
    Posted: Sep 13, 2018 By: startingover Member since: Nov 7, 2013
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  2. Scalloway

    Scalloway UKBF Legend Free Member

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    Yes. You should keep separate records of the income and direct costs for each trade

    You will do a VAT return quarterly. VAT payable and VAT recoverable are included on the invoice date. Or you can use cash accounting.

    https://www.gov.uk/vat-cash-accounting-scheme/eligibility

    Yes, but more complicated.

    https://www.gov.uk/government/publications/corporation-tax-company-tax-return-ct600-2015-version-3

    Any expense the company incurs can be set against taxable profits, that is what tax deductible means.

    I strongly suggest that if you are asking questions like these you hire an accountant. Not doing so could cost the company a lot of unnecessary tax.

    I am a qualified accountant with a small practice and I don't do company accounts because there are too many pitfalls for the unwary.
     
    Posted: Sep 13, 2018 By: Scalloway Member since: Jun 6, 2010
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  3. SteLacca

    SteLacca UKBF Ace Free Member

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    Whilst I appreciate that you were giving a quick and simple answer, this is slightly misleading. There are expenses which will reduce the accounts profit, but which are added back for tax purposes (e.g. entertainment).
     
    Posted: Sep 14, 2018 By: SteLacca Member since: Jun 16, 2016
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  4. Newchodge

    Newchodge UKBF Big Shot Free Member

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    If the accountant you are seeing thinks any of your questions are silly, please find another accountant. Those are exactly the questions you should be asking your accountant. Partly it will help your accountant assess your current level of knowledge. If you go in appearing completely knowledgable, they may not mention things you need to know. If you go in saying I don't really understand any of this, you should get more comprehensive advice.
     
    Posted: Sep 14, 2018 By: Newchodge Member since: Nov 8, 2012
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  5. startingover

    startingover UKBF Regular Free Member

    120 4
    Good tip I just don't want to come across naive.

    Is there any questions that are MUST ASK question to ask the accountant?
     
    Posted: Sep 14, 2018 By: startingover Member since: Nov 7, 2013
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  6. SteLacca

    SteLacca UKBF Ace Free Member

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    Do they have PI Insurance.
     
    Posted: Sep 14, 2018 By: SteLacca Member since: Jun 16, 2016
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  7. Scalloway

    Scalloway UKBF Legend Free Member

    15,386 3,256
    Yes. I meant to mention that.
     
    Posted: Sep 14, 2018 By: Scalloway Member since: Jun 6, 2010
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