General Book-keeping & Accounting - The Book-keepers Forum (UK)

Shamus · Shamus

http://www.book-keepers.org.uk/t62264820/site-ethics/

Community · Community

Hi All, How would you treat hire purchase payments for a VAN in a self assessment tax return? Cash price 17,664.00 deposit paid 6,461.00 Amount of credit 11,203.00 interest charges 2,300.99 Amount payable across 48 months / 281.33 How this should be used in tax return? Kind Regards C.

alexandriax · alexandriax

Hi, I am helping a friend with her Purchase Ledger and she wants all the petrol and other receipts her partner in the business entering on the purchase ledger. My questions is as he paid in cash for all these things if i input them on the ledger i can't clear them off the bank as they dont appear on the statem...

blueeyes · blueeyes

Hi, A sole trader purchased a van Feb 21, I understand the full cost of the van (£5000) will be claimed as AIA on the tax return however i'm unsure as to what rate/method to use to account for the depreciation? Also does the depreciation figure then get apportioned for the months owned throughout the fin...

solomon30 · solomon30

Hello,I would like all invoices and credit notes received from suppliers to be entered into our Purchase Ledger. However, our accounts disputes this when a credit note is received shortly after an invoice and they both net off and tends to avoid posting them to PL and just shreds both documents!My...

Salvo · Salvo

Hello, I need to fill up my VAT Returns for the first time. I've been working as delivery driver and I really don't know how to fill the boxes, I mean what can I consider as output(SALES) and what as input(PURCHASES)? I just delivered, I didn't sell anything and buy anything. Thank you

Leger · Leger

I'm currently doing 20-21 accounts for a sole trader. I've spotted that a couple of loans have been recorded as income in the 19/20 accounts totalling 3.5k. Also interest to be added to be added to these and another loan (correctly recorded) totaling c£1200. Turnover for that year was 97k. Is tha...

mindy · mindy

Hi, I'm asking about the difference between the direct write-off of a bad debt vs. the allowance method. I know that under a bad debt expense, a specific invoice is being charged off against it, while under the allowance method only an estimate is being charged off. I had two questions: 1. Besides the...

Dahlia · Dahlia

Hello New to this forum and thank you for reading. I'm part way (finished Level 2 ICB Bookkeeping & Accounts with Xero) working through Level 3. The plan is/was to finish the course and become self employed. I have been juggling this with a completely unrelated career in sales/marketing. I re...

HarryStottle · HarryStottle

I have my own views on it but I would be interested in the views of others. If a bookkeeper allocates a payment to the wrong balance sheet account is it better to then a) just correct the original journal or b) enter a further journal to correct the error? For background, the scenario is that these are entr...

Community · Community

Hi All, Scenario 1) Can Shareholder + Director invoice his own LTD as self-employed? (General building services trading LTD) (he will be providing labour to LTD) Scenario 2) Can Shareholder (not director) LTD where he owns 50% shares as self-employed? (General building services trading LTD) (h...

Community · Community

Hi, client received CIS repayment from HMRC for overpaid CIS tax. How this incoming money should be coded in books? Kind Regards

stargirl · stargirl

Hi, The company I work for received a county court claim which we have now paid, I just need some help on how to post this onto to sage and wether VAT is applicable or not? The original supplier account still has outstanding invoices which relate to the claim but the claims payment was made to a solicito...

Paula1 · Paula1

Hi All, It has been a few years since I last used Sage 50 and I cannot recall how to allocate payments to a PI that is posted to a supplier account after the payment is posted I have taken on a new job and I have a clean up to do, there are alot of payments and invoices outstanding on my suppliers that I need to al...

ecomledger · ecomledger

We mostly go after ecommerce clients but software is rich but never bookkeeper/accountant focused. We have been using Link My Books for some of our ecommerce clients. Its good when it automatically posts the monthly sales but when we want to create a VAT report or prior year accounts it can be a real st...

adamdylan · adamdylan

Hi guys interested to hear your thoughts and experiences On hwatis the best accounting software for bars and restaurants

adamdylan · adamdylan

Hi Guys Landlord sole trader earning @40k no finance whatsoever Refurbing new property income to inc to 80-100k Wants to keep paying basic rate tax and wants to partner with girlfriend who will genuinely be active 5 days pw Whats the best way they can split income 50/50 and keep income basic rate ie 50...

Sean Bolton · Sean Bolton

Good morning, We carry out conversion and repair work on our own vehicles but I am unsure how to account for the costs. I have raised an internal zero rated vat invoice so that my stock is adjusted and labour accounted for but not sure if this is correct or if I need to do a journal to clear the balance from my...

Lindy1957 · Lindy1957

I work for a small engineering company who produce infrastructure for the mobile phone industry. Recently we have purchased a large amount of goods from the USA & Ireland to develop new products and my managing director does not want the goods to show on the P&L as it will affect the day to day...

Sherlock · Sherlock

If a director should move to a hotel because his partner has tested positive for Covid. Can this be claimed as a valid business expense?

Topic		Started By	Replies	Views	Last Post
	STICKY: Before Posting (closed) (Preview) http://www.book-keepers.org.uk/t62264820/site-ethics/	Shamus	0	5508	Sat Jun 11 15:07 2016 by Shamus
	HIRE PURCHASE AGREEMENT (VAN) - SELF ASSESSMENT (Preview) Hi All, How would you treat hire purchase payments for a VAN in a self assessment tax return? Cash price 17,664.00 deposit paid 6,461.00 Amount of credit 11,203.00 interest charges 2,300.99 Amount payable across 48 months / 281.33 How this should be used in tax return? Kind Regards C.	Community	5	281	Thu Jan 20 16:19 2022 by Leger
	Petrol Receipts (Preview) Hi, I am helping a friend with her Purchase Ledger and she wants all the petrol and other receipts her partner in the business entering on the purchase ledger. My questions is as he paid in cash for all these things if i input them on the ledger i can't clear them off the bank as they dont appear on the statem...	alexandriax	2	146	Tue Jan 18 22:04 2022 by Dahlia2
	Accounting for depreciation of van (Preview) Hi, A sole trader purchased a van Feb 21, I understand the full cost of the van (£5000) will be claimed as AIA on the tax return however i'm unsure as to what rate/method to use to account for the depreciation? Also does the depreciation figure then get apportioned for the months owned throughout the fin...	blueeyes	2	342	Thu Jan 6 17:26 2022 by SoloHans
	Invoices and Credit Notes which Net Off - post them all? purchase ledger credits and invoices net off (Preview) Hello,I would like all invoices and credit notes received from suppliers to be entered into our Purchase Ledger. However, our accounts disputes this when a credit note is received shortly after an invoice and they both net off and tends to avoid posting them to PL and just shreds both documents!My...	solomon30	1	178	Thu Jan 6 17:24 2022 by SoloHans
	Delivery Driver VAT Returns (Preview) Hello, I need to fill up my VAT Returns for the first time. I've been working as delivery driver and I really don't know how to fill the boxes, I mean what can I consider as output(SALES) and what as input(PURCHASES)? I just delivered, I didn't sell anything and buy anything. Thank you	Salvo	4	421	Fri Dec 24 08:38 2021 by Leger
	Incorrectly recorded as sales - prior year (Preview) I'm currently doing 20-21 accounts for a sole trader. I've spotted that a couple of loans have been recorded as income in the 19/20 accounts totalling 3.5k. Also interest to be added to be added to these and another loan (correctly recorded) totaling c£1200. Turnover for that year was 97k. Is tha...	Leger	5	475	Sat Dec 18 16:44 2021 by Leger
	Difference between bad debt and allowance (Preview) Hi, I'm asking about the difference between the direct write-off of a bad debt vs. the allowance method. I know that under a bad debt expense, a specific invoice is being charged off against it, while under the allowance method only an estimate is being charged off. I had two questions: 1. Besides the...	mindy	0	210	Thu Dec 16 02:12 2021 by mindy
	Career change + ICB + next best steps (Preview) Hello New to this forum and thank you for reading. I'm part way (finished Level 2 ICB Bookkeeping & Accounts with Xero) working through Level 3. The plan is/was to finish the course and become self employed. I have been juggling this with a completely unrelated career in sales/marketing. I re...	Dahlia	0	316	Sun Nov 28 08:27 2021 by Dahlia
	Correct error directly or correct an error with a journal (Preview) I have my own views on it but I would be interested in the views of others. If a bookkeeper allocates a payment to the wrong balance sheet account is it better to then a) just correct the original journal or b) enter a further journal to correct the error? For background, the scenario is that these are entr...	HarryStottle	3	381	Fri Nov 19 18:17 2021 by Leger
	SHAREHOLDER/DIRECTOR - invoicing LTD as subcontractor (Preview) Hi All, Scenario 1) Can Shareholder + Director invoice his own LTD as self-employed? (General building services trading LTD) (he will be providing labour to LTD) Scenario 2) Can Shareholder (not director) LTD where he owns 50% shares as self-employed? (General building services trading LTD) (h...	Community	2	416	Fri Oct 29 14:31 2021 by Leger
	CIS repayment from HMRC (entry to books) - Limited Company (Preview) Hi, client received CIS repayment from HMRC for overpaid CIS tax. How this incoming money should be coded in books? Kind Regards	Community	6	595	Thu Oct 28 09:16 2021 by Artois
	County Court Claim claim VAT county court (Preview) Hi, The company I work for received a county court claim which we have now paid, I just need some help on how to post this onto to sage and wether VAT is applicable or not? The original supplier account still has outstanding invoices which relate to the claim but the claims payment was made to a solicito...	stargirl	2	462	Thu Oct 28 08:26 2021 by Zoorbing
	Unallocated invoices and payments (Preview) Hi All, It has been a few years since I last used Sage 50 and I cannot recall how to allocate payments to a PI that is posted to a supplier account after the payment is posted I have taken on a new job and I have a clean up to do, there are alot of payments and invoices outstanding on my suppliers that I need to al...	Paula1	3	414	Thu Oct 21 09:38 2021 by Paula1
	Ecommerce Clients- difficulties? (Preview) We mostly go after ecommerce clients but software is rich but never bookkeeper/accountant focused. We have been using Link My Books for some of our ecommerce clients. Its good when it automatically posts the monthly sales but when we want to create a VAT report or prior year accounts it can be a real st...	ecomledger	2	415	Wed Oct 20 17:37 2021 by Zoorbing
	The best Restaurant bookkeeping software ? (Preview) Hi guys interested to hear your thoughts and experiences On hwatis the best accounting software for bars and restaurants	adamdylan	1	429	Mon Oct 11 13:56 2021 by Zoorbing
	Landlord wants to bring in Partner.. Trust (Preview) Hi Guys Landlord sole trader earning @40k no finance whatsoever Refurbing new property income to inc to 80-100k Wants to keep paying basic rate tax and wants to partner with girlfriend who will genuinely be active 5 days pw Whats the best way they can split income 50/50 and keep income basic rate ie 50...	adamdylan	2	462	Mon Oct 11 13:51 2021 by Zoorbing
	Internal Invoice (Preview) Good morning, We carry out conversion and repair work on our own vehicles but I am unsure how to account for the costs. I have raised an internal zero rated vat invoice so that my stock is adjusted and labour accounted for but not sure if this is correct or if I need to do a journal to clear the balance from my...	Sean Bolton	1	370	Mon Oct 11 08:34 2021 by Zoorbing
	Research & Development (Preview) I work for a small engineering company who produce infrastructure for the mobile phone industry. Recently we have purchased a large amount of goods from the USA & Ireland to develop new products and my managing director does not want the goods to show on the P&L as it will affect the day to day...	Lindy1957	0	407	Fri Oct 1 13:51 2021 by Lindy1957
	Directors hotel invoice (Preview) If a director should move to a hotel because his partner has tested positive for Covid. Can this be claimed as a valid business expense?	Sherlock	3	539	Mon Sep 20 13:10 2021 by Sherlock
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