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FOCUS


Newbie

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NEW MEMBER needs help
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hmm   i have just joined the forum, been reading some of the posts seems this is   a priceless thing going here.  sharing of ideas , knowledge and all sorts.

working full time in an accounts dedpartment but want to go it alone cause l just feel stuck in the middle of nowhere.

been looking for clients beginning this month - just got the first client yesterday (corner shop) but they have no record of what they have sold since September last year just a summary of daily takings and records of purchases for the trade.  not registered with the inland revenue, no vat returns done, no stock take absolutely a mess.  since its my first client please tell me if its not a headache taking them on and what are the hurdles relating the local authorities. were do i start

any contrbutions welcome

thanks in advance

focus



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25NENA08PR69
Accountsguy


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Hi Focus

It sounds like your client is in a bit of a mess. Just as well they found you!smile The most urgent thing they should do is register as self-employed with HMRC. They face being fined as they needed to register with the HMRC within 3 months of commencing trade, around November December time. The quicker they do this the better. VAT registration is also required if their annual turnover is over £64,000. Most corner shops easily exceed this so again this is something they will probably need to sort ASAP.

As long as the client has a daily takings summary you should be ok accounting for the sales. If they need to register for VAT you will need to consider this when dealing with the sales. Ideally you will also check their bank statements to ascertain if the records are reasonable. Stock will only become an issue come the year end.

To be fair the situation doesn't sound great but the problems aren't anything that can't be sorted out.

All the best

Guy



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