Originally posted by malvolio
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Doing your own payroll etc instead of an accountant.
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Not for me. Don't mind paying accountant as long as they're good (NW are).
Would rather pay someone to do it properly rather than me take twice as long to do it and then still not be sure if its right.
My wife runs business as sole trader. We used to run as partnership and pay accountant to do returns but this year, business has been slow and I didn;t want to shell out £300-£400 when the business only made about £2K profit so decided I;d do it. (and sole trader return is much simpler than partnership return).
Not as easy as I'd hoped and I've spent more time than I'd have liked reading HMRC docs and trying to work it all out. Luckily, got extension till march or I'd be buggered if it had to be in by today!!!!Rhyddid i lofnod psychocandy!!!!Comment
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Originally posted by moggy View PostYou don't have to know these things, you ask them on the professional forums and NLUK comes along and researches it all for you.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by northernladuk View PostGoddamit
Shouldn't you be putting some test laps in or something.....P.S. What Spreadsheet? Revolutionising the contracting market again.Comment
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Originally posted by DaveP View PostHi,
Just a consideration of mine.
I'd like to hear from contractors who do there own books,payroll, vat returns etc.
How hard is it ? & where can I learn how to do it myself.I couldn't give two fornicators! Yes, really!Comment
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Originally posted by DaveP View PostHi,
Just a consideration of mine.
I'd like to hear from contractors who do there own books,payroll, vat returns etc.
How hard is it ? & where can I learn how to do it myself.
I do my quarterly VAT myself manually and it takes less than 5 minutes to work out the figures and file the online VAT return.
I have a spreadsheet for my income v expenditure. A bit like SJD's but simpler. I then send the spreadsheet, bank statements and invoices to my local accountant who does my year end and files the forms.
Job done, not time consuming, easy peasy...Older and ...well, just older!!Comment
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Originally posted by WHA View PostFreeagent is the closest you'll get to a full package.
It will provide you with live updated forecasts of amount available for dividends and accruing tax liabilities etc.
I use an accountant, I earn enough, so why bother trying to get my head around tax issues. overdrawn directors accounts, VAT, PAYE, it just isn't worth my time."The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance." CiceroComment
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Originally posted by Waldorf View PostThe issue with this is that Freeagent allows a dividend to be declared, irrespective of whether the company can afford one. This can mean it is entirely possible that an illegal dividend is declared and you end up with an overdrawn directors loan account - all sorts of issues for HMRC to pick up on.
If you do pay too much dividend, then the system will show negative dividend availability until more profits are earned and then the rolling, live, available dividend figure reflects the excessive dividend paid earlier, so again, if the user checks the figure, they can correct any earlier over-draw.
I don't know of any other software that comes even close to this kind of live reporting which really does help the business owner stay on top of the company finances.
BUT, it's always going to be down to the business owner to look at the figures on the screen and make their own decisions. You can only lead a horse to water, you can't make it drink!Comment
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Originally posted by moggy View PostYou don't have to know these things, you ask them on the professional forums and NLUK comes along and tells you that you're not cut out to be a contractor.Job motivation: how the powerful steal from the stupid.Comment
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