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Topic Title: accountancy
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Created On: 11 September 2012 11:36 AM
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 11 September 2012 11:36 AM
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misterben

Posts: 415
Joined: 11 June 2007

Hi all,

I have had reason to be displeased with my accountant, it has opened my eyes to the fact that I dont know what they do with the accounts and how they arrive at the figures.
I know its their job and I dont want to know everything, same as I wouldnt expect a customer to pick my brains!
However does anyone know roughly how to work out your taxbill? I appreciate I probably need to try submitting a dummy tax return.
Any help or advice greatly appreciated

regards

Misterben
 11 September 2012 12:49 PM
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david112

Posts: 50
Joined: 19 May 2006

You may find this a good starting point

http://www.hmrc.gov.uk/sa/index.htm
 11 September 2012 01:00 PM
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KFH

Posts: 204
Joined: 06 November 2010

Tax is now a bigger pain than ever. Tolly's guide to UK tax is now five volumes, about 14 years ago it was I think one volume.
Given the problems HMRC have with mistakes it is also clear that they do not understand tax either so the rest of us stand no chance.

A good accountant will give you lots of advice on how to ensure that you pay the correct amount of tax. I would suggest rather than trying to understand tax find a good accountant.
 11 September 2012 01:12 PM
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daveparry1

Posts: 6107
Joined: 04 July 2007

It depends on what type of business you are, if sole trader as I am, use some of the previous years profit & loss sheets that your accountant has done for you, you'll soon see how he arrives at his figures. I stopped using an accountant about eight years ago, I just use the self-assessment form. I never bother to work out my tax except to get a very rough idea of what I might have to pay. If you're in business in a bigger way than me or if a limited company it's a different matter of course,

Dave.
 11 September 2012 02:54 PM
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ebee

Posts: 5667
Joined: 02 December 2004

Before self assessment came in I used to get HMRC to do my accounts for me.

As a sole trader it was the easiest and cheapest option.

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Ebee (M I S P N)

Knotted cables cause Lumpy Lektrik
 11 September 2012 04:28 PM
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normcall

Posts: 8111
Joined: 15 January 2005

Look on the bright side, HMRC have computer problems at the moment (what a surprise!!).
My wife suddenly had her code changed to BR and after waiting about 45 minutes on the telephone, they just said, it's OK, we have told everyone it's a mistake (£100 ching). Even mine suddenly asked for silly sums until I stated sending letters (don't have the patience of my wife) and without a word, suddenly they have rechecked and I 'might' be right but they don't actually admit anyone has made an error anywhere, anytime - but the 'fine' still might have to be paid!!

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Norman
 16 September 2012 06:01 PM
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misterben

Posts: 415
Joined: 11 June 2007

Hi,

Can anyone tell me if I should be receiving a drawn up profit and loss sheet? I hand over my paperwork and dont receive anything back other than a bill or a rebate. Surely the accountant should draw up some kind of sheet to show he has arrived at my final figure? And more importantly if he has put through the correct figures i gave him.
any help appreciated

regards
Misterben
 16 September 2012 07:11 PM
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GJH

Posts: 496
Joined: 24 January 2008

My accountant has just introduced me to a software package called xero, it is really good.

You can invoice and input receipts/bills straight from your smartphone aswell as on your computer.

You have an up to date bank feed so it knows what money is coming in and out. This way i have an upto the minute knowledge of my business accounts.

I am still learning about it but i think its amazing. It automatically updates your P & L.
 16 September 2012 08:46 PM
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aligarjon

Posts: 2802
Joined: 09 September 2005

Originally posted by: misterben

Hi,



Can anyone tell me if I should be receiving a drawn up profit and loss sheet? I hand over my paperwork and dont receive anything back other than a bill or a rebate. Surely the accountant should draw up some kind of sheet to show he has arrived at my final figure? And more importantly if he has put through the correct figures i gave him.

any help appreciated



regards

Misterben[/

you will need a proper set of accounts to show to any bank if you need a mortgage . sounds like you are getting ripped off. don't pay the bill .

Gary

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Specialised Subject. The Bleedin Obvious. John Cleese
 17 September 2012 01:06 AM
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baldelectrician

Posts: 311
Joined: 11 June 2005

I use 2 things

1. A computer program called Quicken 2004 (the old version of Quickbooks that cost < £40 and I have had for years)
2. A downloadable program called Tax Calc

I enter things into Quicken daily as I go, I print out a 3 page summary and use this to fill out my taxcalc return

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baldelectrician.com
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