dottyanne's debt diary

dottyanne

Ta Chuck!! TBH cause ive got to do 2004/2005 and then 2005/2006 and catch up with 2006/2007 it seems like mission impossible 4 and i just dont know where to start or what to do?? help!!!!!!!!!!!!!!!

OberonSH

Get a cup of tea, get all your pens, pencils & calculator together. Paperwork in a pile, till records in another, and then go through it a piece at a time. Maybe one of you could input the stuff on the spreadsheet, the other could file? The end of the day, it's finite, not forever. Deal with it a sheet at a time and before you know it it's all in the 'Done pile'.

Please have some funky music on the stereo too. I currently do my accounts to the strains of 'Elmo's Got A Gun' and 'Chipmunks Roasting On An Open Fire'.

welshgirl78

Hey have been reading through your thread and am very impressed! Sounds like you have had some ups and downs but you are coming through it well - is bound to get overwhelming, but I do think you are inspirational;)

Also am noticing the feeling that the debts seem worse once you look at them, have been trundling along with head in the sand so long its quite scary when you get it out and look at them!!

Anyway, please keep it up and don't get down - Oberon is right about the music! Lots of cheap fun is the way forward:o what about Stardrops for the bright sparkling house happy feeling? :rotfl::T :rotfl:

dottyanne

OberonSH wrote:

Get a cup of tea, get all your pens, pencils & calculator together. Paperwork in a pile, till records in another, and then go through it a piece at a time. Maybe one of you could input the stuff on the spreadsheet, the other could file? The end of the day, it's finite, not forever. Deal with it a sheet at a time and before you know it it's all in the 'Done pile'.

Please have some funky music on the stereo too. I currently do my accounts to the strains of 'Elmo's Got A Gun' and 'Chipmunks Roasting On An Open Fire'.

Obi - dont have a till!! however each sale each day is listed - is that ok??

Pobby

Hi dotty-you don`t need a till.The fact that you have listed everyday is quite sufficient.Don`t for get it is about inputs and outputs.So inputs are sales,repairs, anything that gives you income through the shop.Outputs are supplier bills,rent,business rates,utilities,fuel for the van,again any legitimate cost of running the shop.Don`t forget insurance,road tax,all reclaimable.In effect you take outputs from inputs and that should give you your taxable profit.

Then you need to checkout your tax situation.Now as I recall,you own the shop and oh works for you.So there will be some paye issues regarding other half but don`t worry.As the owner your tax liability is slightly different but you both will get the tax free allowance.If you want,pm me with any probs.I`m not an accountant but have some experience in shop running as you know.By the way,I pay my accountant a good whack to do my books and found out yesterday he hasn`t got them sorted and i have some tax issues that I needed resolving by now so I`m afraid after 16 years he is going to get the order of the boot!

southernscouser

dottyanne wrote:

SS - are you with the CCCS or are you a DIY'er and going it alone??

love dotty xx

Sorry dotty, I posted my reply here.

http://forums.moneysavingexpert.com/showpost.html?p=2464839&postcount=1179

jessicamb

Hi Dotty

Very simply your accounts for the Inland Revenue should look like this

Total Sales (just add up your daily listings)
Less Cost of Sales (any costs directly related to the sales): Opening Stock + Purchases during year - Closing Stock
= Gross Margin
Less all other costs: heat, electricity, stationery etc

For the Inland Revenue you aren't allowed to claim depreciation (where you write off big purchases that you own like fixtures or tills over a number of years) but you can claim capital allowances: basically if a fixture cost £100 then take off 25% for the first year, then in the second year take 25% off the remaining balance). If you sell anything then there are issues on profit/loss on disposal but I wont go into them. Different assets (the big purchases) might attract different rates but on the whole it is 25%.

Also for things like electricity/rates you need to work out what was the charge for the year rather than the amount paid - for example if your rates bill runs April-March and your accounts run Jan-Dec then you need to take the relevant proportions of both bills.

This will give you taxable profit (in its simplest form).

If you need any help feel free to PM me.

Jessica

dottyanne

Thanks all for the advice - had a really bad night last night - me and OH were arguing and it all felt like it was going to pot! Basically i can only put it down to stress. Having contacted the CCCS about the personal debts i feel slightly better about that side but tbh the business side is killing me (quite literally) - felt so bad about things yeaterday that i was beginning to wish i wasnt here anymore..........

Also got a letter from the CSA (i dont go through them persoanlly but Oh's ex-wife does) - get this - was addressed to ME - in my old married name - then the letter was to my hubby - the are a bunch of imcompetents - we have given them so much information - everything they have asked for - wage slips etc by recorded delivery and they still keep assesing him on his old wage (significantly better i might add!) at a place he was made redundant from 2 years ago!! dont know what to do tbh - im sick of paying a fortune to send wads of stuff and copies of stuff sent that even though sent recorded delivery they 'cant trac'! the whole thing is a joke (oh and his middle child is now 16, left school and not going to college - so this means come september when his child benefit stops it will mean a reassesment again as Oh wont be paying for him through CSA) - we do give the kids money in the meantime dont get me wrong but this doesnt come into it in their eyes and its taking ages for them to get things done - they are a joke and surely data protection shoudl come into it when theyre sending letters to me in my old name which are meant for my hubby!!

It never rains but pours....................feeling rather low - sorry to moan..

dotty xx

Pobby

Awwwwwwwww hugs to you dotty.Sorry you are down.The trails and tribulations of modern day living!!!!!!!!!!!!!!!!!

OberonSH

Hey dotty love,

Hugs to you babe, life sucks but hey, you have a strong family, and are taking control of your life. Look how far you've come int he last few days.

As for CSA, not much advice I can offer love - is there a complaints procedure you can go through? I'm still waiting for tax crdit to boost my payment to cover nursery - she started 3 weeks ago, and I'm havingto find £80 (soon to be £110) a week to send her, plus still waiting on housing and council benefite. Nice to know I'll get a lump sum for back payments, but doesn't help right now!!

Keep going love, accounts will get sorted, and now you have DMP for personal things should get a lot better. Thinking of you love!

Obi