I can help with book-keeping & payroll etc

anna77_2

dang wrote: »

Hi Timmne,

I'm 30 so my school days are distant memory :-)

I run my own business, but in a sector that is taking a real bashing - and probably will for some time to come. So my reason for looking into the course is if / when I need to get a new job I will need (to keep my current standard of living) to be looking a jobs paying £40k + per year. The only way I can see this happening, is if I can get some actual qualifications on my CV.

I do have 3 A-levels, 1 A,1 C and 1 D.

I do work full time now, so whatever i do decide would have to be at night school - or weekends.

If you are considering training as an accountant but want to keep your options open, you might consider taking the Certificate in Accounting Course offered by the Open University. This certificate is a recognised equivalent of the AAT qualification and would exempt you from part I of the ACCA, ACA or CIMA qualifications if you decide to continue on this route. The course takes just over one year to complete (it runs September to October). I have chosen this option because I am self-employed and a single parent and would find it difficult to attend college evenings and/or weekends. I have found the OU training excellent - you can do it in your own time, whenever it suits, but you gets a lot of support if you need it.

Chai_2

Hi i was wondering if you could tellme the best user friendly and cheapest accountancy/ book keeping software for a start up?

Timmne

PM'd you. (in a min!)

WHA

Chai wrote: »

Hi i was wondering if you could tellme the best user friendly and cheapest accountancy/ book keeping software for a start up?

Try winweb.co.uk - an online browser based system that is free (no I'm not connected with them, it's just the best deal around as it is every bit as good as the basic versions of Sage and Quickbooks, but at no cost).

grahamliza4

The inland revenue have a list of accredited software providers on their website

billbob

MickKnipfler wrote: »

I have another question. If I use my own car and pay HMRC mileage rates (40p>25p) and my company is VAT registered, what's the equation for claiming a proportion of the VAT back on fuel receipts?

You may find it more straight forward to use the Road Fuel Scale Charge - see VAT section of HM Revenue & Customs. Basically you pay HMRC a fee based on your engine size, but you can claim all the VAT back on your petrol even if its for personal use. Otherwise its a matter of keeping very detailed mileage logs for the VAT man.

Timmne

billbob wrote: »

You may find it more straight forward to use the Road Fuel Scale Charge - see VAT section of HM Revenue & Customs. Basically you pay HMRC a fee based on your engine size, but you can claim all the VAT back on your petrol even if its for personal use. Otherwise its a matter of keeping very detailed mileage logs for the VAT man.

Correct - but I think Mickknipfler's talking about a company, i.e. Ltd rather than a sole trader business. The rules are a lot more strict on this area meaning you cannot just put your fuel through the business and then use the fuel scale charge...

MickKnipfler

Yes I was talking about a Ltd Co. I was advised it was a very small amount and wonder if it's worth the hassle.

Timmne

It's always worth the hassle!!

Going back to the VAT on mileage thing, I have the updated figures which are: (P=petrol, D=diesel, L=LPG)

1400cc or less: P=9p, D=9p, L=6p
1401-2000cc: P=11p, D=9p, L=7p
Over 2000cc: P=16p, D=12p, L=10p

These are the gross figures. Doing 100 miles in a 1500cc diesel would give the claimant £40, the company would Pay £40 but claim back £1.34 (£9.00 x 7/47) in VAT.

If you have a good spreadsh!t in place it's easy to do - PM me if you want the one I use!

MickKnipfler

Thanks. I can knock something up in excel. It's the £9 x 7/47 that I need to understand.

I can pay myself the standard 40p/25p rates but how would my company work out the reclaimable VAT? It may be immaterial anyway as I I register for flat rate VAT, I guess you can't claim it anyway?


Can somebody also explain, how the taxation works on dividends once you get into the higher tax bracket. I don't understand how this 10% credit works..... I assume the company will pay 20% Corporation Tax then there's a personal tax liability (is it 32.5%-10%=22.5%?)