Other receipts in Simplex D

k13

About 20 years ago I did a spreadsheet and laid it out like Simplex D, The business has now been sold as it was making a loss.

Some parts of the week pages were used but not all, I now need to enter the payment for the shop sale into the final accounts, I can see where to put it on the page, but then I'm lost, as I didn't do a link to the summary pages for that as it wasn't needed in the last 20 years and have no idea where it should appear in the summary pages.

The first person to tell me what I need to know gets a round of applause as I've been trying to figure it out for weeks.

To recap the summary pages are linked to individual cells in the weekly pages, so if I put in a sale of £1 it magically appears in the summary of gross taking sheet for the correct week, If I spend £1 on stock, that appears in the summary for stock sheet, £1 drawing goes to summary proprietor drawings, and £1 electric bill goes into summary expenses, but no link was set up for other receipts as it wasn't needed.

I do have a simplex book and it has a separate section for this, but it's not helpful, as I don't know how to summarise this.

Any ideas most welcome.

Kev.

zygurat789

k13 wrote: »

About 20 years ago I did a spreadsheet and laid it out like Simplex D, The business has now been sold as it was making a loss.

Some parts of the week pages were used but not all, I now need to enter the payment for the shop sale into the final accounts, I can see where to put it on the page, but then I'm lost, as I didn't do a link to the summary pages for that as it wasn't needed in the last 20 years and have no idea where it should appear in the summary pages.

The first person to tell me what I need to know gets a round of applause as I've been trying to figure it out for weeks.

To recap the summary pages are linked to individual cells in the weekly pages, so if I put in a sale of £1 it magically appears in the summary of gross taking sheet for the correct week, If I spend £1 on stock, that appears in the summary for stock sheet, £1 drawing goes to summary proprietor drawings, and £1 electric bill goes into summary expenses, but no link was set up for other receipts as it wasn't needed.

I do have a simplex book and it has a separate section for this, but it's not helpful, as I don't know how to summarise this.

Any ideas most welcome.

Kev.

No you don't The sale of the shop, as opposed to the sale of fixtures and fittings and stock is a capital gains receipt and is dealt with separately.

k13

Thanks zygurat789.

So it doesn't appear in the accounts at all, so I assume there is a section online with HMRC where I put it in on it's own, do you know how it's dealt with, is it the same rate, I'd like to know so I can work out how much tax I should have to pay before I fill in the online forms, I don't expect to pay much as we never really made much over the last few years.

Where's the thank button hiding on this forum.

nomunnofun

At the risk of offending you - you really need professional advice on this. There are various reliefs available on this type of transaction e.g entrepreneurs relief which could negate the bill altogether. I do not obviously know your details but if you had been able to do as you originally intended you could have incurred a huge and unnecessary tax bill.

This is Capital Gains tax - nothing to do with business tax.

Pennywise

You need to split the proceeds between its' component parts as each bit will have different tax treatment. It needs to be split between:-

1. Stock
2. Equipment
3. Goodwill

Stock sold is taxed as by being added to sales or deducted from cost of sales,

Equipment sold will create a balancing charge or balancing allowance in the capital allowances computations.

Goodwill sold will create a capital gain, upon which capital gains tax may be due (depending on proceeds and original cost), and if so, entreprenneurs relief may be available - you'll have to do the capital gains pages of the SA return to declare this element.

k13

Thanks for the help everyone, we're not talking a lot of money, just a little sandwich shop.

Accounts now posted, very little to pay thankfully.

Kev.:j:j:T:T:T