Sue’s Tips on Sage Book-keeping

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Sue Beech

Sue Beech

“Here are some of my useful tip on Sage Book-keeping”

  • Keep it Simple!
  • Keep the nominal description the same as those on the annual financial accounts
  • When using the sage reconciliation function, reconcile to the penny do not post adjustments
  • If you are uncertain where to post a payment, post it to Sundries
  • If you are uncertain where to post a receipt, post it to Miscellaneous Income
  • Only use the Suspense account when absolutely necessary and point out the postings to the Accountant
  • Never use the mispostings account always use Sundries or Miscellaneous Income

“If you need any more help or advice please post a question below or call me at Croad Accountants.”

New for small businesses!

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Cash Accounting for Small Businesses

From 6 April 2013, small sole traders and non LLP partnership businesses will have the option of calculating their taxable profits on a cash basis. (Money received less payments made). The definition of small is one trading below the VAT Threshold which is currently £77,000.

This is not necessarily of much benefit to traders as there are pitfalls and the use of this scheme depends entirely on the circumstances of the business. There is also the question of making sure one does not duplicate income or expenses when going over from invoice basis to cash basis.

We are still waiting to hear the final details of the scheme when they have been worked out and published.

How do I do my Self Assessments?

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Is it too late I hear you cry!!!

Submission of a Self Assessment tax return can be done in one of two ways. Firstly you can file a paper return by completing and posting the form to HMRC before the 31st October following the end of the tax year on the 5th April or by electronic filing by the 31st January after the end of the tax year on the 5th April.

To file electronically you either need proprietary software or you can register to use HMRC’s electronic filing facility on their web site. All you need to do is follow the link on this page and on the search section type in “File a tax return”. You will be provided with various pages that will explain what you have to do.

Alternatively we can file these returns for you, just give us a call.

Check out HMRC website for the latest, just click here and we will take you there…

Just a thought…

Running a business is a strain and sometimes we need someone to talk to and explain our options. We do not profess to have all the answers but if you take advantage of our free initial consultation we may be able to put your mind at rest and if we are not able to help we may be able to guide you to the people that can. All we ask is that you make an appointment.

Ray Croad

 

Click here to see what Ray Croad has to say about starting a new business

What Ray Croad has to say about starting a new business

It is a very exciting but nervous time when you start a business. There are many matters that one needs to deal with and one of them is advising HMRC that you have started trading.

Ray Croad

Ray Croad

If you had the presence to form a Limited Liability Company then HMRC will automatically send a questionnaire to the company’s registered office. However, if you are a sole trader or partnership the responsibility to notify HMRC is yours.

You can do this by clicking onto the HMRC link below and in the search section type in “Starting a business”.

Click here to go to the HMRC website.

You will find that HMRC provides you with the opportunity to register with them and if you need to register for VAT they will provide you with instructions on how to do that as well.

If you employ staff when you commence your business you will need to register with HMRC as an employer. To do this click on the link below and in the search box type “Employing staff”.

You will find that HMRC provides a link on “How to register as an employer”

It may be that you are debating whether to purchase a business from another trader but you are not sure what the figures provided to you mean. If this is the case we can help with our free initial consultation. We can look at the figures with you and explain what they mean to us.

Whatever you do when you start a new business make sure that all the authorities are contacted in good time as delaying may cost you in the form of financial penalties.