News0 min ago
basic accounting and tax advice please
7 Answers
I'm doing some books for my friend who's a plumber, (he's a subcontracter, self employed) He's been paying an accountant �350 to do proper year end accounts which I don't think he really needs.
I've done some book keeping and tax but I'm not an accountant, I've got his accounts from last year and there's a couple of queries I have on the balance sheet. 1.Firstly does he need a balance sheet when he's not really a business as such, would just a profit and loss be adequate?
2.There's a large amount on there 'withdrawals' that I can't identify . Balance b'f/wd and profit from p&l and then this withdrawals is deducted. Is it so obvious I'm being a bit thick!
3. He's taxed on his pay under the construction industry scheme, where do I show that or is it just his gross pay that is on his accounts and then just put the tax on his tax return?
4. Is there anywhere I can read up on what he can and can't claim for on his expenses?
5. Am I ok doing this for him? it seems quite straightforward but I'd hate to get him in a mess and him wish he'd just paid the �350. It's basically just his pay and a few expenses for the tax return, there is some depreciation on last years balance sheet for the van, pc and mobile phone - is that just 25% off the carried forward amounts? (although I thought it was capital allowance rather deprecation that was allowable)
A bit of a jumble I know but I'd apprecate any help and advice anyone can give me. Thanks.
I've done some book keeping and tax but I'm not an accountant, I've got his accounts from last year and there's a couple of queries I have on the balance sheet. 1.Firstly does he need a balance sheet when he's not really a business as such, would just a profit and loss be adequate?
2.There's a large amount on there 'withdrawals' that I can't identify . Balance b'f/wd and profit from p&l and then this withdrawals is deducted. Is it so obvious I'm being a bit thick!
3. He's taxed on his pay under the construction industry scheme, where do I show that or is it just his gross pay that is on his accounts and then just put the tax on his tax return?
4. Is there anywhere I can read up on what he can and can't claim for on his expenses?
5. Am I ok doing this for him? it seems quite straightforward but I'd hate to get him in a mess and him wish he'd just paid the �350. It's basically just his pay and a few expenses for the tax return, there is some depreciation on last years balance sheet for the van, pc and mobile phone - is that just 25% off the carried forward amounts? (although I thought it was capital allowance rather deprecation that was allowable)
A bit of a jumble I know but I'd apprecate any help and advice anyone can give me. Thanks.
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