Its that time of the month so im grumpy

[R.Oak]

End of month accounts! This month has caught me off guard as i always forget theres only 28 days.

Spent all day yesterday doing my book keeping, invoicing and VAT Return. All was ready to go pending my Bank Rec being spot on. It wasnt! spent all evening trying to see where i went wrong. Gave up and went to bed. First thing i did this morning was spot my mistake lol.

Note to self, take a break next time and I will come back fresh and see where i was being stupid!

Anyone else have trouble doing their accounts? Im a nuts and bolts kinda chap, numbers might as well be hieroglyphs to me sometimes..

 

[Ermintrude]

Hmrc prefer actual money in money out accounts now so book keeping is a doddle

 

[R.Oak]

ah i dont do it that way

 

[rocketmanbkk]

Do it myself. Simple stuff, no vat. Will register with HMRC for marriage allowance in new business year as I'm just in profit so will be in profit going forward. Might get an accountant to do it in 2016 so I can claim everything I can just incase I miss something.

 

[R.Oak]

Might change to cash accounting rather than invoice accounting, sounds easier. Currently i do all my own Bookkeeping, PAYE, VAT Returns, CIS and end of year tax returns. Takes me a good day out of the month when nothing is amiss. I get so frustrated when my bank rec doesn't tot up though, normally because ive made a simple mistake somewhere.

 

[rocketmanbkk]

I'm sure it gets complicated when you're earning, paying vat, high turnover, staff etc.

Money in, money out. Easy, in owed a good few grand that's invoiced but if it don't land in my bank I don't put it down.

 

[R.Oak]

I'm sure it gets complicated when you're earning, paying vat, high turnover, staff etc.

Money in, money out. Easy, in owed a good few grand that's invoiced but if it don't land in my bank I don't put it down.

Ill have to check if cash accounting is viable with VAT returns. I see no reason why it wouldnt be?

 

[rocketmanbkk]

I think it's ok.

 

[lame plumber]

Ill have to check if cash accounting is viable with VAT returns. I see no reason why it wouldnt be?

5. VAT registered businesses
You can start to use cash basis if you’re VAT registered as long as your income is £81,000 or less during the tax year.

You can record your business income and expenses either excluding or including VAT. However, you must treat income and expenses the same way.

If you choose to include VAT, you have to record:

VAT payments you make to HM Revenue and Customs (HMRC) as expenses
VAT repayments you receive from HMRC as income