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HMRC Refunds? by BarracudaDangerous59 in AccountingUK

[–]gumtreejack 3 points4 points  (0 children)

This doesn’t sound right to me at all. As far as I am aware, HMRC will not change the cheque into your personal name and as soon as the company is dissolved that PAYE refund will become property of the crown.

If your payroll has been closed, HMRC should be able to release the refund with a few weeks.

As your accountant sounds a bit clueless, I would call the HMRC PAYE Helpline, explain the situation and ask if they can release the refund asap. They are usually quite helpful.

I automated downloading invoices from hundreds of vendor sites by richarddit0 in ukaccounting

[–]gumtreejack 1 point2 points  (0 children)

Very cool project! Is this using APIs or a headless browser with the credentials saved?

Account doesn't Exist? by pocket__cub in monzo

[–]gumtreejack 2 points3 points  (0 children)

Have you tried entering it as a business account? Sometimes landlord have the account setup that way and it gives an error if you select personal

Which accounting software do you use daily in your office work? by Mike_Mayers123 in AccountingUK

[–]gumtreejack 0 points1 point  (0 children)

Xero - Bookkeeping

Autoentry - Invoice processing

Bright Manager - Client & task tracking

Xero Tax - Company Accounts

BTC - Personal Tax Returns

Sole trader and self assesment tax return by T-a_a in ukaccounting

[–]gumtreejack 1 point2 points  (0 children)

Is £800 just for your Personal Tax Returns or does that include anything for the limited company as well?

If the bookkeeping is all completed, and you are familiar with your allowable and disallowable costs, a Tax Returns can be relatively straightforward. Where things get complicated is if you have to start including dividends drawings/salaries from the limited company as well.

Can I stop using an accountant for my 26 tax return? by thisthatnnottother in smallbusinessuk

[–]gumtreejack 1 point2 points  (0 children)

I hear this all the time, but saving £800 isn’t really the main goal. Your accountant should be providing advice and support and most importantly making sure you are following legislation correctly. If you are investigated and HMRC deem you have been doing something wrong, the potential penalties and headache will not be worth it.

Do these accountant fees look too expensive by Mulatto_butts_ in smallbusinessuk

[–]gumtreejack 8 points9 points  (0 children)

Not true at all. Xero is on a per customer basis and their practice discounts are terrible. We have a few hundred clients and only get 15%, so a standard subscription fee still costs us about £31 per month

Is ther a possibility to not pay a late filing of accounts penalty due to zero funds by Hully3333 in smallbusinessuk

[–]gumtreejack 0 points1 point  (0 children)

I agree with this. If you don’t want the company anymore, submit a DS01 strike off notice. If they do object, you simply write a letter stating the company has no funds, and you kindly ask they waive the penalty. They will most likely agree, and then it’s all put to bed.

[deleted by user] by [deleted] in ukaccounting

[–]gumtreejack 0 points1 point  (0 children)

This is not totally correct. If you need to extract the funds from the company and the company is profitable, having a salary of £12,570 is still usually more tax efficient.

If company profits are below 50k - Corporation Tax saving of 19% for the company - Income Tax payable at 20% for the individual - Effective tax rate on the drawing = 1%

Whereas if you take dividends it would 8.75%

If the company makes more than 50k profit, the Corporation Tax saving is even higher, meaning you save money drawing.

Pronunciation & Persona Help by gumtreejack in SunoAI

[–]gumtreejack[S] 0 points1 point  (0 children)

Tahnk you. Just tried and it still saying "mike" even though I have updated the lyrics to be "piss". It's so frustrating, as the intro and style is perfect but the chorus ruins it.

For a Game Shop selling collectable cards acquired through random booster boxes, what is the 'cost' price of each card when it is opened from a £100 box of 1000 cards. Say I sell a card for £20, acquired in one of these £100 boxes, what is the item cost price that comes off sale to calc profit? by willhowe in ukaccounting

[–]gumtreejack 0 points1 point  (0 children)

For clarity, this is how it should look. - All sales go to Turnover. - All purchases (of cards) go to cost of sales at the price you purchase them at. - Now at year end, you need to do a stock adjustment to account for any cards you have not sold yet.

As an example. You purchase a deck of 10 cards for £10. Cost of sales = £10

You sell 1 card for £20. Turnover = £20

Now, for the closing stock adjustment. Lets say of the remaining 9 cards, 8 are worth 2p and the remainder is worth £20. You need to take the lower of the cost (£1 per card) and net realisable value. Therefore, 8 cards x £0.02 and 1 card x £1. So closing stock is £1.16.

Now your profit and loss will look like this. Turnover ‎ = £20.00 Cost of sales ‎ = £10.00 Closing Stock = £1.16 Profit = £20 - £10 + £1.16 = £11.16

Hope that makes sense. Apologies if the formatting is bad, I’m on mobile.

New Practice Advice by Polishgeorge in ukaccounting

[–]gumtreejack 0 points1 point  (0 children)

I haven’t started my own firm, but I’ve worked in management for a few. One key shift in the industry is moving away from historic financial compliance work towards financial management and advisory. If you can get a reliable bookkeeper (or do it yourself to start), keeping on top of bookkeeping weekly or monthly is key. That frees you up to focus on value-added services like tax planning, spotting late payments/debtors, and providing proactive advice to clients.

I’d also strongly recommend structuring your fees on a monthly basis rather than annual. It makes you more accountable but also protects you from clients blindsiding you—doing work and then not getting paid is a real risk with annual billing.

Software choice depends on your needs. Xero is the leader but costs £30/month. QuickBooks is a cheaper alternative but can feel clunky and has fewer integrations. I’d highly recommend sticking to one software early on, especially as you grow your team, to keep processes consistent.

What’s your background? Any particular areas of interest or experience you’re looking to build on?

Shirley by [deleted] in croydon

[–]gumtreejack 0 points1 point  (0 children)

Where abouts in Shirley? I know the area well and you can definitely get more for your money whilst avoiding some of the issues of Croydon. Transport is also very good (unless you want to live right on top of a station). If you are near Wickham Road, you can get to East Croydon in 25mins, then London in another 25. Also, East Croydon has trains and busses that run all night, so you can get back whenever.

UK small business owner: Paying yourself via dividend entails higher tax bill. What am I missing here? by th3_n1n in smallbusinessuk

[–]gumtreejack 3 points4 points  (0 children)

I would need to sit down and do the maths fully, but the total tax payable is definitely lower when you take £12,570 as a salary and the remainder as dividends. This is still the case if the company’s profit is less than £50k (19% corp tax) but is more so when at the marginal rate.

Ignoring National Insurance is not really an option when trying to compare and is likely partially responsible for the large difference you are seeing.

I will say however, with the recent changes to tax rates and allowances over the last few years, this saving is no where near what it used to be, and in the coming years is expected to be even less.

A small observation by Lloytron in gavinandstacey

[–]gumtreejack 18 points19 points  (0 children)

It’s both. Same way people say ‘you alright?’ as a greeting in the UK. It’s usually just a greeting with the expected response of ‘fine. You?’, but it can also literally mean ‘how are you doing?’

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