Annual Accounts for a LTD Company where bookkeeping is done, Submission & some advice
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Description
Experience Level: Intermediate
General information for the business: Online Retail Business VAT Registered
Kind of support: Balance Sheet, End of year account, P&L, Tax, Other
Description of support work: I am looking for someone to pull together the annual accounts for my LTD Company and to calculate my corporation tax liability for year 01/03/2015 - 29/02/2016
The accounting software that I use is KashFlow. All the bookkeeping is now complete for the year however as always there is will some small tweaks for you to make as you ensure the accounts are in order.
Unfortunately, though I have had some issues with the data coming from PayPal into KashFlow. As I was struggling to get my PayPal end of year figure to balance using the 1000s of smaller transactions which are imported from PayPal, I took a different route and ran a series of monthly summary reports in PayPal for Sales, Transfers, Purchases, etc and used these. I was unable to remove the original transactions though so essentially all these figures were showing twice/duplicated. So I assigned all these transaction to a new output/input called DO NOT USE. So when you run the P and L or Trial Balance you will see these but they need to be excluded from the annual accounts.
Also, when completing the bookkeeping I have only accounted for 20% VAT in the software for a few sales and transactions. For example, I have inputted most transactions into KashFlow as 0% VAT. The reason for this is because I do my VAT returns manually without using the accounting software. So obviously we will need to address this but from my memory this was not such a big deal for previous years. (I calculated exact VAT due for the 12 months and shared with my accountant which I will do again).
Also I might need some guidance on an efficient mix between Dividends/Director's Loan/Salary. This might end up being some extra consultancy but if you have experience with this do let me know.
I would also like you to complete the submission for this to companies house/hmrc.
I will of course share last year's accounts with you.
I would like to get this all wrapped up this coming week.
Kind of support: Balance Sheet, End of year account, P&L, Tax, Other
Description of support work: I am looking for someone to pull together the annual accounts for my LTD Company and to calculate my corporation tax liability for year 01/03/2015 - 29/02/2016
The accounting software that I use is KashFlow. All the bookkeeping is now complete for the year however as always there is will some small tweaks for you to make as you ensure the accounts are in order.
Unfortunately, though I have had some issues with the data coming from PayPal into KashFlow. As I was struggling to get my PayPal end of year figure to balance using the 1000s of smaller transactions which are imported from PayPal, I took a different route and ran a series of monthly summary reports in PayPal for Sales, Transfers, Purchases, etc and used these. I was unable to remove the original transactions though so essentially all these figures were showing twice/duplicated. So I assigned all these transaction to a new output/input called DO NOT USE. So when you run the P and L or Trial Balance you will see these but they need to be excluded from the annual accounts.
Also, when completing the bookkeeping I have only accounted for 20% VAT in the software for a few sales and transactions. For example, I have inputted most transactions into KashFlow as 0% VAT. The reason for this is because I do my VAT returns manually without using the accounting software. So obviously we will need to address this but from my memory this was not such a big deal for previous years. (I calculated exact VAT due for the 12 months and shared with my accountant which I will do again).
Also I might need some guidance on an efficient mix between Dividends/Director's Loan/Salary. This might end up being some extra consultancy but if you have experience with this do let me know.
I would also like you to complete the submission for this to companies house/hmrc.
I will of course share last year's accounts with you.
I would like to get this all wrapped up this coming week.
Tom D.
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