Help with Accounting and VAT
dazzling2865 started this topic @ 23:56 on 16/03/2009
Hi,
I was hoping that I might get some advice here.
I run a modest Internet retailing business and have recent VAT registered (with effect from 1st April 09).
Unfortunately I find myself overwhelmed by the burden of Accounting. Unfortunately the profit generated by the business is not sufficient to warrant employing a "day to day" Bookeeper/Accountant (other than my tax advisor).
My question is:
I have read about the VAT retailer schemes. Can this be applied to an Internet retailer i.e. can I product a single VAT invoice inline with deposits into the company bank account?
The thought of 300+ invoices per week and the associated bank reconciliation is causing me loss of sleep.
Any help/advice appreciated.
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RE: Help with Accounting and VAT
Shane101 | 22/03/2009 12:00 PM
I here what your saying mate,
I had problems like that but my advice will be to get a accountant for the year! They will show you how to minimise the time you spend on the process of filing the accounts.
Dont tryin do it yourself like I did because I ended up gettin an accountant and had to pay extra afterwards where I could have saved money from the beginnning.
Concentrate on your own business and not the accounts.
WHY do you need a tax advisor, if you have an accountant they can adivise you and it will be part of the overall cost at the end of the year.
Speak to accountants try to get some advice before you pick one as its a competitive market for everyone, Im sure accountants want you as a client and are willing to negotiate.
Ive got a good accountant and email him to ask him for more info. its raihan@bbkca.com
If you do get an accountant make sure they work for the money by pressuring them to do things you wouldnt expect them to do.
Good luck
RE: Help with Accounting and VAT
dazzling2865 | 22/03/2009 12:55 PM
Thanks for the advice, appreciated!