kingtut started this topic @ 23:45 on 01/08/2006
I'm running a limited company myself & there is mountains of paper work/ forms & admin dates that stuff has to be done by. (I have a company sec. for legal requirements only)
In order to try maintain an organized approach & delegate work to employees & get nic payment returns/corporate tax returns & paye sorted, I could do with some sort of legal / business diary that has like an "almanac" of important tax & business dates in it - does such a product exist with prefilled useful info ?
- The sort thing ideally would be a large book with all the information from business link contained in it, with blank space for notes relating to my own circumstances - (I'm not expecting any profit for atleast a year, food & logings are paid for, all employees are willing to go on commission only payments for first year) so basically I want to do as much of the paperwork as reasonably possible myself but have it in good enough order to hand over to an accountant if I need to)
Also, how much notice should an accountant be given in advance of accounts due date ?
RE: is there a business tax diary legal timetable product anywhere ?
James Smith | 02/08/2006 09:19 AM
Kingtut - HMRC gives key dates for PAYE on its website and also in the information they send you on a regular basis. The key dates for the company will vary depending on its year end and your VAT cycle. Given the fact everyone has different dates I dont think you will be in luck for anything preprinted you would need to look up yours for the year and then put them into outlook/your paper diary yourself.
If you are running a small payroll and struggling I personally would sub the lot, it really does only cost a few pounds a month and saves a lot of agro. I’ve actually stopped doing clients payroll other than for directors as its just not cost efficient for me to do so on my clients behalf when bureaus are so cheap. Although I do wonder if these employees are all commision only why you have taken them on as employees. They sound potentially self employed to me....which is a lot more tax/legally efficient structure. Bit odd but hard to tell your circumstances from a post.
I would however suggest if you are hoping to have a bash at something and then hand it over to an accountant if it goes wrong you are going to get into serious problems. You will become a "problem" client which tends to mean lots of time and therefore large fees to dig you out of whatever mess you are in compared to modest ones for having them do it all in the first place. Given you have a limited company you WILL need some help with your stat accounts unless you are in a few small minority who can do them themselves, so I would strongly suggest getting that sorted out now and then having access to some help with the other issues if and when you need it. It should work out a lot cheaper to do it that way around too as timely advice can save hours of mucking about at the end of the year undoing things!
In terms of timing I wouldn’t take on a set of stats that needed doing in less than a month unless I was particularly quiet and the records are immaculate. I normally look for about 3 months as it often takes time to get records and have clients sort things out properly.
hope the helps.
Regards,
------------------------
James Smith
Chartered Accountant
www.jamesesmith.co.uk
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Your indispensable guide to Small Business Bookkeeping, Self-Assessment & VAT
RE: is there a business tax diary legal timetable product anywhere ?
kingtut | 02/08/2006 01:45 PM
Reply makes sense. Thanks James.