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Discuss Accounts going online by April 1st in the Tiling Forum area at TilersForums.co.uk.

  1. Wishiwasatoptiler

    Wishiwasatoptiler I'm either plastered or out on the tiles Professional Tiler

    Location:
    Northeast
    So I was out with a mate whose self employed also. We got talking about accounts, now he uses an accountant and has for 20 yr, his accountant has told him all accounts must be done using online software by April 1st., like quick books, has anyone else been told this.
    I've not heard anything, but i dont have an accountant.
     
  2. Plan Tec Tiling

    Plan Tec Tiling Administrator Staff Member Trusted Advisor Professional Tiler JOTM Winner Top Contributor

    Location:
    Wimborne, Dorset
    Ive used 'freeagent' software and an accountant for years now. They told me massive changes are coming in over the next 2 years but it won't affect me as I'm already doing it. I guess it could be to do with the software thing but thought it was more to do with quarterly returns
     
  3. JulianSidney

    JulianSidney Billy no mates. Trusted Advisor Professional Tiler Top Contributor

    Found this online:

    From April 2020, it is proposed (but not confirmed) that the self assessment tax return is being replaced by five new reporting obligations made during and after the tax year.

    Five tax returns per year

    The first tax year likely to be affected is 2020/21. This runs from 6 April 2020 to 5 April 2021.

    Assuming you choose an accounting period that is co-terminus with the tax year your:

    1. First report will be due in June/July 2020.
    2. Second report will be due in Sept/Oct 2020
    3. Third report will be due in Dec 2019/Jan 2021
    4. Your Self Assessment tax return for 2019/20 will also be due by 31 January 2021.
    5. Fourth report will be due in March/April 2021
    6. Fifth and final year-end report deadline: probably January 2022 in the first year.
     
    • Informative Informative x 1
  4. Localtiler

    Localtiler Trusted Advisor Professional Tiler JOTM Winner

    Location:
    Yorkshire
    Does this mean that my accountant can do even less work for his £300?
     
    • Like Like x 1
    • Agree Agree x 1
    • Optimistic Optimistic x 1
  5. Adey1980

    Adey1980 Trusted Advisor Professional Tiler

    Location:
    Caerphilly
    Looks like it will mean accountants getting less work
     
  6. Wishiwasatoptiler

    Wishiwasatoptiler I'm either plastered or out on the tiles Professional Tiler

    Location:
    Northeast
    Think i better get an accountant. Don't want to fall foul of the tax man.
     
    • Like Like x 1
  7. Plan Tec Tiling

    Plan Tec Tiling Administrator Staff Member Trusted Advisor Professional Tiler JOTM Winner Top Contributor

    Location:
    Wimborne, Dorset
    Accountants will remain the same cost I reckon. They are ultimately the ones that check through it all. We just sign it off and pay up
     
  8. Wishiwasatoptiler

    Wishiwasatoptiler I'm either plastered or out on the tiles Professional Tiler

    Location:
    Northeast
    They must guide you though
     
  9. ATSDiamondTools

    ATSDiamondTools Official Member Support Company Support

    Location:
    Kent
    VAT will also require software to make on line returns from April this year. Well it's being phased in from April this year and I'm reasonably sure it's compulsory from April 2020.
     
    • Informative Informative x 1
  10. Wishiwasatoptiler

    Wishiwasatoptiler I'm either plastered or out on the tiles Professional Tiler

    Location:
    Northeast
    Thats what it must be, he is vat reg.
     
  11. ATSDiamondTools

    ATSDiamondTools Official Member Support Company Support

    Location:
    Kent
  12. RayTheTiler

    RayTheTiler Professional Tiler

    Location:
    home
    300 quid for an accountant are you sure he can add up, no change out of 1500 for mine last year
     
  13. ATSDiamondTools

    ATSDiamondTools Official Member Support Company Support

    Location:
    Kent
    Ultimately it comes down to how much they do for you.

    If they are collating all your receipts, doing your VAT returns if you have them and effectively running your books they are a book keeper as well as an accountant and you're going to pay for it.

    Our accounts costs are also only around £600 to £700 a year but that's mostly because I do the books, PAYE returns, VAT returns, EC Sales lists and all associated paperwork.

    So once a year all the figures are given to our accountant and he submits them and organises our Corporation Tax.

    This has the added advantage of allowing you to understand your own business in more detail and see if you're leaking cash anywhere or if you can make it more efficient.
     
    • Like Like x 1
  14. Bopster

    Bopster Active Member

    Location:
    Colchester
    I’ve been using quickbooks for nearly a year now, I’m effing terrible with paperwork but this has helped massively. I switched to software as I had to go Vat reg and it was a no brained. £15 month and I do the everyday stuff then she helps with the tax and vat returns.
     
    • Informative Informative x 1
  15. impish

    impish Trusted Advisor Professional Tiler Top Contributor

    Location:
    Preston, Lancs
    I think I'll have to start using quickbooks. Looks too easy not to.
    May as well get used now to being fully on top of things...
     
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