Crossing VAT threshold/ future quoted work

[deezyboy]

Yes, I have now rung and set it up with a local accountant, they are going to do my self assessment as well as VAT and they can get me a cheaper subscription to quickbooks etc ??

[dig-dug-dan]

30 minutes ago, deezyboy said:

Yes, I have now rung and set it up with a local accountant, they are going to do my self assessment as well as VAT and they can get me a cheaper subscription to quickbooks etc ??

You really dont need quickbooks, that's another waste of money. Just use an excel spreadsheet for your income and expenses, attach you paperwork to each month that corresponds to it. Done.

[Paddy1000111]

13 minutes ago, dig-dug-dan said:

You really dont need quickbooks, that's another waste of money. Just use an excel spreadsheet for your income and expenses, attach you paperwork to each month that corresponds to it. Done.

With the rules that came in around using digital accounting if you're VAT registered most accountants use Quickbooks or Xero now as you can't really use paper methods anymore.

[dig-dug-dan]

10 minutes ago, Paddy1000111 said:

With the rules that came in around using digital accounting if you're VAT registered most accountants use Quickbooks or Xero now as you can't really use paper methods anymore.

The accountants may use it, but we as individuals dont need to. I submit my vat from my excel spreadsheets to my accountant, he then loads it up to the vat portal

[Paddy1000111]

2 minutes ago, dig-dug-dan said:

The accountants may use it, but we as individuals dont need to. I submit my vat from my excel spreadsheets to my accountant, he then loads it up to the vat portal

I see what you mean. I guess it means a lot less work for them at the end of the day. You basically do your taxes and they press the submit button ?

[dig-dug-dan]

50 minutes ago, Paddy1000111 said:

I see what you mean. I guess it means a lot less work for them at the end of the day. You basically do your taxes and they press the submit button ?

Yes, you can submit the returns from excel yourself, using an add on, but I get my accountant to do Mine as he checks for errors

[donnk]

when you reg for vat you can reclaim upto 7 years of invoices for any tools, plant, computers, etc as long as you have the  receipts.

[jfc]

1 hour ago, dig-dug-dan said:

You really dont need quickbooks, that's another waste of money. Just use an excel spreadsheet for your income and expenses, attach you paperwork to each month that corresponds to it. Done.

I am in very similar position to the OP, but do have an accountant already and am planning my VAT reg.

 

Quickbooks saves me loads of time, especially sending out invoices and checking I've been paid and tracking expenses. For just under £15 a month it is well worth it for me.

 

Just my thoughts.

j. 

[jfc]

4 minutes ago, donnk said:

when you reg for vat you can reclaim upto 7 years of invoices for any tools, plant, computers, etc as long as you have the  receipts.

I've been told it's 3 yrs, also read that in my tax book.

[donnk]

Log in to Clear Books accounting software

SECURE.CLEARBOOKS.CO.UK

---

Log in to Clear Books. It’s clear and simple accounting software for small businesses and accountants in the UK.

cheaper and easier.