Could an accountant use a companies business bank statements to do tax returns instead of doing bookkeeping, which as long as the business bank card is only being used for business ins and outs should be the same?
If you are a sole trader using the ‘cash basis’ this is possible. For almost everything else no you couldn’t use *just* the bank sadly due to the way the accounting ‘rules’ / standards work.
Hi Dan. As a vending machine business owner, I sell some items in my machines that I buy as zero rated VAT. Is it correct that I likewise do not charge 20% VAT to my customers, and instead charge 0%, the rate I paid when I bought from my supplier?
Here are a couple of links to help section 2.4 explains www.gov.uk/guidance/catering-takeaway-food-and-vat-notice-7091 www.gov.uk/hmrc-internal-manuals/vat-food/vfood5160
@@HeelanAssociates Thanks Dan. Am I correct in assuming this only applies to items that I buy as standard VAT? If I buy a zero rated item from my supplier, I can't charge VAT to my customer can I? I put that in the books as zero rated.
How many tax returns do you file? I set up a limited company on 14th January 2021 • Filed a confirmation statement on 16th January 2022 • Filed dormant accounts on 31st October 2022 • Filed a confirmation statement on 12th January 2023 And I have had a couple failed to deliver tax return penalties. I don’t understand??
Hey i registered a uk company in march 2023 and i used it to just register for stripe payment gateway and accept 1-5 payment a month like max 160$ do I need to file tax
Bookkeeping and tax preparations should be done by different people. Business owners who do not have a background in accounting, please stay OUT of the record keeping.
@@HeelanAssociates Not sure where you have worked or studied accounting, but I have in accounting for over 20 yrs and never seen these two separate duties carried out by one person or over done sufficiently well by one person. The tax laws in the US change constantly and keeping up the changing laws is a full time job by itself.
Could an accountant use a companies business bank statements to do tax returns instead of doing bookkeeping, which as long as the business bank card is only being used for business ins and outs should be the same?
If you are a sole trader using the ‘cash basis’ this is possible. For almost everything else no you couldn’t use *just* the bank sadly due to the way the accounting ‘rules’ / standards work.
Can you recommend any software for automating the downloading of invoices....adobe, amazon etc.
No magic solution but ‘Dext’ has an invoice ‘fetch’ that works with many online portals.
Hi Dan. As a vending machine business owner, I sell some items in my machines that I buy as zero rated VAT. Is it correct that I likewise do not charge 20% VAT to my customers, and instead charge 0%, the rate I paid when I bought from my supplier?
Here are a couple of links to help section 2.4 explains www.gov.uk/guidance/catering-takeaway-food-and-vat-notice-7091
www.gov.uk/hmrc-internal-manuals/vat-food/vfood5160
@@HeelanAssociates Thanks Dan. Am I correct in assuming this only applies to items that I buy as standard VAT? If I buy a zero rated item from my supplier, I can't charge VAT to my customer can I? I put that in the books as zero rated.
How many tax returns do you file?
I set up a limited company on 14th January 2021
• Filed a confirmation statement on 16th January 2022
• Filed dormant accounts on 31st October 2022
• Filed a confirmation statement on 12th January 2023
And I have had a couple failed to deliver tax return penalties.
I don’t understand??
Sounds like this one will answer this! DORMANT COMPANY? DO THIS OR IT COULD COST YOU!
ruclips.net/video/-zZWtswfaSU/видео.html
Hey i registered a uk company in march 2023 and i used it to just register for stripe payment gateway and accept 1-5 payment a month like max 160$ do I need to file tax
Have a watch of this one LTD COMPANY THAT'S BARELY TRADED? YOU STILL NEED TO DO THIS
ruclips.net/video/HTqHPHHHHdc/видео.html
Bookkeeping and tax preparations should be done by different people. Business owners who do not have a background in accounting, please stay OUT of the record keeping.
What makes you say that?
@@HeelanAssociates Not sure where you have worked or studied accounting, but I have in accounting for over 20 yrs and never seen these two separate duties carried out by one person or over done sufficiently well by one person.
The tax laws in the US change constantly and keeping up the changing laws is a full time job by itself.
@@HeelanAssociates Tax treatment and economic treatment of business transactions are not the same in the US.
@@HeelanAssociates If you live and practice accounting in the US you ought to know this.
A lot of business owners only care about reducing their taxes and do not care about the overall health of their business.
Good evening send money to me