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MikePage · 25-02-2008, 02:48 PM

I agree with BumFluff – If you are nor sure what you are doing talk to an Accountant now – especially if you are going to use one to help with the Year End issues of Accounts & Tax Returns. So at least you can get a simple system running asap that is good for you, bro & accountant!

It’s not clear from your post if Bro has registered with the Tax Office yet - & what the VAT position is.

A couple of simple pointers on suppliers : Get him at least to run 2 Ring Binders – for suppliers invoices – one Marked Paid & the other unpaid – get him to write Chq No. & Date on Suppliers invoices when he pays them.

Be very careful as to where you get your sales figure from. For shops Tax man will expect some sort of daily Z reading from tills ( he needs to keep till roll) but what is left in till is often different because of cash drawings, buying stamps & Stny, window cleaners – you get the picture. Thus you need some sort of taking sheet to reconcile sales > bankings.

Regards
Mike Page

25-02-2008, 02:48 PM	#3 (permalink)
MikePage Mike Page Join Date: Feb 2008 Location: Bristol Posts: 1	Re: dont know what i am doing I agree with BumFluff – If you are nor sure what you are doing talk to an Accountant now – especially if you are going to use one to help with the Year End issues of Accounts & Tax Returns. So at least you can get a simple system running asap that is good for you, bro & accountant! It’s not clear from your post if Bro has registered with the Tax Office yet - & what the VAT position is. A couple of simple pointers on suppliers : Get him at least to run 2 Ring Binders – for suppliers invoices – one Marked Paid & the other unpaid – get him to write Chq No. & Date on Suppliers invoices when he pays them. Be very careful as to where you get your sales figure from. For shops Tax man will expect some sort of daily Z reading from tills ( he needs to keep till roll) but what is left in till is often different because of cash drawings, buying stamps & Stny, window cleaners – you get the picture. Thus you need some sort of taking sheet to reconcile sales > bankings. Regards Mike Page