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Bro's lacky · 26-02-2008, 12:37 PM

Thank you all for the info. I did say to my brother, to get the accounts started with an accountant, but he said he can not afford it ! He is a great guy and I have no doubt he will be a sucess, but he is oblivious to any form of paperwork !
I have got my self a collins catherdral book, and have started, but listing credits to the front, and splitting them into sales/banking. and the rear into debits and spliting them into utilities/wages/supplier payments/car costs/premisis rent ect.
I have no idea of vat extra, but I assume that the accountant he WILL have, at the end of the year, will do that?
I think he has registared with the tax office, as for VAT is there not a cut off point that earning below that you can not claim back?
As for the invoices, I will go in once a week and pick all post up, as none of it will be opened, and I persume that he will leave it to me to pay everything ! at least I will know what has and hasnt been paid.
I am going to give him a petty cash tin for stamps stationary etc, am I right in thinking that initally £25 out of till to petty cash, all receipts for p/c to go in tin and then cash and invoices should reconcile?
The daily takings or weekly takings will the tax man want to see? Would it be better to get him to write what sold how much and payment method. I an not sure if his till has a till roll, or its more than likely has but hes not got one in !
Thanks so much guys, I think I need to sit down with him and be firm.

26-02-2008, 12:37 PM	#5 (permalink)
Bro's lacky Junior Member Join Date: Feb 2008 Posts: 2	Re: dont know what i am doing Thank you all for the info. I did say to my brother, to get the accounts started with an accountant, but he said he can not afford it ! He is a great guy and I have no doubt he will be a sucess, but he is oblivious to any form of paperwork ! I have got my self a collins catherdral book, and have started, but listing credits to the front, and splitting them into sales/banking. and the rear into debits and spliting them into utilities/wages/supplier payments/car costs/premisis rent ect. I have no idea of vat extra, but I assume that the accountant he WILL have, at the end of the year, will do that? I think he has registared with the tax office, as for VAT is there not a cut off point that earning below that you can not claim back? As for the invoices, I will go in once a week and pick all post up, as none of it will be opened, and I persume that he will leave it to me to pay everything ! at least I will know what has and hasnt been paid. I am going to give him a petty cash tin for stamps stationary etc, am I right in thinking that initally £25 out of till to petty cash, all receipts for p/c to go in tin and then cash and invoices should reconcile? The daily takings or weekly takings will the tax man want to see? Would it be better to get him to write what sold how much and payment method. I an not sure if his till has a till roll, or its more than likely has but hes not got one in ! Thanks so much guys, I think I need to sit down with him and be firm.