Year end tax questions

[Winnie2013]

Hi everyone, I'm hoping someone can help me as I'm stressing a little about year end. I have all my recipes for purchases/training etc I also have my bank statements and I've made an In and out goings spreadsheet. The spreadsheet shows what the business took each day and any expenditures. The bit I'm stuck on is I haven't been doing any receipts for clients, should I have been doing these? To show what clients paid? I'm on my own but registered as a ltd company. I have an accountant but I don't want to look like a complete idiot as I've asked him a few questions already. I'm pretty sure I've paid myself wrong but that's a whole other story!

Thanks in advance xx

 

[squidgernetball]

I'm fairly sure some more experienced geeks will be along to help, but if you're Ltd, have you not done previous tax returns?
As for receipts, I'm fairly sure you only need to give a client a receipt if they have paid VAT on your services, and you need to show the level of VAT paid.
Have you not discussed with your accountant what needs to be shown and how they want it?
I discovered Quickfile which has been a lifesaver. My accountant can access it and see what I'm up to, and I have uploaded all receipts and linked them to all bank transactions, and it's free - sorry, I know that's no help for this year!
You should need a fairly simple incomings showing months takings (I separate into cards and cash payments) and outgoings which I showed as a list for each month.

I think you're possibly panicking and making it harder than it is. I would contact your accountant and ask for help. Mine includes payroll for 2 staff and I ask no end of questions.

As I always say - "I'd like to see my accountant wax legs"!

Vic x

 

[Winnie2013]

Thank you vic! You're a star as always. This is my first year so I'm getting myself into a panic when I shouldnt. Like the saying too! I will think that when I call them to check up on things. I'd just like to have most of it done and right before I speak to them, and it's all so confusing! X

 

[The Geek]

Some good advice there. And just to build on it: You don't need to give your customers receipts for services. Receipts are primarily used for VAT reclamation and for expensing. As I doubt any of your customers would expense their treatments, I doubt any would need any from you!

Your accountant will most likely just want a verification of income. If you deposit all your income into your bank account - that could give them the info the need. If you don't deposit it all (e.g. tips and cash), you will need other records to give them that outlines your income.

Not sure if that helps

 

[AcidPerm]

Winnie2013, that's what you pay your accountant for, lol!

Seriously, don't get stressed over it. Ring him and ask as many questions as you need to.

You wouldn't expect a client to shave below their knees when booked in for a full leg wax, would you?

 

[surf girl]

Soooo... I'm sat here scratching my head over my self assesment & tax credits renewal... Does anyone know if your profit for this year (14/15) is supposed to be minus the loss from last year? I've read the guidelines but don't get it, I got an accountant to do it last year but she showed me how to fill it in myself in future but I diddnt have a "last year" figure to mess with

 

[Beansy]

Yes, you can carry forward the loss and offset it against any profit

https://www.gov.uk/government/publications/losses-hs227-self-assessment-helpsheet

 

[surf girl]

Jeeze I've scrawled the website all night looking for that! Thanks!