- Location
- Lincolnshire
Absolutely hit the nail on the head there.
new VAT filing.
- Thread starter johnspeehs
- Start date
Absolutely hit the nail on the head there.
- Location
- Montgomeryshire
Well it correctly analysed the wynnstay and filled Xero the details, splitting the zero rated items and 20% items,
failed to pick up on discount part, but thats fairly minor
failed to pick up on discount part, but thats fairly minor
- Location
- Lincolnshire
So there is an app to convert a graphic to a Xero entry or entries? Id be interested in that. To me that is progress. But you say it takes half an hour?!
Cowabunga
Member
- Location
- Ceredigion,Wales
It is a two part verification process for security.
What security does Royal Mail give you when such information is sent in the post?
It does seem that some people are getting left behind by technology. I reckon that it mostly has to do with their attitude rather than inability or disability, but I have only limited proof of that.
In my case I did my first Amazon.co.uk purchase in year 2000 and the vast majority of my friends and acquaintances at the time were aghast and said that categorically there was no way they would ever trust buying anything online or be using email and social media. Yet here we are more than 25 years since I first used Farming On-Line and 18, getting on 19 since I began to regularly use Amazon, and nearly everyone except the terminally donkeyish are using all of them regularly, as well as on-line banking [a bank manager at the top of the road was one of Amazon't nay-sayers], contactless credit cards and card-by-phone for the vast majority of their business and private transactions. The VAT and Farm Payment and so on.
Having said this, I'm damned sure there will be one or two ostriches that will chime in and claim that it doesn't apply to them and they get on perfectly well with none of this electrickery. Is being so backward and ignorant and inexperienced really something to boast about? Really?
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Cowabunga
Member
- Location
- Ceredigion,Wales
That is indeed a valid way to manage your time and business. But I could bet with 99.9% certainty that those professionals use computers, email, and all the other modern kit and systems to do your work for you at your cost.
- Location
- Montgomeryshire
seems to , takes a bit of understanding, think you can set rules for each supplier to make it easier each time,
I Think, by the time you've scanned , emailed etc a few invoices it should have sorted the first ones i suppose.
Receipts Bank is this one, first one i tried couldnt make head or tail of it.
Cowabunga
Member
- Location
- Ceredigion,Wales
What you say above is my worry about it. Although the number of VAT codes is not great, the number of management codes is up to us and we don't have to split hairs even for enterprise accounting. Surely.
It will be something new for me, but I'm well used to allocating costs for management purposes, so while it is not at all difficult, its just a new way of doing it. Hopefully a new and better way and I'm certainly going to tackle it with that attitude.
- Location
- Montgomeryshire
The above app has just sorted a wynnstay invoice into 2 catagories zero and 20%, not that simple on a wynnstay bill as its all in a muddle on the bill.
Cowabunga
Member
- Location
- Ceredigion,Wales
I can appreciate the difficulty from when I tried to write a spreadsheet for it. There are some invoices where there are a couple of VAT rates, plus some that are zero rated, some items that are ineligible to claim and lord knows what. Plus some need allocating to Vet and Med, some to dairy sundries, others to young stock feed, fertiliser, building repairs, all on one invoice. Then there's discounts if paid by……
Then there's a statement of maybe 10 such invoices from just one company at the end of the month. Oh and I forgot to mention the deferred payments where one big invoice is split into three or four monthly payments for cashflow management.
Someone mentioned they had processed 17 invoices since the beginning of the year like this. Well I can tell you that there are plenty of businesses that need to handle over 17 invoices daily.
It will be very interesting to see how we all get long with this by April next. I'm fairly hopeful that it will be far less of a problem than it sounds.
- Location
- Lincolnshire
My biggest concern is I also need to allocating costs to the correct codes for income tax accounting purposes as well if I am to save anything on my accountants bill.
I too have tried writing a spreadsheet for this, for VAT, for partner drawings and allowances etc and it isn't simple at all. Anybody who thinks it is either has a very simple business or has got it wrong.
I too have tried writing a spreadsheet for this, for VAT, for partner drawings and allowances etc and it isn't simple at all. Anybody who thinks it is either has a very simple business or has got it wrong.
Cowabunga
Member
- Location
- Ceredigion,Wales
Or they are much much cleverer than us two.
It is not impossible, because there are commercial software suits available, but they are not simple to use, not for the first year at least, and cost a lot to buy Ann maintain. Perhaps Xero or Quickbooks are the ones to have, but I cannot see that entering the information to HMRC's satisfaction is going to be either quick or easy.
- Location
- South Wales UK
Free Apps be along soon maybe ?
- Location
- Lincolnshire
I think it will need serious collaboration with my accountant if it isn't to end up as a serious mess if I'm honest. I just don't have the accountancy skills to set this up properly from the start. I think that if I go my own way with Xero or QuickBooks then it wont match my accountants requirements and I will have wasted much time and money.
- Location
- South Wales UK
And Accountant will still bill you for doing it for him?
Cowabunga
Member
- Location
- Ceredigion,Wales
That's quite probably a good reason to get it set up through your accountant. Then there is the management consultant if one is employed, which will all have to use coordinated identical codes. It will significantly reduce their work load of course, workloading it all onto muggins here instead.
But whether you are doing it with manual account ledgers or software you still have to allocate each line of an invoice to achieve your aim, the thing with software packages is that once you have inputted the invoice then all the management facilities and VAT are pretty much available at the press of a coup,e of buttons.
Cowabunga
Member
- Location
- Ceredigion,Wales
If VAT ledgers [and till ledgers if applicable] are all tidy, the main donkeywork the accountant has to do is allocate costs to enterprises and add them all up. If we are doing all of that on a computer program, the accountant's role is reduced to an hour's advice and filling in a form for us to sign annually. Shall we say a couple of hundred quid's worth of work at most?
- Location
- South Wales UK
Think Accountant's would say they did bit more than "add up" boxes hopefully ?
Cowabunga
Member
- Location
- Ceredigion,Wales
They don't even add up boxes. Computers do that for them. They just use a bit of experience to allocate the tax to be paid. Yes, they may do other stuff over time but that is generally only loosely related to VAT and the tax accounting we're on about here.
- Location
- South Wales UK
What ever they do they usually "shaft " you.
At the end of the day you just as well deal with HMRC and skip the "middle man" as they are the one's you got to answer to in the END .
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