Good book on accounting for 1 man band Ltd


P

public.mark.m

I want to try and do the whole thing myself, it will be fairly simple
situation i.e. monthly invoice, some expenses, 1 (me) employee on low
salary, 2 directors me and partner) (60/40) dividends, paid monthly. I
have sage accounting software. Just need a book, i will also be VAT
registered.
 
T

Troy Steadman

I want to try and do the whole thing myself, it will be fairly simple
situation i.e. monthly invoice, some expenses, 1 (me) employee on low
salary, 2 directors me and partner) (60/40) dividends, paid monthly. I
have sage accounting software. Just need a book, i will also be VAT
registered.
That "monthly invoice" sounds ominous. Your first "read" may be to
Google on IR35.
 
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T

Tim

That "monthly invoice" sounds ominous.
Your first "read" may be to Google on IR35.
Don't forget, though, that "monthly invoice"
does NOT imply "caught by IR35"...
 
P

public.mark.m

Troy said:
That "monthly invoice" sounds ominous. Your first "read" may be to
Google on IR35.
I know all about IR35, my contract is outside and has feck all to do
with this. Next...
 
P

Peter Saxton

I know all about IR35, my contract is outside and has feck all to do
with this. Next...
I don't think there will be a next given your attitude. Looks like you
are on your own!
 
T

Troy Steadman

Tim said:
Don't forget, though, that "monthly invoice"
does NOT imply "caught by IR35"...
"Monthly invoice" suggests one customer and regular invoicing, "(me)
employee" suggests one employee.

How many "badges of trade" so far Tim, IR35 or no IR35?
 
P

public.mark.m

Troy said:
"Monthly invoice" suggests one customer and regular invoicing, "(me)
employee" suggests one employee.

How many "badges of trade" so far Tim, IR35 or no IR35?
So theres no books?
 
P

public.mark.m

Troy said:
"Monthly invoice" suggests one customer and regular invoicing, "(me)
employee" suggests one employee.

How many "badges of trade" so far Tim, IR35 or no IR35?
IR35 is not an issue, my 2 concurrent contracts are written to cater
for it and I have PCG membership which includes insurance.
 
T

Tim

"Monthly invoice" suggests one customer and regular invoicing,
Yes (but that doesn't imply that IR35 applies)...

... "(me) employee" suggests one employee.
Again, yes -- but, again, that doesn't imply that IR35 applies!

How many "badges of trade" so far Tim, IR35 or no IR35?
My "Troy-speak" translator is failing me here. What did you mean?
 
T

Troy Steadman

Tim said:
Yes (but that doesn't imply that IR35 applies)...


Again, yes -- but, again, that doesn't imply that IR35 applies!


My "Troy-speak" translator is failing me here. What did you mean?
Luckily my "Repeat to Tim" echo machine has not yet run out of echo.

You cannot decide for yourself whether you are working through your
"one man band" limited company, any more than you can decide to be self
employed.

If you turn up:

<BADGES>
1) Yourself...
2) ...at an arranged time...
3) ...to be paid monthly...
4) ...in equal tranches...
5) ...without risking your own capital
</BADGES>

....then you are an employee. Your employer is responsible for deducing
income tax and NI, and if you (by which I mean he) choose to further
deduct NI and Corporation Tax where none is due, that is up to
you...erm...him.
 
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T

Tim

Luckily my "Repeat to Tim" echo machine has not yet run out of echo.

You cannot decide for yourself whether you are
working through your "one man band" limited company,
any more than you can decide to be self employed.

If you turn up:

<BADGES>
1) Yourself...
2) ...at an arranged time...
3) ...to be paid monthly...
4) ...in equal tranches...
5) ...without risking your own capital
</BADGES>

...then you are an employee...
The OP may have said (1) & (3),
but didn't mention (2), (4) or (5).

Anyway, it's the *contract* that counts (you need to determine
whether the contract is one "of service" or one "for services").

Even if all your "badges" above applied, it may still not be
employment (or caught by IR35), for instance because the contract
might allow you to send along someone else instead of yourself....
 
P

public.mark.m

Tim said:
The OP may have said (1) & (3),
but didn't mention (2), (4) or (5).

Anyway, it's the *contract* that counts (you need to determine
whether the contract is one "of service" or one "for services").

Even if all your "badges" above applied, it may still not be
employment (or caught by IR35), for instance because the contract
might allow you to send along someone else instead of yourself....
Ir35 is optional in my view, people who pay at are too lazy/stupid to
get themselves outside it, it can be done using a contract reviewing
company who specialize in Ir35, also joining the PCG covers you for any
investigation and having company website/stationery etc. Only 3 PCG
members out of thousands have been found to be avoiding tax this way
and at most they pay is a percentage of the tax they never paid on that
contract.
 
D

Daytona

On 13 Sep 2006 07:43:31 -0700, (e-mail address removed) wrote:

I don't think there will be a next given your attitude.
There is nothing wrong with his attitude imo. He asked a simple
question and got an argument in return. Distinctly unhelpful.

op could consider using the Amazon rankings to get an idea -
<URL:http://www.amazon.co.uk/s/ref=sr_st/202-5030511-0667862?page=1&rh=n:1025612,n:13384091,n:251716011,n:13391851,n:13424851,n:13425021,n:13425031&sort=reviewrank&x=7&y=14>
/
<URL:http://www.amazon.co.uk/s/ref=sr_nr_n_3/202-5030511-0667862?ie=UTF8&sort=reviewrank&keywords=Sage&rh=n:1025612,k:Sage,n:68&page=1>

Daytona
 
P

Peter Saxton

There is nothing wrong with his attitude imo. He asked a simple
question and got an argument in return. Distinctly unhelpful.
Troy was trying to help him yet the OP acted very unpleasant and
dismissive. You may approve of how he acted but I don't want to help
people like that.
 
D

Daytona

Troy was trying to help him yet the OP acted very unpleasant and
dismissive.
I consider it only as unpleasant as an unhelpful reply. If he has
taken action to cover IR35 then it was quite reasonable to be
dismissive.

Daytona
 
P

Peter Saxton

I consider it only as unpleasant as an unhelpful reply. If he has
taken action to cover IR35 then it was quite reasonable to be
dismissive.

Daytona
You don't understand the difference between:

"Thanks, but I have had the IR35 issues considered and resolved" and,

"I know all about IR35, my contract is outside and has feck all to do
with this. Next..."?
 
T

Troy Steadman

Peter said:
You don't understand the difference between:

"Thanks, but I have had the IR35 issues considered and resolved" and,

"I know all about IR35, my contract is outside and has feck all to do
with this. Next..."?
Daytona, it is interesting to look at the OP's PCG site:

http://www.pcg.org.uk/cms/index.php?option=com_content&task=category&sectionid=42&id=136&Itemid=401

http://tinyurl.com/msro2

All the information he needs is there. There does indeed seem to be
insurance cover if things go wrong. Where thousands of people bend the
rules a little bit, in an organised manner and from a perceived "moral
high ground", HMRC only has time to pester a few of them. If I were the
OP I would probably be doing exactly what he is doing.

But there is no "book". Your link to an AAT book is worthless. If he
read up all the AAT modules - 3 years at 5 or 6 books a year - he'd
have the background and *still* none of the specifics.

He needs an accountant. Failing that all the info he requires is easily
found on the HMRC and subcontractor sites on the internet. Each will
tell him an opposite story.
 
D

Daytona

But there is no "book". Your link to an AAT book is worthless. If he
read up all the AAT modules - 3 years at 5 or 6 books a year - he'd
have the background and *still* none of the specifics.

He needs an accountant. Failing that all the info he requires is easily
found on the HMRC and subcontractor site
Fair enough !

Daytona
 
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