Help for self employed

Mudball

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depends if their self assessment is done on cash basis or traditional accounts method, bank receipts should be fine for the former, not for the latter
it is not cash.. a bit more complicated as there are some direct costs (split 50:50 with employer) that are taken at source before money hits the bank. I think there is more enof needed to complete this. Have asked them to contact their accountant, but i guess the accountants wont want to get invovlved in grants business. Everyday is a school day.
 
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fundy

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it is not cash.. a bit more complicated as there are some direct costs (split 50:50 with employer) that are taken at source before money hits the bank. I think there is more enof needed to complete this. Have asked them to contact their accountant, but i guess the accountants wont want to get invovlved in grants business. Everyday is a school day.

accountant will happily get involved if hes being paid!!!!!

if not cash basis then you do need to calculate the correct accounting turnover for the period based on work done, you may be able to calculate it from invoices depending on how good the records are but the above makes it a bit confusing
 

Mudball

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accountant will happily get involved if hes being paid!!!!!

if not cash basis then you do need to calculate the correct accounting turnover for the period based on work done, you may be able to calculate it from invoices depending on how good the records are but the above makes it a bit confusing
I think i have a figure in mind... but I am not sure it is fully accurate may be off by 10-15%. multiple source and each doing their own way on direct workplace expenses that are split with employer. I am assuming that there will be a few people who are in this space. Will HRMC allow for restating of turnover during SA? If there is a clawback, then fine.

Alterntively, should ask the accountants to do the SA early rather than the usual Christmas holiday period
 
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fundy

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I think i have a figure in mind... but I am not sure it is fully accurate may be off by 10-15%. multiple source and each doing their own way on direct workplace expenses that are split with employer. I am assuming that there will be a few people who are in this space. Will HRMC allow for restating of turnover during SA? If there is a clawback, then fine.

Alterntively, should ask the accountants to do the SA early rather than the usual Christmas holiday period

I have no idea how HMRC will treat claims where the turnover doesnt subsequently match the SA turnover when it is submitted down the line, I expect they will look to reassess any claims and claw back any overpayment if they think there has been any, whether thats all they do its hard to know. I assume they have a plan but arent communicating it

If you can get the accountants to calculate the turnover accurately I would do (i would at least have a conversation with them and take their formal advice)
 
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