Easy: 2011

Wednesday, December 28, 2011

How much can a qualified graduate chartered account earn?

How much can a qualified graduate chartered account earn?
and how much can a qualified chartered accountant with 5 years experience earn? What is the salary expectation? thanks.
Financial Services - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
About 50,000 a year.

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Wednesday, December 14, 2011

Personal Allowance - Can I use it in full before I start paying tax?

Personal Allowance - Can I use it in full before I start paying tax?
I earn about Â£1000-1200 per month but my job may end at the end June and I don't know what I will do afterwards. Is it possible to use my full yearly personal allowance now and only start paying tax once my total earnings for this tax year are above it? By default, my company's accountant will use a monthly personal allowance assuming steady income throughout the tax year. Any idea about what to do in this case? Thanks.
United Kingdom - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
You don't get any choices. It is divided up throughout the year. If you don't work for a while, you will get a refund after the following April.
Answer 2 :
I have met similiar problem before, here list of sites http://infofinance12.notlong.com/5AAlzvO

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Wednesday, December 7, 2011

How do I start my own business?

How do I start my own business?
If I want to start something like a plumbilg or a Handyman business. I am concerned about the whole accountant stuff and registration and insurances. Any advise would help. Can I just make some business cards and just start doing the work for people? I have the training etc.
Small Business - 7 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Most handymen don't worry about those things. I believe it's understood that handymen are a different sort of thing than a specialist. At least that's how it is in most small communities that I've seen. Here's what I would suggest you need: 1) An eye-catching web page. This is the most important thing because you want people to be attracted to your business. It should suit whatever product you are selling but also be unique and fun. It should give the appearance of professionalism. 2) Get a toll free number. A catchy 1-800 number is something any business should have. There's a reason EVERY Fortune 500 company has one. A toll free gives customers easy access to contact you without paying long distance charges. It also adds to the appearance of professionalism. And a customer will remember the number and be more likely to find you later. It's a fact that a toll free number can increase business by as much as 600%. I recommend going with www.tollfreenumber.org. They cater to small businesses so they've got the lowest prices out there. Hope this helps =)
Answer 2 :
As you are going to be doing work in other peoples homes where unexpected things can happen it is important for you to incorporate to a LLC. Many states will require that you be licensed to do plumbing and contracting, even being a handyman. Licensing might require that you pass a test or show proof of specific education. You'll need to be insured as well. If you go to fix a leak and wind up causing a flood, expect to be sued. There is no reason to be concerned with "the whole accountant" thing. It is worth a few dollars for someone to help you set up your business and books correctly if that is not something you can do yourself. Surrounding yourself with good people is never a bad idea.
Answer 3 :
Something you need to be careful about is licensing. While anybody can mow lawns, contractors who work in a home (home improvement, plumbers, etc) often must be registered with the state. You might want to consult with someone (the people at a Home Depot or Lowe's probably know this) and make sure you don't get in a situation where you run afoul of the laws.
Answer 4 :
You don't say where you live but if you are in the UK you will get plenty advice and support from Business Gateway -free www.bgateway This is who my husband and son registered with and they have been very helpful Also visit your local job centre who can give advice to small businesses starting up,and possible grants depending on personal circumstances
Answer 5 :
Whatever you do, do plenty of online research, and even ask a local University law or business professor about any legitimate online work-from home programs or websites. And don't fall for any online paid online surveys, most of them are either outright scams, others don't pay enough to be worth considering as side income (and are just totally a waste of time and life). I reccommend to seek both authoritative online advise and reviews, as well in person (or on-phone) with some business or law professionals. Don't waste your time with online work-from home programs, unless you know absolutely sure it is legitimate, approved by the BBB and other government agencies, and is well-known or well-reputable, and has reliable customer support. Hope this helps. Cheers.
Answer 6 :
Assuming you're in the UK, contact your local Business Link. They're really helpful and their advice is free. Inland Revenue requires you to register with them within 3 months of starting up but that's about all the registration you need to do. Ask Business Link for the names of local accountants. You should be able to keep records of your day to day income and expenditure but you may need help at the end of the tax year filling out your returns for Inland Revenue. Insurance is very important. Try AXA as a company that provides insurance from businesses run from home or from premises. You need to be covered for when customers claim things have gone wrong. Think about what the services are that you're going to provide and for whom and then produce your business cards. We've used printing.com for many years now - 500 cards for Â£49 plus VAT. They're good quality and the guarantee delivery 3 days after receiving your artwork. Good luck!
Answer 7 :
As a Chartered Accountant i would suggest that you keep good books and records as you want to know how much your business is making and how much you are spending on various expenditure items. You need Public Liability Insurance as a minimum requirement, Employers Liability cover if you are going to employ anyone, motor and tools insurance (obvious). You might want to register with a trade association as people don't know if you are a cowboy or the real thing and are not going to rip them off. Yes, you will need to notify your tax office before the find you out from the small ads column or through the grapevine. The Vat might also become interested in you if your sales are over Â£55,000 in a 12 month period. I know that in your line of business there is a lot of cash in hand stuff which is why the vat and tax authorities send in undercover people to catch the bad apples out. Paperwork is an evil but get it to work for you and good luck too!

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Thursday, December 1, 2011

How can i become an actress in the bollywood industry?

How can i become an actress in the bollywood industry?
i want to become an actress in the bollywood industry. i don't have any training. I'm 17 yaers old and i'll be 18 in August. I have not been in school production but an studying in expert accounting. My dream is to become a bollywood actress. I speak very well english, hindi, urdu, french, creole. i speak creole because i'm a mauritian girl. I'm from mauritius but i study in france. i don't want to be an expert accountant but i want to be a bollywood actress that's my dream. i love singing, dancing and acting in front of my mirror. I hope hear an answer from you very soon. ok bye and take care
Theater & Acting - 5 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
try this web site http://www.mandy.com/
Answer 2 :
hi, you're best advice is to join a acting agency in India and take it from there
Answer 3 :
Don't get too specific with bollywood itself. Get recognition in you own local and national productions, join a training school. At least you won't have then wasted time trying to get into bollywood with no training and risking having one bad shot. Concetrate on gaining local and national recognition by joining accadamies in your area/country. With this gradually look for auditions involving indian productions. This guy I know where I live did just that and got recognition and went onto work with ash and then others too. Good luck anyway.
Answer 4 :
the most expensive bollywood movie is for $50,000 so how much will an actress get... and in bollywood its all politics. you have relations with the politician they tell the producers to cast you in a good movie(u can guess what kind of relations you need to have with the politicians and governers). you better try modeling or something else somehwre else.
Answer 5 :
if u have no godfather, best pick is - start from an acting school. there are plenty of reputed ones. some addresses - Acting Studio 8, Palm View, Gr Flr, L N Road, Opp Nasik Taxi Stand, Dadar (CR), Mumbai-14. Contact: Kumar Butani Tel: (91 22) 414 3703 Artists: Antra, Nakul, etc Serials: Tulsi (DD), Basera (Zee), etc Atam Prakash (FTII) Actor's House, 40/402 A, Manish Nagar, 4 Bungalows, Andheri (W), Mumbai-53. Tel: (91 22) 623 9079 Artists: Sanjeev Seth, Imran Khan Asha Chandra C/6, Sangeeta Apts, Opp SNDT College, Behind Jituraj Shopping Centre, Juhu-Tara Rd, Mumbai-49. Tel: (91 22) 660 4660 Fax: (91 22) 660 6545 Ashok Kumar Academy of Dramatic Arts 47, Union Park, Near R.K.Studios, Chembur, Mumbai-71. Contact: Preeti Ganguli Tel: (91 22) 556 2649, 551 2976 Chow & Mow Modern Dance Institute of India Girgaon Terrace, B Block, 2nd Floor, Benam Hall Lane, Opera House, Girgaon Mumbai-4. Tel: (91 22) 388 0844, 385 5388 E-mail: dance@chowmow.com Web page: http://www.chowmow.com Christofer (Chinese Marshal Art Training) Holy Family High School, Opp Nelco, Mahakali Caves Rd, Andheri (E), Mumbai-93. Tel: (91 22) 832 3702, 836 0618 Serials: Kaal Nakshatra(not aired) Films: Marshal, Action Madhumati Academy of Film Dancing & Acting 202, Triton, Greenfields, Opp Juhu Post Office, Mumbai-49. Tel: (91 22) 620 4647 Serials: Parampara (Zee), Kaash, Tara(Zee), Parivartan (Zee), Saans (Star Plus), Tipu Sultan (DD), etc Rashmi Dhawan 124, Nibhana, 12th Flr, Pali Hill, Bandra (W), Mumbai-50. Tel: (91 22) 649 6891 Serials: Hum Paanch (Zee), Heena (Sony), Virasaat (DD) Saksena Voice Diction Inst. 153, Aram Nagar II, 7 Bunglows, Versova Road, Mumbai-61. Tel: (91 22) 636 4818 E-Mail: brush@bom5.vsnl.net.in V. Malhotra's Acting School 28/549, Sunrise, Samta Nagar, Kandivali (E), Mumbai-101. Tel: (91 22) 887 1612, 884 1623 Artists: Madan Jain, Avtar Gill, etc Serials: Hip Hip Hurray (Zee), Amanaat (Zee), Sangharsh, Tara (Zee), Nukkad (DD), Challenge (Zee), Shanti (DD)

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Monday, November 28, 2011

what are the costs an executor can claim for executing a will?

what are the costs an executor can claim for executing a will?
My sister and I inherited jointly my parents house and some savings and are both executors. I live abroad but have spent 2 months in England helping to sort out their things, but my sister being an accountant has dealt with most of the paperwork, banks and probate, She has asked me for Â£7000 to cover her costs. I think this is outrageously excessive compared to the size of the estate? I thought Â£200 would be fair?
Law & Ethics - 8 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
that sounds a bit cheeky to me.. but, apparently banks can still charge a percentage of the estate, and solicitors currently charge per hour at approx. Â£170. So I guess you could calculate the costs that way though on her work per hour. but just because she happens to be an accuntant i think its wrong. she could still do those jobs without being an accountant. i still think her charging for her work on HER INHERITENCE is a bit weird because she would have to do it for herself anyway if she inherited all of it. people can be so greedy i hate it. Surely she should claim money from the estate and not YOU. However, it looks like you will have to sort this out legally and it may be worthwhile to consult a solicitor about this. Did you do equal work that you could charge for your services of being executor? so potentially you could say your work was worth X, mine was worth Y, so you settle the difference? I dont know about you, but I would personally rather be pushing paperwork than emptying out an old house full of belongings and i think your work should be valued too if you sort it out. Otherwise, you could call a solicitor and tell them the amount of work your sister did and ask roughly how long it would take and a fair price. I still think its INCREDIBLY obnoxious since she benefited from the work and would have to do it ANYWAY or pay someone else to do it. things like this really pisses me off, people get soo greedy when people die. :-( the court also has to approve the costs she sets out but they may not really give a damn what she claims.
Answer 2 :
Maybe your sister should get something extra for the work she has done ..but 7000 pounds seems an awful lot..maybe you should ask a solicitor what they would charge to do the same work...I dealt with my mothers estate, the paper work,the probate, and all her the bank business..I didn't ask for anything from my brothers who also inherited from my mothers estate.. also try not to get into an argument over this..just ask how she came up with this figures.
Answer 3 :
If she's charging this much she must justify it to you by means of written accounts (given her profession, I'm surprised she's not done this already). We have just executed the wills of my in-laws and the costs did not even approach Â£7000. We charged the other beneficiaries the usual for postage, telephone, travel, and the settlement of outstanding bills. It sounds like she's charging for her salary for days off to deal with the will. Look into this before it becomes a bone of contention between you, you've lost your parents, you don't want to lose each other too. Best of luck.
Answer 4 :
Well, I do know that one Bank charges 4.5% for the first Â£100,000, then 3.5% for the next Â£400,000, then 1.5% of the balance, Â£300 for each beneficiary and Â£50 for each asset over Â£50. So, if the estate was only worth Â£200, 000 say, it would have cost over Â£8,000 with that Bank and I'd imagine that most would be much the same. That might give you some idea. Nonetheless, it's a lot to "charge" within the family. Doubtless she can enumerate her costs for you . . .
Answer 5 :
A executor (or in this case executrix) is usually only entitled to out of pocket expenses.Professional executors can charge their normal professional fees if the will contains a charging clause expressly authorising this.Professional executors typically charge 2 or 3 % of the estates value but may charge more or may bill their normal hourly rate for the work done.Whether Â£7K is reasonable or not depends on the estate value, the number of hours involved and the hourly charging rate.
Answer 6 :
Assuming you are joint beneficiaries so are jointly paying her to do it out of the estate she is basically charging you Â£7k! Unless the will specifically states that the executors will be paid or are professionals dealing with someone elses estate an executor can only claim expenses incurred. Â£7k is a lot of stamps and phone calls! Ask her for a complete breakdown of the costs.
Answer 7 :
Refers to UK What costs? Getting probate grants would be less than Â£200. You can dispute her charges . _____________ Executors who are not trust corporations or professional trustees may charge only if the will contains a paragraph which expressly authorises the payment. They may however, claim out of pocket expenses in any event. Ask for a breakdown of the charges, she must have an expensive phone company. She needs to produce a set of accounts itemising where the money is going. See needs to provide a complete breakdown of this bill, stating what each charge is for, it will then become apparent what to dispute, she can not charge your the price a Solicitor would as she is not a Solicitor its only out of pocket expenses, such as stamps and phone calls that would be incurred nothing for her time.
Answer 8 :
**You have not specified how large the estate is, what the assets held by the estate are, and how complicated the liquidation of assets would be. You indicated that it was about two months of work, but you had not indicated whether your sister was able to work at her profession during the time of the administration of the estate. A lot depends on the facts of the estate, and we do not have really enough information to give a good response.** In Pennsylvania, courts applying the decision in Johnson Estate, 4 Fid.Rep.2d 6, 8 (O.C. Del. Co. 1983), have generally approved executors fees based on a sliding scale, with 5% of the value of the probate estate value less than $100,000, 4% on the next $100,000 of value, 3% of the value $200,000 to $1,000,000, 2% of the value between $1,000,000 and $2,000,000, etc. There is an increasing trend in the United States to charge attorneys fees and executors fees based on an hourly basis. In that regard, meticulous time sheets (time records) are kept. The general idea is that for many estates, it is unreasonable to charge a percentage rate when there is not a lot of work to do in the estate. For instance, if all of a person's wealth were in bank accounts, there would be less work than there would be if there were a closely-held business to manage until it could be sold. In my experience, many people waive charging an executor's fee because they would have to pay income taxes on the executor's fee, while if they did not charge such fees, it might mean that the estate would not be reduced by that amount and the inheritance taxes charged on that portion of the estate would be much less than the income taxes.

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Monday, November 14, 2011

How do I help my friends business?

How do I help my friends business?
My friend has entrusted someone to look after his restaurant and build up the business , but now he is rude to the staff and he thinks he owns the place. Recently he has bought a Â£10k watch and a Â£10k car. And when recently the accountant found out the books don't tally up. Now my friend feels hurt by this. He is now looking at ways to find out if he is taking money from the business.
Small Business - 5 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
The books don't tally., That should be a clue.
Answer 2 :
Unless you want to efficiently run his place for him, there's really nothing you can do. He needs to start with a legal counselor and have him/her walk by his side when getting things straightened out. Was the 20K spent with the owners money without authorization? If so your friend needs to seek legal action against him. Your friend really should have kept a close eye on income, business expenses, gross income and employee comp, and how much his restaurant was grossing compared to how much inventory was going out.. If he would have done those things he would have quickly noticed the first thing was out of line and he should have taken action against whoever is responsible. And if the money was spent on the watch and car without permission, tell your friend to fire his a'ss immediately.
Answer 3 :
dont help them.that would be very helpful for them.*************
Answer 4 :
If your friend gets easily hurt he cant be doing business, he needs to stop being emotional about this and sort out the mess
Answer 5 :
Then you should hire a professional accountant for that matter. The financial statements being produced by the accountant will reflect how much money have been lost due to personal expenditures. Hope this helps and will resolve the problem with your friend!

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Monday, November 7, 2011

How do i account for Stock Options as a gift from a customer?

How do i account for Stock Options as a gift from a customer?
uk question. I know how they work if you are an employee. However, i'm a director and basically work for myself. One of my customers has paid me in full for the service i provided. I know i need to account for this in this tax year. However, they also gave me stock options that mature in 3 years time provided i don't provide my services to thier competitors. fair enough. So when do i account for these stock options ? I can't do it this years as they haven't matured so i don't know what money i've made. I'm likely to vest them in 3 years time as the options already have a a healthy profit. Hows that going to work as i've already accounted for the service in full. I'm wondering if they count as a new 3 year service - the "service" being to NOT talk to thier competitors. me ? Confused. I guess i'll have to talk to my accountant but thought i'd ask here to see if anyone knows. my customer is in the US but i don't think that matters....
Other - Business & Finance - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
your customer has gifted you a headache. Were they given to you (individual) or your company? If your company, then Corporate Venturing Scheme rules may apply. That's the company equivalent of Enterprise Investment Scheme (NOT the means of giving shares to employees - that would be Employee Management Incentives - sorry I got myself confused). These may be difficult to classify as "approved" options, which would allow you to put them under CVS or EIS. If you can't do that, you may have to pay tax now on the value of the shares now, then pay tax later on the uplift. All of that would be taxed as income (individual) or I guess profit (company). Sucks. You DO need your accountant on this one. If you CAN put them under EIS or CVS, you're sorted.

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Tuesday, November 1, 2011

How do i go about filling in a tax return form?

How do i go about filling in a tax return form?
Hi guys got this short tax return form in, and i have not got a clue how to fill it in any idea,s anyone cant afford an accountant because i don't earn that much.Cheers all
United States - 4 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
you may be able to fill it in online
Answer 2 :
take your time and do it one question at a time you will be fine
Answer 3 :
If you make less than $39,000, you can go to the nearest IRS office and ask them to help you fill it in for free.
Answer 4 :
The short form is very easy. I was doing mine when I was 18. Spend the 15 minutes and read the directions.

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Monday, October 3, 2011

Can any Accountants help me with my curiosity please?

Can any Accountants help me with my curiosity please?
So my concern is about the sales ledger operations in a Hotel industry, as the Hotels sales are on room accomodation,(so selling rooms), Why do they need a credit control for their customers? I mean for their hotel guests...or issue credit notes to them? I dont understand the sales account in this hotel industry, as the customers or hotel guests pay for the accomodation when they check-out the hotel. And what type of invoices do they issue cant get it??? I am a student and curious to know about working for a hotel, as I know how to maintain a sales ledger in a wholesale or retail trade business. But in hotels the nature of accounting is different.. If someone can help it would be Great. Thank you a lot.
Other - Business & Finance - 4 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Not all custom is occasional. You will have corporate accounts who will use you regularly, and they will either ask their staff to pay by company credit card (if they have one) or on account (Sales Ledger). Most companies prefer Invoices and Statements because it's how the rest of their order / approval / payment systems work. They also get longer periods of free credit that way. Personally I prefer proper invoices to credit card receipts that are quite easy to lose.
Answer 2 :
Hi, this is required for all the industries if, you have clients with running account. For example you may have corporate client, which uses your hotel regularly, you cant ask them the payment as and when they use your hotel.They may prefer to pay at the end of month or some other time period which is convinient to them, so you need debit notes and credit notes for accounting
Answer 3 :
sorry
Answer 4 :
City Ledger is the traditional name for the Credit Accounts. Traditionally, big City firms used to have Credit Faccillities in the hotel, where their staff stayed, and the company was invoiced for it. Nowadays, Its not so much big City. Travel Agents, Non-city companies, and lots of others hold Credit Faccillities in the hotel, but despite this, the name has still stuck. Contrary to your statement, only about 65-80% of bills are paid on departure. Its a fancy way of saying that the invoice will be sent back to the company and the bill is on the Sales Ledger account for that company. Sales Ledger records are mostly computerised now to maintain the hundreds or thousands of credit accounts out there. Unless you are doing a specific course in Accounts, and aim to be in hotels, you will be shooed out of the accounts office. If you are to be involved, you will be trained well in how to do it.

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On Average, How Much Do Accountants In London Charge Their Clients?

On Average, How Much Do Accountants In London Charge Their Clients?
Obviously it will differ from accountant to accountant and I know it depends on what tasks the accountant is required to perform, but approximately how much do London based accountants charge? Thanks
London - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Â£120 per hour or so. just like any "professional" services, like lawyers, therapists, etc.

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Accountant or Financial Adviser?

Accountant or Financial Adviser?
i cant decide whether to take a degree in Accounatcy or take up a degree for becoming a financial adviser Can people please tell me which would be the best carrer in thier opinion and if i could be an accountant and then an financial adviser
Financial Services - 7 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
You will understand the role of financial advisor better with an accounting degree. Financial advisor is a sales position, accounting is a numbers position.
Answer 2 :
Get a double major then sit for your CPA.
Answer 3 :
To be a financial advisor you don't need a degree so it is the easier route of the two, and more lucrative if done offshore. Accountancy is more to do with crunching numbers. A finanacial advisor requires more interpersonal skills.
Answer 4 :
Your career will take off faster if you have a CPA or similar certification. A CPA could easily become a financial adviser later in life if they so choose.
Answer 5 :
I am at a very young age and I just recently got a job as a Credit counselor which is almost like a financial advisor and obviously did not need any kind of degree to take the job. Im sure with an accountant degree you have more job opportunities than just being a financial advisor.
Answer 6 :
Depends where you want to be in your maistream career. Degree in accounting and degree in finance have some similar start in initial stage of career, but it differs in the mid and mature career stages. You don't have to obtain either degree to be a financial advisor. What if you try finance degree and then obtain CFA? Try it, you will have glittering career in investment field.
Answer 7 :
You will have better opportunities later on if you decide to train as a chartered accountant. Once you qualify for your ACA/ACCA/CIPFA etc.. your salary will probably double at least. You can get all the training paid for you if you join a public practice company, like one of the Big Four. Accountancy is probably more prestigious than being a financial advisor as you don't need a degree to be a financial advisor. Financial advisor role is more of a sales job aswell. Futhermore, after you have your ACA/ACCA etc.. you can work in industry i.e for big investment banks or blue chip mutinationals and earn a lot of money. Be warned however, training to be a chartered accountant is not easy, thus a good academic background is needed to get on one of the training contracts. Btw you do not need a degree in accountancy to be accepted on to a training contract. Most ppl in the big four come from backgrounds other than accounting. However you most probably need a 2.1 degree plus good A levels to stand a good chance of being accepted.

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can i become an accountant if...?

can i become an accountant if...?
ok if iam in middle set in school and im in yr 9 can i still become an accountant. im 13 yrs old at the moment and i have hopes to become an accountant in the furure. so um..if you could help answer my question, i would really appreciate it :P thank you *-* also how much do they get paid?? and how many years of uni for an accountant?? sophie
United Kingdom - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
I just scraped a C for maths at GCSE. I started working in admin, and raising the occasional invoice. This got me a job as a sales ledger clerk, got promoted to sales ledger supervisor, then I started temping. I did a few asisstant accountant roles, then management accounting, then company accountant. I have no qualifications (other than GCSEs) and now earn Â£200 per day. This is more than some qualified accountants earn as I have also developed good IT skills. Try and do your work experience in accounts office. Then leave school, start working in accounts, and study for your acca or cima during weekends / evenings. Your experience will take you further than some peoples qualifications...
Answer 2 :
Going through university (degree) is not the only way to become an accountant. There are other methods: - Vocational qualification (not as expensive as a degree and you become professionally recognised in your field) - On the job training (start off elsewhere as the above has said and get some exposure before moving up) Depending on where you plan to go, you can earn anything from Â£1k (before tax) a month to Â£1k a week (after tax) without any diffculty. All you need is some basic understanding of "money in to you" means "money out somewhere else" and the rest can be taught. For work experience, try to get a job within an Accountancy practice to see if you like it. It isn't everyones cup of tea.

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Who is an accountant?

Who is an accountant?
Is anyone here an accountant or do you know anyone who is one? If yes, what kind of accountant are you/they and what does the job entail (what do you do, what skills does the job require, what kind of person do you have to be and what do you learn from your job - how does it develop your career?). I just need to know your opinion on what being an accountant is like and whether the profession is any good as I'm thinking of studying to become one. Cheers! P.S. If you could tell me where you work and how the organisation is useful to your career etc would be brilliant!
Higher Education (University +) - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
My degree is in Accounting. I loved it for many years but got burned out because I got tired of doing the same thing each month. I'm now in Banking and Finance and still use my degree; but I do a variety of things and it keeps me interested I worked for a Oil & Gas company as Assistant Comptroller and my duties included: balancing the books each month, journal entries etc. Now I work for a local bank
Answer 2 :
Not me but my Husband is a NHS Management Accountant in a Birmingham Hospital. He has recently gained an ACCA qualification which can be used in both the public and private sector, and was part-sponsored by the NHS Trust he works for. I know everyone jokes about accountants personalities, but my Husband is great, not boring at all, he just loves working with numbers and likes the fact he meets with lots of different budget holders in the NHS. So I guess if you like numbers and people, and don't mind the hard work involved in gaining the qualifications - go for it. P.S my husband didn't start off in finance, so don't feel you have to do an Accountancy Degree first. Good Luck, hope this helps.

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Wednesday, September 28, 2011

Study Actuarial Science better or Accountant?

Study Actuarial Science better or Accountant?

Higher Education (University +) - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
You could technically study both Acturaial pays more but your chances of passing the licensing exam is 1/60 best thing to do, is a Actuarial degree with an accounting minor...therfore if you dont pass the actuairal exam you just need one more semester at the University just taking a few more business courses and you can then become a CPA or CA (much easier than Actuarlialist)
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Wednesday, September 14, 2011

where is there a good accountant?

where is there a good accountant?
i need someone who can do time sheets and wage slips and deal with all vat, expenses, invoicing everything a 1 man buisness man needs. I live in Sandy of Bedfordshire
United Kingdom - 6 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
i could do that for you, at the right price. email me. oh, i'm nowhere near bedfordshire if that's a problem.
Answer 2 :
Go to your local family owned (corner type) shops and ask them who they use and would they recommend that person. That's what I did and I cannot complain about his performance.
Answer 3 :
Here are some links http://www.accountantlocal.co.uk/search_results.asp?search=bedfordshire&searchType=searchBox&gclid=CMeJod3b_5ACFQaVMAodkyrn-w
Answer 4 :
There,s only one way to choose an accountant. Line them up and ask one question. What does 2&2 make? The one that answers,what wouild you like it to make is the one you should pick.
Answer 5 :
I would like to do your books. I work as a bookkeeping, processing transactions by post and/or online depending on the needs of the client. This way of working would suit clients who do require a full time bookkeeper. For more information or discussion please email me.
Answer 6 :
We can do payroll, VAT and book keeping. If you have a self-assessment tax return to do, remember it needs to be in by the end of January !!!

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Wednesday, September 7, 2011

Can a company stay dormant if shareholder, who is also director of the company resigns from director post?

Can a company stay dormant if shareholder, who is also director of the company resigns from director post?
Company's annual accounts to the Companies House for 2 years are overdue due to the lack of funds to pay for an accountant. Shareholder, who is also a director of the company want to file a resignation letter to the Companies House with the date before annual accounts were supposed to be submitted. 1. Can this person still remain a shareholder of the company? 2. Will he be responsible for not filing an annual account on time? 3. Can this company still stay dormant without director?
Other - Business & Finance - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
1. Can this person still remain a shareholder of the company? Yes, a shareholder has no responsibility for filing accounts. 2. Will he be responsible for not filing an annual account on time? He's not responsible as a shareholder but as long as he stays a director, he's responsible as a director. Whether or not he can resign as a director depends on the company's M&A. If this company has only a single director he definitely cannot resign cos that will leave the company without any directors. 3. Can this company still stay dormant without director? A company cannot exist without any directors. But if it had the requisite no. of directors, then yes, it can stay dormant.

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Thursday, September 1, 2011

How to answer this question in a job application form?

How to answer this question in a job application form?
How will you contribute in a challenging high-pressure environment? Hi, Im applying for a position as a graduate accountant and have come across the above question in an application form. I dont quite know what they want to know and how i should answer the question. Any help will be much appreciated.
Other - Careers & Employment - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
You can find help answering questions like that at websites like InterviewUp.com, AceTheInterview.com, Career Builder, Career Lab, etc. to see example interview questions and the best answers to help you prepare.
Answer 2 :
Hi, go through the job desc and pers spec to see the list of qualities they are looking for... then using some of the specific words apply that to yourself. e.g - pers spec says 'dynamic' or 'quick-thinking' - use those words to illustrate examples of where you have been both. Best of luck

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Sunday, August 28, 2011

How likely is the tax man to ask for my expenses receipts?

How likely is the tax man to ask for my expenses receipts?
I run my own small magazine and have submitted all my expenses for the year on an excel worksheet to my accountant. Now I can't find three of my printing receipts (which amount to over Â£7,000). I had a major fall out with the printer who did these 3 editions of my magazine last year and don't relish the prospect of asking him for duplicates. Is the taxman likely to want to see these receipts or will the excel worksheet info suffice? Thanks.
United Kingdom - 6 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
They may well want to see them and the excel spreadsheet will not be sufficient. However you presumably have the cheque stubs and your bank accounts and theses should be enough evidence.
Answer 2 :
That depends on whether he thinks you're being honest. If you can't find the receipts, the chances are that you can show the expenditure through your bank statements. So for income tax, he'll take your word for it unless he has reason to suspect you're hiding something. For VAT, you need to produce a VAT receipt.
Answer 3 :
HTTP://WWW.STEFSCLOTHES.COM We are wholesaler of Nike Jordan and Other Shoes in China. We are a professional exporting company in china. We supply many kinds of Shoes, such as Nike Shoes, Jordan 1-23, Air Jordan, AF1, DUNK, Air max series etc. Most of them are in stock and can be supplied surely on time. All these shoes are packed with original-boxes and cards our price $33jordan shoes,$15tshirt,15sunglasess, $13cap,$33jean,$35bag Keyword:ed hardy,hoody,hoodies,coach,lv,handbag,bags,cheap,nike,air jordan,nike jordan,buy,sell,seller,buyer,for sale,wholesale,discount,paypal,free, TRUE RELIGION,jeans,tshirts,shirts,adidas,chanel,prada,rift,af1,timbland,women,lady,supra,air max,fushion,boot,suit,ugg,nike shox,dunk,belt,cap,watch,gucci,puma,jersey,nfl,sports,jacket,fashion,short,jimmy,juicy,fendi,dooney bourke,chole,burerry,evisu,disel,coogi,amani HTTP://WWW.STEFSCLOTHES.COM
Answer 4 :
You have to be able to prove the income and expenses. MOST tax professionals require them to verify the amounts before plugging in the numbers. If you can't prove it, you can't really claim it. If you get audited for it, it could get messy if you can't provide proof of those expenses.
Answer 5 :
The likelyhood of being investigated is quite small. Nothing you can do about it, but deal with it if and when it arises. Did you pay these expenses by cheque - can they be traced through your bank?
Answer 6 :
These receipts will not be asked for unless HMRC initates an enquiry into your tax affairs. Although there are no guarantees, the chances of that are quite small, especially if everything appears to be in order. Have you got bank statement entries for individual amounts paid, or other evidence of what you paid?

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Sunday, August 14, 2011

What careers can i get into with an accountancy degree?

What careers can i get into with an accountancy degree?
I'm at the age that i should be thinking about uni but don't know what to do as a degree. My family says that i should do Accountancy as I'm good with numbers but i have heard that being an accountant is quite hard. So i was wandering what else i could do the degree.
Higher Education (University +) - 4 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
accontancy maybe? you know, just a thought, with it being an accountancy degree and all........
Answer 2 :
You could probably do something that deals with the finance department of a company, or economics.
Answer 3 :
If you think accountancy is "hard" how did you pass the degree? Anyway, lots of graduate jobs will take a graduate with any degree at all. You could also contact the Law Society of England and Wales and look into taking the part ones to qualify as a solicitor (you would have skipped this part with a law degree)
Answer 4 :
Most people who graduate in Accountancy tend to look for a career with the "Big 4": PricewaterhouseCoopers, Deloitte, KPMG, and Ernst & Young. They are all supposedly great employers, well paying and good bonuses and benefits.

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Sunday, August 7, 2011

What are some great jobs that offer you loads of money and are interesting too?

What are some great jobs that offer you loads of money and are interesting too?
I think of becoming an accountant because its easy to find a job as one and it offers good money too.And l also like it..But are there any other jobs better?
Other - Careers & Employment - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Heck if you've got the ability to find accountancy interesting then I guess you could find pretty much anything interesting! So there's also actuarial work, which can be pretty high earning, and banking, all of which I think would be fairly similar in excitement to accountancy, and all of which have the potential to earn you a lot. Myth: Being a doctor earns you lots of money - you will be underpaid for the hours of work you do, even though it is fairly interesting. Law is interesting and can be very lucrative, but that's very hard to get into...

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Monday, August 1, 2011

Is there anyway of avoiding paying tax when selling a small business?

Is there anyway of avoiding paying tax when selling a small business?
I am considering putting up my business for sale, but have been informed by my accountant that 40 - 50% of the sale money will have to be paid in tax. The only solution they have come up with so far it to pay the profit it into my pension and hope you live another 25 years to get the benefit, which doesnt appeal. Does anyone know of a way round this?
United Kingdom - 4 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Don't pay your bills for some months and then it go bankrupt , you will most probably make more that way
Answer 2 :
sell it yourself and don't get an estate agent involved
Answer 3 :
Get shoot of ur accountant is he for real with that idea.. I would rather pay me taxes than hope that plan works out ..
Answer 4 :
Are you sure you've understood what he said? When you sell a business there are usually a number of elements to the sale. Two items, stock and equipment, will be subject to normal income tax and national insurance so the maximum you would pay is 41%. For stock you will be claiming tax relief on the purchase so you are only, in effect, repaying this relief you have claimed. Tax will be payable on any excess you get for the equipment over and above the written down value. Again this is just repaying tax relief you have claimed earlier which has turned out to be too high. The other aspects are property (if you own business premises) and goodwill. Both of these are subject to capital gains tax which is at a maximum of 40% but there are reliefs available. Once you have owned these business assets for a year you would only pay on 75% of the gain and after two years on 25%. This reduces the effective top rate to 10%. Note the CGT rules are changing from next April with a likely flat charge of 18% after the annual exemption (which is over Â£9,000 at the moment). I would check with the accountant exactly what he meant and also maybe find out what commission he would be paid on your pension contributions.

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Thursday, July 28, 2011

How can I switch from accountancy to law?

How can I switch from accountancy to law?
I am due to qualify as a chartered accountant in the UK in September. However, I have no intention whatsoever of staying in this profession, and have been considering law. What entry routes would be best for me to pursue, and what is the best way to successfully make the transition without neccessarily being pigeonholed in corporate law?
Law & Legal - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
You have got the basic qualifications to become a lawyer by studying accountancy. Knowing how to rip people off. I sent my solicitor a xmas card and he just sent me a bill for 50 quid for reading it.
Answer 2 :
I think you'll have to go back to school to get your law degree - that is, if you want to be a solicitor or a barrister. One way to not get pigeonholed is to start your own firm or work for a firm that doesn't do corporate law. Or, you might try forensic accounting...

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Thursday, July 14, 2011

What work experience should i do if i want a job in business?

What work experience should i do if i want a job in business?
I want to get a job in business such as a sales manager or an accountant. What work experience would be good for me to do, such as doing it in an office
Other - Careers & Employment - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Anything in the office to start with is good. You will need to learn people skills to be a good manager. Accept any opportunities to train or lead others. Help new employees. Dealing with the public will give you experience with customer service and working with diverse populations. If you can learn any book keeping, that would help with accounting. You might even be able to get a low level entry job in something like the accounts payable department.

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Thursday, July 7, 2011

How do you become a vet, what qualifications will you need, and will you have to go uni?

How do you become a vet, what qualifications will you need, and will you have to go uni?
Im studying, business and media A-level, and was originally going to become an accountant but I'm thinkg of becoming a vet as I love animals, but im not sure how I would go about this.
Higher Education (University +) - 3 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
To become a vet, you will need to obtain a veterinary degree from university. There are six universities in the UK which offer veterinary degrees. These universities are found at Bristol, Cambridge, Edinburgh, Glasgow, Liverpool and London. The course lasts for five to six years, depending on the university. Entrance requirements are very high and differ at each university. Usually three 'A' levels are expected in subjects such as Biology, Chemistry, Physics and Maths - the grades expected are very high - A's and B's. A broad range of GCSE's will also be expected, with particular attention paid to Science, Maths and English. All of the universities require applicants to have work experience before their application, e.g. in a Veterinary Practice, or on a farm handling livestock. All veterinary courses cover the major species of animals encountered in practice (e.g. cattle, sheep, pigs, horses, dogs, cats and birds). It is not possible to specialise in one particular species until the veterinary degree is obtained
Answer 2 :
Schooling just like a doctor, I looked into t once, 4yrs college, then like 4 more to get you certificate, go to your local vet and ask for volunteer work, and see how they are..
Answer 3 :
Are you in year 11 or doing further education? Because the universities want chemistry plus biology, maths or physics as A-levels, which are very different to your choices. Are you doing maths for accountancy? The degree takes about 5/6 years, so it is very long and very hard to get into. You also need lots of work experience to show you are keen such as kennels, lambing on a farm. This shows your commitment and universities need to see if you would last the course. You need to be really sure if you want to be a vet, because it is lots of hard work. But good luck all the same - accountant or vet http://www.connexions-direct.com/jobs4u/index.cfm?pid=49&catalogueContentID=263

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Friday, July 1, 2011

Realistically speaking when will there start to be more jobs in the Republic of Ireland?

Realistically speaking when will there start to be more jobs in the Republic of Ireland?
I am working at the moment and have another plan that will keep me going for a while after that. But then that is it. Will the Recession be any bit better in a year and a half? Any interesting articles via links about the situation would be very much appreciated.. I would be in the Accounts area training to be an Accountant. Cheers for answers Thanks for all the great answers. I cannot make up my mind so will leave it to a vote. Thanks again
Other - Ireland - 10 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
If only we kne. I just lost my job aswel now in a 'high skilled sector' civil engineer. joined the dole dam its depressing prime time programme link with mary coclan (however you spell her name) talking crap! http://www.rte.ie/player/#v=1067415
Answer 2 :
We need to stop losing them before we start gaining them again. I can see it taking a few years. I lived with a few accounting students last year who were doing their masters. I think about a quarter of their class got jobs and the rest are in limbo.
Answer 3 :
I'd say two years + and at that not as much work as before. I'm going on hope. http://www.irishtimes.com/indepth/planet-developer/
Answer 4 :
Looks like our goverment are quite happy to see the skilled labour flee the country http://www.independent.ie/opinion/columnists/martina-devlin/martina-devlin-time-to-reshuffle-marys-skills-out-of-harms-way-2078558.html
Answer 5 :
When I was out of work I did a FÃS accounts course (Level 5 FETAC Certificate in Computerised Accounts & Payroll). All it taught me was that I fecking HATE bookkeeping. I'm so pleased I'll never have to prepare another trial balance ever. You must have some serious brains CG!
Answer 6 :
There will be more jobs when the rest of the world has recovered economically and starts buying from us again, there is nothing in the Irish economy itself to actually bring about a recovery, the banks have effectively stopped lending, people are afraid to spend, and it will be about 30 years before the taxpayer pays off the public purchase of bad debts (thats NAMA by another name). We have an oversupply in the housing market and the boom was generated on the back of construction and selling overpriced goods and services to each other that we didnt need in the first place, the entire economy was a giant pyramid scheme supported by self-serving politicians who didnt have the guts to call a halt. When I left college in the 80s unemployment was 17%, we're not even there yet. It was accepted that we would have to emigrate to find work and we did.
Answer 7 :
Oh good, I don't know! I'm very lucky in that I'm still in school but have 2 part time jobs and don't get pay cuts or taxed or anything like that. But I know soo many people that have lost theirs and people are still losing them. Our economics teacher said it could take up to 3 years. :S Love Accounting in school, then went to an accountants for Work Experience in 4th year and all the dudes told me to stay away from it... haha.
Answer 8 :
I hope in the next year or two but realistically thinking would say a few more years than that..Have seen so many lose their jobs lately here & think it will get worse before gets better..
Answer 9 :
YES to Jobs...YES to Lisbon....
Answer 10 :
The good times are over...for good..half a million people unemployed.. most of them from the Construction Sector which will never recover simply because the country is full of empty houses that nobody can afford to buy....so start looking abroad for work.....any work...

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Tuesday, June 28, 2011

What if limited company is not earning any? How much tax to Pay?

What if limited company is not earning any? How much tax to Pay?
I started up running a limited company but not much earnings since November 2009. I am sustaining the business through my personal funds. Do i need an accountant or business advisor or just visit the Inland Revenue? Please advise.
United Kingdom - 4 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
You should consult an Accountant. You may be able to claim a loss and still get a return.
Answer 2 :
Companies only pay tax on profits. So if you're company hasnt made any profits you wont be liable to corporation tax, however you will probably want to ring up the inland revenue anyway because they will be able to advise you on how to assess your deductions ie the amount of your own personal money spent on setting up the business and keeping it going :) Good Luck :D
Answer 3 :
I am in the United States, and your rules may differ. Here, if you are not making money, you don't pay any tax. However, if the IRS decides your business is a hobby rather than a business, then you cannot deduct business expenses. I would expect your rules to be similar. I would not advise asking the Inland Revenue, they are related to our IRS. See an accountant or a tax advisor. Grandpa
Answer 4 :
You only pay tax on what you earn, that is why it is called INCOME tax. Yes you should have an accountant, the Inland revenue will not allow you to continue trading at `a loss` indefinitely, they will enquire into how you manage to survive without money and will check to see if you are bartering items instead of using cash. All items have a cash value, i.e. you exchange a loaf of bread for six eggs, the eggs and the bread can be converted into cash values, especially if you do enough bartering!!! Apart from which, your losses from one year can be set against gains from the next year, effectively `writing off` tax for the period that you did earn money and make a profit.

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Tuesday, June 14, 2011

What is the best place to live in Australia?

What is the best place to live in Australia?
I'm planning to migrate to australia in Jan 2010 with my wife and then 7 months old baby. I want to know what is the best place to live. Following are my requirements. Good job opportunities for accountnat (as Im an accountant) Need affordable accommodation Comparatively low cost of living Good people Good school for children Pls help me thanks
Other - Australia - 10 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Sydney ..
Answer 2 :
Sydney
Answer 3 :
Sydney...
Answer 4 :
Melbourne, without a doubt. Great job opportunities and good quality of life. Good culture, foodie scene, plenty of sports and parks. Does not have the knock out beauty of Sydney but it's not for nothing that it's been voted one of the world's most liveable cities several times.
Answer 5 :
Had to have a laugh when I saw Sydney as the preferred recommendation ...the highest cost of living in the country , the most expensive house prices & largest population ...lol My advice , start looking in the major regional cities & towns ...better lifestyle , cheaper housing & they still need accountants as well !
Answer 6 :
It does really depend on what you personally want in your lifestyle. Because Australia is such a large place there are so many differences in various towns and centres. As someone who is moving to Australia I would say it is advisable to stick to some major centres because it can get very lonely if you move to a somewhat small community. Every major town has some sort of work for an accountant I would assume. I will also just assume that you don't want to live in one of the major cities. If you did I would suggest Melbourne or Perth as somehwere to look. Here are my suggestions: Tweed Heads (the NSW and Queensland border): Pros-great relaxed lifestlye, sunny, close to the beaches and boating, big major centre, cosmopolitian enough to have loads of cafe's, good enough shopping and about 2 hours from Brisbane. Cons- its really hot (generally speaking), there is a huge population of retiree's because they are all moving to Tweed Heads/Coolangatta. South WA: I have never been here but I would love to go to the outskirts of Perth. Say Busselton, margaret River, Banbury. I believe it has a great laid back lifestyle whilst still being big enough to have sufficient job opportunities etc. Blue Mountains NSW: Pros- very art orientated historical place, very close to sydney, lots ad lots of bushland and natural attractions. Cons- cold, I believe it can be expensive, not close to beaches. Warrnambool Vic: Pros: beautiful scenery and beaches, laid back lifestyle, various things to do, close to beaches, very affordable Cons: I think its quite small, about 4 hours to any major city (Melbourne) Cairns Farn North Queensland: Pros- lots to do, close to the barrier reef, never cold in winter, cheap, lots of cafes etc. Cons- hot hot hot, jellyfish in summer so you can't swim, it will take you forever to drive to a major city because it is about 12hrs from Brisbane. Good Luck, Hope I helped.
Answer 7 :
Cairns!
Answer 8 :
Tasmania!
Answer 9 :
I've lived in Melbourne, Perth, Sydney and North Queensland. To this day, even though I live in a beautiful, laid back place, I regret leaving Perth. I've also lived in a couple of the outskirt towns from Perth and they were great too. Especially, Rockingham and Bunbury. Even suburbs which are a long way from the city are like living away from Perth the best ones I think are North but some nice ones in the south too. As long as you live in a well populated place, job opportunities, people and schools should come out about even across Australia. I found the best accommodation and cost of living in Melbourne/Perth. Sydney and North Queensland are ridiculous for what you get.
Answer 10 :
Perth area for sure. The Indian Ocean is on your doorstep. Try Bunbury, Dunsborough, Margaret River.

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Tuesday, June 7, 2011

Can I become a financial journalist with a degree in Accounting? What post grad study would be good?

Can I become a financial journalist with a degree in Accounting? What post grad study would be good?
I'm doing a degree in accounting. Although the degree is accounting we do economics, business organisation and general business studies etc. We are well rounded i think is how they would describe it. Although I will probably become an accountant I am wondering (if I decided not to follow this route) if i would be able to go into writing about financial and business matters What post graduate study would help me into this route?
Other - Careers & Employment - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Certainly a Master in Economics

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Wednesday, June 1, 2011

When do I need to submit my first Income Tax Self Assessment?

When do I need to submit my first Income Tax Self Assessment?
Hi, I hope you guys might be able to help me out here. I've been self-employed since July 2005 and I believe that this year I will have to complete my first self-assessment. I am definitely going to get an accountant involved, but due to the cost outlay (and the fact I'm quite skint at the moment) I would prefer to leave it for a couple of months. Could anyone tell me when the self-assessment form is due and how I get it? (is it sent to me?) Also, is it pretty straightforward to fill in? And when do I actually pay the tax - do I send a cheque with it or will I be billed for it? Many Thanks In Advance!
United Kingdom - 12 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
before april 31st each year
Answer 2 :
...
Answer 3 :
30th September is the next deadline, and you can do it online.
Answer 4 :
www.hmrc.gov.uk you should be able to find everything you need to know of there. Or just give them a call.
Answer 5 :
the next year after you start making money
Answer 6 :
I'm sure there's one due for September.
Answer 7 :
next deadline is 20 sept if its your first one you will need to call the inland revenue and they will send you one, after that they normally send you some or call/bug you
Answer 8 :
dont fill it in your self you will get fucked by the tax office get a aercount to fill it in . give phone bills petrol ex i got 800 p back when add a 3446 pounds sorry i spell shit
Answer 9 :
You may not receive estimated forms until later. An accountant will have some. Estimated payments are due, since it is so close, September 15, 2006. Next year estimate for 2006, Jan. 15, 2007. Estimates for 2007, April 15, "aside from filing date for 2006", June 15, 2007, September 15, 2007. Missed estimates may incur a penalty. 90% of previous year tax paid, must be sent as quarterly estimates. Unless income is far less than previous year.
Answer 10 :
Grom ignore everyone above. Im an accountant and I will be able to help you. The easiest way to do this is to fill in your first return which would be from July 05 to 5th April 2006. If you send in all your paperwork to HM Revenue & Customs by 30th September 2006 for the above period then they will calculate your tax for you. However you really should use an accountant as HM Revenue will only calculate the tax due on what you send them. They wont ask you questions like, do you have a computer that is used for business purposes, which can then be used as a tax deductable expense. You actually have until 31st January 2007 to submit your return, and the tax if any that is due, is also payable on the same date. Please e-mail me at : phil_osullivan@msn.com and I will be pleased to assist you further.
Answer 11 :
Micheal O is a really god answer. If you were self employed since July 05, then your 1st Tax year ends April 06, by which you need to complete a Self assesment form by 30th September, and the Inland Revenue will calculate your Tax for you. You then pay by after January 07, but fill in the form ASAP. Get an accountant to help you with t, but it is not that hard if you decide to go it alone. If you miss the 30th Sept deadline, you have till Jan 07, then you have to calculate the tax yourself, which is Harder to do. And if you miss that deadline, Â£100 penalty automaticcally. Don't risk it, get help now.
Answer 12 :
end of september. fill in the form on line. remember to include interest on any loans as expenditure and capital depreciation of any fixed assets. in your first accounting year you should not be paying tax. in fact if you have to use an accountant he should be able to get a deficit on the first year. in any case the tax office will send you a bill for payment in two halves starting jan next year. this will have a due date and then they charge interest on the amount after that date. this can be useful if you need a loan because the interest charged is less than the bank rate and you can use this money for a few months instead of borrowing from the bank. do not try this with the vat office though they are not as flexible

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Saturday, May 28, 2011

accountant breaking the law?

accountant breaking the law?
i know of an accountant who may be breaking the law, they are stealing customers from the firm they used to work for by sending letters out to the customers marketing her new company, how would i go about reporting this and would they listen?
Law & Legal - 5 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
How is this illegal? The accountant is not forcing anyone to respond favorably to the letters. It is up to the customer whether he/she transfers his business or not
Answer 2 :
It is fairly common practise with the setting up of new business premises for the person concerned to approach the customers they have been working with. It is not illegal just naughty and not unheard of. Often the persons previous contract would have a distance limit on it on how far way they needed to be if they went off and started another business. Likewise unless it was set in stone on a contract they can get away with contacting previous customers they worked with. It would have to be a complex contract to be able to stop this type of activity.
Answer 3 :
Unless her previous employers contract states this practise is against their policies when quitting etc. as it could be breach of confidential data, if they find out, they may try and kick off but as others have said, it is the customers choice. Customers may not be happy to find their personal data has been stored by an ex employee, I certainly wouldn't but depends if it is protected by the Data Protection Act. http://www.ico.gov.uk/for_organisations/data_protection/the_guide.aspx
Answer 4 :
That isn't breaking any law.
Answer 5 :
You seem to be making quite a few assumptions in your question. They are probably not "stealing" anything, though if they stole a list of private client names and addresses they will have breached an implied (and probably an express) term of their old employment. But they could as easily look them up in Yellow Pages or any trade directory! The old employer might get a lawyer's letter drafted to warn them off but there's little in practice that can be done. If the old company is any good they have little to fear. I have seen some send out letters to the clients saying "Mr Smith recently left us and may seek to approach you without authority...." but this risks revealing an issue to those who never knew about it. The accountant's professional body, depending if they are Chartered, Certified or whatever may also have code of conduct covering this, so worth researching that area too. If they could potentially be struck off that would be a big disincentive.

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Saturday, May 14, 2011

What is an accountant?

What is an accountant?
i get so confused as to what they actually do ? can anyone explain in simple terms lol and how they do it ? is it good pay ? x
Financial Services - 3 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Hello, An accountant is someone who handles people's accounts for them. There are private accountants and public accountants. Yes, they can get paid a lot of money depending on who's account they handle. I hope that we have been a big help. -Alexander R. Fitch Answering & Co.
Answer 2 :
An accountant is someone who looks after the financial affairs say for instance businesses.He/She would keep records and address such issues as tax, vat, keeping accounts of what retail the business makes or in fact any losses.. As for salary i don't have a clue but i would say they would earn a few bob.
Answer 3 :
They are number crunchers, When you have money they will tell you that you don't have any, when you don't have any they will tell you that you have some. If you are making a profit then you aren't and if your making a loss your are, so you and the rest of us particularly the government haven't got the faintest idea what is going on. Simply really!

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Saturday, May 7, 2011

what the best route to becoming an accountant with only gcse's, over 25, living in london, pls help.?

what the best route to becoming an accountant with only gcse's, over 25, living in london, pls help.?
I'm really keen to get into this career path after looking after my children but don't know where to start, acca, aat, etc
Other - Education - 4 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
GCSEs aren't going to cut it. Get the relevant quals!
Answer 2 :
I know an accountant....they get paid a lot!!! However, GCSEs aren't gonna get you there! A level maths is advisable and A degree in necessary, check if Open University have any info. WHish you the best and hope you get the job!
Answer 3 :
Why not contact your local Adult education collage and see what they can offer I took GCSE Physiology last year and the tutors other (main subject ) was accountancy . There are advisers who can guide you in the courses you will need to take. we are fortunate that our technical college was given university status a few years ago so you can go from resitting GCSEs to a degree in the one college..Have you spoken to your job centre if you want to return to work after having your family they may have extra ways to help you.
Answer 4 :
-Hi, I'm also studying to be an accountant at 18 with only GCSE grades. -I've just applied for an accounting apprenticeship, which do not require previous experience of the subject. -They usually look for GCSE grades of C and above. -The one i have applied for is at the council in Brighton and they only accept ages 16-24 but its probably different in London. -If I get accepted I will be studying the AAT foundation certificate in a year (NVQ2), and then next year I will be studying the intermediate certificate (NVQ3). -To apply for an apprenticeship, you have to look for an employer that will take you on this course and as you gain work experience you will also receive either a fixed monthly salary or a minimum wage. -Try not to be put off if you find apprenticeships where the application requires AS/A2 grades or UCAS points because there are other courses that are set up especially for school leavers with only GCSE grades. Took me a while to find it! -An alternative is to study the AAT payroll administration part-time at college. The courses and qualification of AAT are the same of the apprenticeship that I just mentioned. The only difference is that you do not receive a wage, and you probably gain less experience as you are not in the actual work place of the accountancy. This is my back up plan if i don't get accepted for the finance apprentice. -Also if you decide to go to college to study A2/A2 accounting, there will be exemption on the examination for the AAT qualification. But it could take you longer. -My third back up plan is to study Maths, Accounting and a diploma for the Financial Studies certificate in college, which will take 2 years, and then i will go into uni and study accounting in further education. Hope this helps and good luck!

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Sunday, May 1, 2011

How long does it take accountants to earn top money?

How long does it take accountants to earn top money?
Do they have to have a lot of experience to start earning around 50-60 grand a year?
Higher Education (University +) - 3 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
That would depend upon how good they are, but in any case, 50 grand a year is not "top money"
Answer 2 :
The typical salary range for an accountant with 20 or more years of experience is $40,000-$56,000. In other words you may end up making more than $50,000 after 20 years of experience, but even with that experience your more likely to end up making less than $50,000.
Answer 3 :
Those who earn 50-60 grand per year are the one's who have gone to a good school and are working for a large/midtier firm, if not one of the Big 4.

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