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 £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 :
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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 28, 2011
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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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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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 £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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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 £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.
Read more other entries :
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