Random Friday Blog » Happy Accountant: Accounting Blog & Online Accountant

Choosing Bookkeeping/Accounts Software
* Choosing bookkeeping or accounting software for your business or organisation is a big step. There is so much available on the market, with new vendors and products coming out all the time. So, how do you decide which is the best for you? How much you are prepared to pay? There is such range of [read more]
The Consequences of Being Inside IR35
*The financial consequences of being inside IR35 are mainly (there are other consequences) you lose the tax-avoidance facility of dividends. Essentially, if you are within IR35, you must calculate a “deemed payment” and pay NICs and PAYE (tax) on that deemed payment. The tax-deductible amounts that you can claim in travel and expenses will also [read more]
When to Register as an Employer
*As soon as you take anyone on where any of the following conditions apply, you need to register with HMRC as an employee. the employee already has another job the employee receives a pension (state or occupational) the employee will earn at or over the PAYE (tax) threshold the employee will earn at or over [read more]
SAGE VAT codes
*Sage uses the following codes for VAT: T0 – zero rate VAT T1 – standard rate VAT T2 – exempt (eg. stamps, insurance, aire fares, bank charges, financial services T4 – EC Sales T5 – lower rate VAT (eg. electricity, gas, women’s sanitary products) T9 – not involving VAT/outside scope of VAT (eg. suppliers that [read more]
Registering for VAT and Keeping VAT records
*You must register for VAT with HMRC. This can be done using a paper form or online. Once registered, you generally have to keep reocrds of: the VAT you charge on your sales (output VAT) the VAT you have paid on your purchases (input VAT) the total amount of sales excluding VAT the total amount [read more]
Using Excel for Accounts and Bookkeeping
*The great thing about MS Excel (and others say it’s greatest downfall) is that it is so adaptable and because it normally comes bundled with the PC you bought for your business, it’s cheaper than buying accounting software. For start ups and possibly for the sole trader or small limited company, it’s a very easy way of keeping track [read more]
Why have an Accountant?
*Because… Doing the accounts takes you away from your real business An accountant could do the job quicker and more accurately An accountant could save you money in the form of tax-savings as well as sometimes finding other areas for savings and efficiencies. Professionally produced year end accounts will be taken more seriously by banks and [read more]
What is the Difference between Bookkeeping and Accounting?
*The two really overlap: Bookkeeping is part of accounting. It is the recording of the day to day transactions of a business – either in “manual” books, or on computer software or spreadsheets. Therefore, bookkeeping can play an important role in the efficient running of a business: Purchase Ledger – A business needs to pay [read more]
Simple Bookkeeping
*You need three basic “books” (or ledgers): – a cashbook to record all cash/cheques/bank transfers going in and out of your business – a purchase ledger, to record details of all the purchases that you make – a sales ledger to record details of all the sales that you make (if you are a retail outlet, [read more]
Advantages of a limited company
*Obviously, the main attraction of forming a limited company is the “limited liability” of its owners, the shareholders, as it protects the personal assets of the owners. Should the company fail, the company is liable without limit for its own debts, but its shareholders’ liability is limited to the amount oustanding (if any) on their [read more]
What do you need to set up a company
*Essentially, before you begin, you need: a company name, which can be almost any name that has not previously been registered. a Director a Company Secretary (which cannot be the sole director) (or you could have two directors, one of whom could also act as Company Secretary) a shareholder (which can be either the director [read more]
Choosing Your Accountant
* Speak to your prospective accountant on the phone first and then, if you are still happy, set up an initial meeting – which should be free of charge. Ensure that they are professionally qualified and are current members of a professional body (Chartered Accountant (ICAEW/ICAS/ICAI), Chartered Management Accountant (CIMA), Chartered Certified Accountant (ACCA) for [read more]

Signs that you need a new Accountant 28/10/2011 Signs that you need a new Accountant Posted by Happy Accountant at 9:00 am No Responses Accountant, In Business, Random Friday Blog *Every now and again, someone posts in a business forum to say that they are not happy with their accountant for various reasons, such as: not getting any support or advice from their accountant, unexpected bills from their accountant, they’ve asked a question and they don’t understand the accountant’s answer and so on… For example, [read more] Full Article	Most Innovative Accountant Nomination 21/10/2011 Most Innovative Accountant Nomination Posted by Happy Accountant at 9:30 am No Responses Accountant, Random Friday Blog *Last month, I discovered that the very lovely people at The Book-keepers Forum had nominated Figurate Ltd for an award. Just to be nominated is absolutely brilliant and I feel very honoured to have been so. To vote in the awards, please visit the website. (Note that your vote is not confirmed until you click [read more] Full Article
Using Forums 21/10/2011 Using Forums Posted by Happy Accountant at 9:00 am 2 Responses Random Friday Blog *As I’ve said previously, I do frequent various forums. Some of them I just check into now and again and others more regularly. They are a great way of sharing information, raising your profile, and getting the odd tip. Each forum has it’s own unique “atmosphere” and some are more helpful than others. Forums can [read more] Full Article	How I don’t use Twitter 23/09/2011 How I don’t use Twitter Posted by Happy Accountant at 8:30 pm No Responses Accountant, Random Friday Blog *Yesterday, Mark Lee (BookMarkLee, tax advice network, speaker & writer on social media for accountants, tax, and practice positioning & development), had a little Twitter Competition on the subject of Why Bother with Social Media. He asked: Any accountants who’d like a mention during my talk @ #clouda21 , please answer the Q: Why should [read more] Full Article
Internet Presence 29/07/2011 Internet Presence Posted by Happy Accountant at 9:00 am No Responses Random Friday Blog *HappyAccountant.com is the accounting, bookkeeping and tax blog from Figurate Ltd. The company has a main website, a Linked In profile, a Facebook page and I have a personal Linked In Profile and I tweet for the company under the @Figurate handle. (The blog also has it’s own Twitter feed.) In addition to this, I occasionally [read more] Full Article	Twitter 27/08/2010 Twitter Posted by Happy Accountant at 10:00 am No Responses Random Friday Blog I’ve finally joined Twitter, which you should also be able to see from the feed on the right. So, I’ve had a bit of fun setting that up (no, really, I have). I wish I’d done it sooner! There is also a twitter feed for the HappyAccountant Blog at @HappyAcc Full Article
Plagiarism 15/09/2008 Plagiarism Posted by Happy Accountant at 9:00 am 1 Response Random Friday Blog *While updating my bloglines button, I stumbled across a website by an accountant from outside the UK. Nothing unusual so far apart from their content is almost entirely copied from my company’s old website, which is also still live. Now, I don’t mean that he’s just borrowed the odd bit here and there. I mean they have [read more] Full Article