Invoicing

[namsag]

First one tonyboy yes have had investigation this year actually currently on going about to be finalised and they found nothing at all up with the way it is listed .

What do you think is wrong doing it that way genuine question.
Wouldyoulike.

Why would i need an accountant to grow my business i already have as much work as i want coming in and make a lot more than most people for a lot less hours.

I would not tell an accountant how to do there job so what does she know about the gas/heating industry if i was not clever enough or good enough i would not be relying on others

 

[WoodYouLike]

Wouldyoulike. Why would i need an accountant to grow my business i already have as much work as i want coming in and make a lot more than most people for a lot less hours.

I'm not saying YOU have to have an accountant helping your grow your business, I'm advising all new business to make sure the accountant they select does more than just the numbers.

and the name is wOOdyoulike

 

[namsag]

Was not clever enough to notice that but then again had a restfull few hours in the local.
One man bands plumbers /heating etc . What else do they need there accountants to do. It is all fixed allowances for what can be claimed etc . In your case with a shop etc with vastly different overheads then yes you would want them to know a lot more

 

[WoodYouLike]

Didn't mean to 'put you down' - but there's a lot in a name

Think we have to agree to disagree on the accountant subject - I know a lot of one-man band plumbers etc who do profit enormously from having a proper accountant/adviser.
Having a shop doesn't really make it different - we're a two-man band with perhaps a few more overhead items than the man with a van, but really not that many!

 

[tonybhoy]

First one one tonyboy yes have had investigation this year actually currently on going about to be finalised and they found nothing at all up with the way it is listed . What do you think is wrong doing it that way genuine question.

My accountant ensures that I have an invoice for every job now because that way it can be traced back if the bast,sorry taxman ever comes back.They even make me log my mileage in the van for personal and business use.

I had a tax investigation and was hammered precisely because I didn't have proper records (invoices) so couldn't argue when they said you owe us Y however the current accountant managed to minimise the damage done by the previous plonker of an accountant(sic)

I had some punters recorded,obviously but not all so they had me by the b@@lls.

This month I actually finish paying off the back tax and interest that I owed them and etc after three long years.

And,I had a w@nk of an accountant which didn't help ,the current one let's nothing go by and I mean nothing.They are tax specialists BTW.

They are expensive but the more you pay the less likely you will get a pull from the revenue.

I was with an accountant for about 15 years and moved to another one who retired within a year of me going to him and I was investigated as soon as he retired.The third accountant was worse than useless so the advice to get a decent accountant is probably the single most useful piece of advice you can get when you start up a business,unfortunately there are just as many dodgy accountants as there are dodgy tradesman.

I managed to pick two of them

 

[Thermo]

Was not clever enough to notice that but then again had a restfull few hours in the local.
One man bands plumbers /heating etc . What else do they need there accountants to do. It is all fixed allowances for what can be claimed etc . In your case with a shop etc with vastly different overheads then yes you would want them to know a lot more

ill be surprised if most one man bands or indeed companies are claiming all they are allowed to claim

 

[seco services]

Was not clever enough to notice that but then again had a restfull few hours in the local.
One man bands plumbers /heating etc . What else do they need there accountants to do. It is all fixed allowances for what can be claimed etc . In your case with a shop etc with vastly different overheads then yes you would want them to know a lot more

ill be surprised if most one man bands or indeed companies are claiming all they are allowed to claim

no i surpose we're not but i make sure i make that up in fiddling.

 

[Jamkaw]

Thanks for all your advice!!

It is taken on board and Im hoping to learn from where others have had problems in the past, just like any one of us on this site I guess.

 

[AJayGee]

Invoicing is important to you, your customer, the taxman and the VAT man. Plus your accountant. You must show paperwork for every transaction you carry out and keep it for seven years.

Have been in business since 1973. had a tax inspection. Not to be recommended. Never ever admit to them that you have taken cash.

Have developed a fully detailed invoice I designed myself with Microsoft Publisher and now print all my own stationary with same theme running through all.

Am proud to have so much detail on the invoice full name and address of company. telephone number. Trade Logo's etc. Plus a section detailing what was done. This is a good record for you and your customer.

A professional image is paramount. Have always charged as much as possible and never fallen for the cheap cash job. Am worth so much more than that. Customers will beat a path to your door if you do a cheap job for cash in hand.

Hope you get my gist.

 

[Goldspoon]

If you start as business - self employed or not - proper letterheads for quotes and invoicing etc makes you stand out from the 'cowboy' crowd.
Letterheads can be very simple plus if you have Word you can print them yourself very easily. Letterheads should contain company name, address, phone number and as JohnD said: your name trading as Plumber X if your bank account is in your name.

For simple accounting - like a ledger I can highly recommend this program: Rapid Cash Accounting Package (created by my own accountant)

Just bought it Looks just what I'm after.

 

[tonybhoy]

If you start as business - self employed or not - proper letterheads for quotes and invoicing etc makes you stand out from the 'cowboy' crowd.
Letterheads can be very simple plus if you have Word you can print them yourself very easily. Letterheads should contain company name, address, phone number and as JohnD said: your name trading as Plumber X if your bank account is in your name.

For simple accounting - like a ledger I can highly recommend this program: Rapid Cash Accounting Package (created by my own accountant)

Just bought it Looks just what I'm after.

Me too,I'm going to buy it shortly.

My own accountant gave me a small Excell programme that is a wee bit similar but nowhere near as comprehensive and for £18 you can hardly go wrong IMO.

 

[Softus]

...need to invoice the customer. What information should I include and legally what do I have to include?

If you're a limited company then the registered number.

If you're VAT registered then your VAT registration number and the amount of the VAT.

Otherwise, you can put on, or leave off, the invoice whatever you want.

How about receipts for jobs too?

What?

 

[Thermo]

not quite.

if youre a limited company you need the following:-

the full company name as it appears on the certificate of incorporation

any business name used in your business

an address where any legal documents can be delivered to you if you are using a business name

If youre a sole trader you need the following:-

any business name being used if the surname of the sole trader is not being used

an address where any legal documents can be delivered to you if you are using a business name

If youre Vat registered you also need the following:-

a unique and sequential identifying invoice number

your customer's name and address

your VAT registration number

date of supply to the customer

a description sufficient to identify the supply of goods or services
the quantity of the goods or services with a unit price - excluding VAT
name and address of your business

the rate of VAT per item

amount owed without VAT added

 

[Softus]

Oh yeah, you need all that too.

Barrack room lawyers.

 

[Thermo]

no the wifes an accountant!