How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask taxadvisor.uk Your Own Question
taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4983
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
54961312
Type Your Tax Question Here...
taxadvisor.uk is online now

we are a new ltd company not use to vat paye can you advise

Resolved Question:

Hi we are a new ltd company not use to vat paye can you advise me on the best cost affective package for a new start up
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.

Hello and welcome to the site. Thank you for your question.

How long have you traded?
Are you registered for VAT?

Are you conversant with basic accounting?

How many staff do you employ?

Many thanks

Customer: replied 2 years ago.
We became a company in August 2014
But have been running the business under another company as we had no credentials at the time
We turned over £300k between oct2014 feb2015 and have a lot of work on the books so it's time to trade on our own I think
So I need to reg for vat our first return is due in august and I need a program for payroll
I am a hairdresser by trade not a book keeper but I am bright and can soon pick things up
Expert:  taxadvisor.uk replied 2 years ago.
Thank you for your prompt and detailed reply.

Here is practical advice based on extensive experience as a qualified and practising accountant.

I do a lot of work using excel spreadsheets. I have a standard layout and refine it for clients based on business activities. I use these to prepare VAT returns and the same spreadsheets also act to analyse income/expenses into different nominal ledger headings for management and final accounts.

I can share the spreadsheets with my clients for inputting/updating.

I use spreadsheet as a cash book too.

Having said this, I have found accounting software quick books more user friendly and would certainly do the job for your start-up company. Its not that expensive either.

As far as payroll goes, I have found HMRC basic PAYE Tools software adequate for my client needs. It depends how many staff you employ and whether their status is that of self employed or employed.

This software is free and I have been using it for a few years and it's been fine.
I produce payslips on word document (again a template in use).

You could buy payroll software for around £100.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 2 years ago.
Is software quick books a program I buy and do I log in to hmrc to use paye tool ??
Expert:  taxadvisor.uk replied 2 years ago.
Thank you for your reply.

Quick Books is accounting software you can buy online and/or at big stores.

You download HMRC Basic PAYE Tools software from HMRC site and use it on your PC/laptop. More information on this can be found here

https://www.gov.uk/business-tax/paye


I hope this is helpful and answers your question.
taxadvisor.uk and other Tax Specialists are ready to help you