DIY accounting software, tax
accounting, payroll software, limited company formation UK
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DIY Accounting Questions & Answers
Limited Company Accounting Software Questions
Q 1. Can I submit the published accounts this package produces straight to Companies House? A 1. Yes, the final abbreviated company accounts are automated and in the correct format for immediate submission to both HMRC and Companies House.. Companies House year end accounts submission require Title Page stating company name and address and registration number Profit and Loss Account for the accounting period Balance Sheet including statutory statements Notes to the accounts and preferably but not essential Directors Report HMRC year end accounts submission require Same as Companies House but including Directors Report plus Corporation Tax calculation CT600 Corporation Tax Return
Q 2. How do I issue a dividend voucher and calculate the dividend tax credit? A 2. The dividend is declared by the board of directors from the after tax profit. If the balance sheet includes retained earnings from previous years that amount can also be used to pay the dividend. The amount of dividend declared is paid to the shareholders who also receive a dividend voucher from the company which includes the 10% dividend tax credit. To calculate the dividend tax credit divide the actual dividend paid by 9 and the result is the tax credit. E.g. Dividend declared and paid £9,000, dividend tax credit is £1,000. More information about dividends, dividend tax credit, and the dividend tax rate.
Click here to obtain a FREE download of the limited company Dividend Voucher
Q 3. How do I integrate the payroll files into the limited company accounts? A 3. The limited company package includes a non working sample payroll file. Overwrite this file with the file of the same name included in the payroll package by saving the payroll files to the same folder as the limited company accounting files.
Q 4. I use a Vat Flat Rate Scheme, will the package produce my Vat returns ? A 4. Yes, the User Guide contains notes on how to enter the flat rate percentage on the sales sheet and also zero on the purchases sheet. Just the 2 entries and for the rest of the year the package automatically calculates vat at the flat rate percentage and expenses vat paid on purchases, producing a quarterly vat return.
Q 5. Do I still need an accountant to audit my accounts? A 5. Company accounts do need to be signed off but since you have effectively already done the accountants work then you should be looking for a substantial discount and be able to justify your accountants fees on the basis of the money that accountant saves you from his expert knowledge of financial and taxation matters.
Q 6 Do I need to submit a directors report with my year end accounts? A 6. Company accounts do need to include a company directors report when submitting the final accounts to HMRC. While Companies House accept abbreviated year end accounts HMRC request full accounts which include more detailed expenditure analysis as is provided in the DIY Accounting company accounts packages plus a company directors report which is also included.
Click here to obtain a FREE download of the limited company Directors Report
Q 7 How do I account for expenses paid for by a director? A 7. Enter the expenses on an expenses claim form which is then entered in purchases with the directors name as supplier. The total is then included in business costs and creditors. Pay the supplier, the director, with the relevant entry in say the bank account, coded to CR creditor. If the expenses are not actually paid then enter a payment to the director in the cash account spreadsheet coded to CR creditor. As not actually paid also enter a cash receipt in the cash account of the same value coded to directors loan account. Cash in and out is balanced and the transaction has effectively moved the amount owed from creditors to DLA Directors Loan Account. Subsequent drawings can be made from the directors loan account without tax implications.
Click here to obtain a FREE download of the limited company Expenses Claim Form
If you wish to ask a question please post your question in the DIY Accounting Teneric forum at http://forums.teneric.co.uk/diy-accounting/
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