DIY accounting and payroll
software limited company formation UK
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DIY Accounting Self employed Questions & Answers Self employed accounting software spreadsheets Questions
Q 1. Why is the monthly profit and loss account not updating from the sales and purchases accounts spreadsheets? A 1. Updating the profit and loss account in the financial accounts file is automated and so if this is not happening the links are not working. This may be because the file names have been changed which breaks the links. The most common reason is the way the accounts spreadsheets have been saved from the download page by opening the files first before saving them. When a file is opened first before saving your computer stores that file in a temporary internet folder and changes the links to temporary links. Then when you save that file you actually save those temporary links not the original links. Solution: Delete the files and Save the files again direct to your accounts folder without opening them first thereby preserving the original links.
Q 2.I have made a few entries on sales and purchases accounts spreadsheets which appear on the profit and loss account but do not appear on the list of expenses on the self employed tax return. A 2. The self employed tax return required to be completed in the UK is dependent upon the sales turnover. Small business with total sales income exceeding £64,000 for the financial year ending 5 April 2008 are required to complete the full self employed tax return while businesses with a turnover under £64,000 may complete the short version of the self employed tax return.. For 2007-08 the £64,000 threshold for the full self employed tax return was also the vat threshold limit. For 2008-09 the threshold limit for vat was increased to £67,000 and may also be applicable to the 2008-09 self employed tax return but has not been announced at the time of writing.
In addition if the sales income is less than £30,000 then it is not necessary to complete all the individual expense classifications. The excel formulae within the financial accounts file automatically fill in the short or full tax return and only fill in the detailed expense classifications if required to do so.
Q 4. I use a Vat Flat Rate Scheme, will the package produce my quarterly vat returns ? A 4. Yes, the User Guide contains notes on how to enter the vat flat rate percentage on the sales sheet. Just the single entry on the sales sheet and the rest of the year the package automatically calculates vat at the flat rate percentage and expenses vat paid on purchases at the zero vat rate, producing a quarterly vat return.
Q 5. Can you tell me if the self employed package comes with a balance sheet or not, I can see that the limited company accounts does. A 5 Producing a balance sheet is optional for self employed business and not an essential requirement of completing the self employed tax return. The Self employed accounts package is based upon single entry bookkeeping and does not produce a balance sheet while the limited company accounting package does produce a balance sheet as it is a legal requirement for a limited liability company
Q 6 Do I purchase a new software package each financial year or can the software be updated for more than one years accounts. A 6 As the accounting spreadsheets and payroll packages include that years tax rules to enable the packages to automate the production of that financial years tax returns then each year has new tax rules embedded and being on excel rather than a database then it is necessary to purchase a new package each year. The prices for the new accounts packages are less than many other companies charge simply for updates.
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