Would anyone be able to recommend an accountant? Looking for someone to start with that can offer basic services such as:
- Statutory reports
- VAT submissions
- Working out tax liabilities etc
In time I’ll probably need some help with reducing tax burden / cash flow optimisation
Preferably cheaper but it’s not too much of a priority as I don’t want to be this young and in trouble with HMRC
Also wondering if someone can give me some general business tips, for example how much do you put aside for tax from each sale (presumably the 20% VAT and then another 20% corporate tax, so 40% of total on each customer invoice?)
Do you have a budget in mind for an accountant? We have one local to us who’s great, but he comes at a price!
VAT submissions can be pretty straightforward though, depending on your circumstances. E.g. do you trade outside of the UK, CIS registered, etc.?
Since my ideas are generally based around software solutions, I don’t want to cut myself out of the 420m strong EU market
Won’t be CIS registering due to not being in construction obviously
Company is in Perth? Like, Australian Perth? Noticing that the website is in £ values but the company registration number looks a tad weird too
I think that may be Perth, as in Scotland Perth
Yea, EU VAT rules aren’t fantastically straightforward, especially when it comes to MOSS (‘Mini One-Stop Shop’) being included too.
What I was going to suggest is using a software package that can handle all the VAT things for you, when entering your sales and purchases for example, it would calculate the figures to be sent via MTD (Making Tax Digital). MOSS and the likes makes that a bit trickier, but it still may be worth looking at that.
Happy to drop you a message with some links though (including 2 accountants)
Or Dundee, Canada? (there are actually 3 Dundees in Canada - go figure)
MOSS isn’t applicable for new UK sign ups since we’ve left the EU, AFAIK
I’m more than interested in hearing about how to make tax more digital and cut out a lot of the accountant, I’m quite new to trying to actually act on this but I’m quite adverse to making myself look stupid and also getting in trouble with the tax man
I decided to Google it on your suggestion
I can count on your vote now I hope
Are you Scottish by any chance? Maybe Google is tailoring it because it knows I’m from England and more likely to be talking about Australian Perth
I’m gonna be controversial here, and suggest that while Perth, Scotland isn’t exactly an international metropolis, its big enough that one should know of its existence without Google
I do not know of any places in Scotland that don’t meet the following criteria:
- Duncan Bannatyne’s birthplace
- Capital of Scotland
- The other big city where I applied to their university and they rejected me (thanks Glasgow)
EU sales isn’t something I do, so I’m a bit flakey there I’ll admit.
From a bit of Googling though, I found the following on
an Austrialian a Scottish accountants website:
One point to note is that when the UK leaves the EU, all supplies of digital services to customers in EU member states become liable for VAT in the consumer’s member state and the £8,818 annual threshold for cross-border sales of digital services to EU consumers will no longer apply.
Businesses will have to charge VAT at the rate where their customer is based and declare those sales to the relevant EU member state. To declare the VAT charge, the business can register for VAT in each EU member state where sales are made or register for the VAT MOSS ‘non-union’ scheme in an EU member state.
That may be one area to get advice on.
15 posts were split to a new topic: Tax selling to the EU post-Brexit
Maybe Brexit should be left for another thread
But back to your query - the whole what to charge and what to report thing may be best for an accountant in all honesty.
But these may help with the MTD side of things, and finding an accountant -