Stuart Jones's dashboard

Stuart Jones replied on September 07, 2009 11:35 to the question "How to code expenses for food & drink?" in FreeAgent Central:

1. 285 Accommodation and Meals
2. 285 Accommodation and Meals
3. 280 Sundries
4. 283 Motor Expenses

Stuart Jones replied on September 07, 2009 10:49 to the idea "Invoice Tagging" in FreeAgent Central:

Damn it, Roan, I'll now have to come up with some ideas! :-)

A comment on the question "Download all data for a date range" in FreeAgent Central:

I agree Stephen it is a good idea. You can't be too careful. – Stuart Jones, on September 05, 2009 09:18

Stuart Jones replied on September 03, 2009 20:16 to the idea "Invoice Tagging" in FreeAgent Central:

WOW! That's pretty ambitious but I am impressed. Anything which allows businessses to manage (make sense of) their figures must be good. I don't envy the FreeAgent team developing it though, unless it's easier than I (as an accountant) think.

Stuart Jones replied on August 21, 2009 08:17 to the question "Does FreeAgent allow for Non-CT Taxable Expenses?" in FreeAgent Central:

I'm puzzled Kane. Why not let your accountant sort this out for you when he completes the corporation tax return? If you want to help him why not make a note in the description that it is disallowable?

Stuart Jones replied on August 18, 2009 12:54 to the idea "Cannot specify date & location of Directors meeting in Dividend Vouchers" in FreeAgent Central:

This is a great improvement but I think you'll have to be careful with interim and final dividends as different dates are applied to the dividend. ( In simple terms, interim when paid and final when voted on by shareholders).

You may also need to include an option to adjust for waived dividends.

Stuart Jones replied on August 18, 2009 11:00 to the question "Payments to credit card from personal bank account" in FreeAgent Central:

It's always been best practice to have explanations with all journals. If I was doing the journal my explanation would be

"Adjustment for payment to credit card made from private account!

Stuart Jones replied on August 18, 2009 07:46 to the problem "Adding a director start date effects payroll deductions" in FreeAgent Central:

I presume you're doing this to see what is the best way to pay yourself for the year. If you have an accountant you should speak to him as he should be able to save you paying too much tax.

If he is indifferent about the problem find another accountant!

Stuart Jones replied on August 18, 2009 07:39 to the question "Payments to credit card from personal bank account" in FreeAgent Central:

Use a journal entry for each payment:

Debit Business credit card
Credit Capital introduced

Let me know if you have any problems

Stuart Jones replied on August 17, 2009 10:14 to the discussion "Why is VAT added when I rebill zero-rated expenses?" in FreeAgent Central:

I stand corrected I can now e-mail HMRC with my query. It takes up to 15 days for a reply.

It did take ten minutes on the phone to the call centre and a request to speak to a supervisor before I was "allowed" this information.

Stuart Jones replied on August 17, 2009 09:50 to the discussion "Why is VAT added when I rebill zero-rated expenses?" in FreeAgent Central:

This extract from the HMRC website may help in the meantime (my use of bold )

You may treat a payment to a third party as a disbursement for VAT purposes if all the following conditions are met:

1. You acted as the agent of your client when you paid the third party;
2. Your client actually received and used the goods or services provided by the third party ( this condition usually prevents the agent’s own travelling and subsistence expenses, telephone bills, postage, and other costs being treated as disbursements for VAT purposes )

Stuart Jones replied on August 17, 2009 09:46 to the discussion "Why is VAT added when I rebill zero-rated expenses?" in FreeAgent Central:

No chance I still have to deal with the same contacts at the same call centres as you.

Believe it or not I have to put the question in writing and wait for a written reply!

Stuart Jones replied on August 17, 2009 09:33 to the discussion "Why is VAT added when I rebill zero-rated expenses?" in FreeAgent Central:

Just back from holiday and Sod's Law means that one of my client's didn't add VAT to mileage expenses but agency when they paid him treated mileage as VAT inclusive.

I'm going to sort this out once and for all!

Stuart Jones replied on August 01, 2009 05:48 to the discussion "Why is VAT added when I rebill zero-rated expenses?" in FreeAgent Central:

It will take a few weeks but leave it with me.

Stuart Jones replied on July 30, 2009 20:17 to the question "Vat exempt vs Zero rated on invoice line item" in FreeAgent Central:

"VAT rates explained: standard, reduced, zero, exempt" on the HMRC website is worth a read if you want to understand these terms. http://www.hmrc.gov.uk/vat/forms-rate...

Stuart Jones replied on July 30, 2009 20:03 to the discussion "Why is VAT added when I rebill zero-rated expenses?" in FreeAgent Central:

You're right Ed. there is an example in the VAT Guide http://customs.hmrc.gov.uk/channelsPo...

Example 3:

A consultant is instructed by the client to fly to Scotland to perform some work.

VAT treatment:

The consultant cannot treat the air fare as a disbursement for VAT purposes. The supply by the airline is a supply to the consultant, not to the client. The recovery of outlay by the consultant represents part of the overall value of the consultant’s supply of services to the client. The consultant must account for output tax on the full value of this supply.

An air fare doesn't have VAT added to it but when it is re-charged to a client it does.

Stuart Jones replied on July 28, 2009 05:30 to the question "notes to the accounts" in FreeAgent Central:

We may be able to help but it depends on your deadline.

Stuart Jones replied on July 27, 2009 15:35 to the question "notes to the accounts" in FreeAgent Central:

FreeAgent doesn't generate these. You have two choices:

Employ an accountant; or
Learn what's required and do it yourself (Not easy!)

Stuart Jones replied on July 27, 2009 10:22 to the question "Can I split income for VAT caculations?" in FreeAgent Central:

Would issuing two invoice sort this out i.e. one for UK sales with VAT added to it and the other for EU businesses/rest of the world sales without VAT?

Stuart Jones marked one of SimonKensington's replies in FreeAgent Central as useful. SimonKensington replied to the question "Unpaid share capital - how to describe as debtor?".