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Phil Richards asked a question in socialmedian on October 22, 2009 10:36:

RSS feed not updating News Network

I added an RSS feed from FriendFeed into my News Network - This RSS feed is updated regularly and has plenty of posts. But since I added it, no new posts appear in my network.

Why ?

Phil Richards asked a question in socialmedian on October 12, 2009 07:15:

Sources for networks

I have create a group on Friend Feed for IR35 ( an interesting subject for me !). I use about 20 feeds in from various sources
I have used that for the only source for my social median network IR35.

Right thing to do ? Or should I put each of the Friend Feed sources as an individual source in the Social Median network ? ideas anyone ? Advantages/Disadvantages of either ?

Phil Richards reported a problem in Mr. Tweet on July 27, 2009 08:33:

Recomendation did not appear on my Mr Tweet profile

karenpurves #MrTweet I recommend @philrichards because he's a font of knowledge on tax implications on being self employed.

Phil Richards replied on July 07, 2009 15:06 to the question "How can I display Director's drawings from a company I used to be a director of in a sole trader account?" in FreeAgent Central:

Hi Kirsty, sorry for the delay in replying, I had a long weekend away.

The difference is as follows:-

1. Drawings refer to sole traders and partners in a partnership who tend to draw money ot of the business but are taxed on all the profits ( or in the case of a partner their share of the profits ).
2. Dividends are paid by a company to a shareholder of a company. A person does not just draw money out of teh company, like you would as a sole trader or partner, as the money belongs to the company. the only way to extract money is by way of 1) a loan from the company to the person 2) salary 3) expenses 4) dividends

I hope that explains a bit further.

Phil

Phil Richards replied on June 26, 2009 10:22 to the question "Calculating Director's NICs" in FreeAgent Central:

Hi
I think that the easiest option with this is to run the payroll in FreeAgent for the whole of a tax year as you want it, i.e. Directors NI. This assumes the person has been a director for the whole of the tax year in question.
This will leave you a total liability for tax and NI for the whole year. What you have actually paid during the year is then taken off what you owe during the year, leaving you with a balance.
I hope that helps
Phil

Phil Richards replied on June 24, 2009 11:03 to the question "Advice Sought: From Sole Traders To LLP or Ltd" in FreeAgent Central:

Hi Phil
This page on our blog might help you
http://www.bfca.eu/blog/?page_id=1949

The spreadsheet mentioned looks at Ltd Company V Umbrella V Sole Trader V Partnership V PAYE and should give you soemthing to work with.

LLP's are useful but to be honest i think admin is easier on a Ltd Co as more systems are set up for it ( being a more popular structure - giving the same benefits as an LLP ).

Phil

Phil Richards replied on June 11, 2009 17:48 to the question "What do I categorise this tax as?" in FreeAgent Central:

Hi Chris,
I assume you are a sole trader, you would be best to account for the net interest after the tax has been deducted.

Phil

Phil Richards replied on June 11, 2009 17:05 to the idea "PCG Subscription Handling - Not allowable for corporation tax" in FreeAgent Central:

I agree with the comments about the Memberships and wrote about this a few weeks ago http://www.bfca.eu/blog/?page_id=1429 . Its actually not just the PCG but other membership organisations that are affected, but there is a list of HMRC approved organsiations that you can deduct against tax.

PCG members can request the document, I do not think its available as a link.

I would also put into Business Entertaining and treat it as described.

Phil Richards replied on June 11, 2009 16:56 to the question "How to raise a Proforma Invoice" in FreeAgent Central:

Hi Matthew,
Two ways I think you could handle this:-

A) On the invoice enter a line for a comment and put " Pro Forma Invoice - A VAT Invoice will be issued on receipts of payment"

B) Maybe use an estimate - but put the same comment line in

Neither are perfect I know, but a reasonably acceptable work round which your prospective client should be ok with.

Failing that a word doc :-)

As far as the timing is concerned from an accountancy point of view, there is no problem raising an invoice before services are rendered. The tax point will be date of the invoice for vat, as fars as accounting is concerned afterwards, it would depend on whether the services is eventually rendered or not !

Phil

Phil Richards replied on June 11, 2009 16:51 to the question "How to handle a Deposit paid on an office" in FreeAgent Central:

Hi Paul,

You also have the option after entering the transaction as Olly described as identifying the payment as a "prepayment" which will be held as an asset of the company on the balance sheet.

By creating this transaction you would increase your profit, and corporation tax liability, but identify the deposit, not as a cost, but as a refundable deposit.

To create this, after posting the transaction as Olly suggested then you would use Accounting>Journal Entries

You need to do two entries
a) CR (use a minus figure ) Office Costs
b) DR Prepayments

Once you have done this check your Trial Balance still balances.

Phil

Phil Richards replied on June 11, 2009 06:48 to the question "What Employee access permissions would you like to see?" in FreeAgent Central:

I agree with Colin's points 2,3,4 and am not sure about 1.

It reminded me that it would be good to enter an Employee/Director/Shareholder and not have to enter an email address , obviously in the case where you just want the same and "account" in there and no access.

Phil Richards replied on June 09, 2009 14:05 to the question "What Employee access permissions would you like to see?" in FreeAgent Central:

OK here is the why:-

1. You may want someone, an employee, to set up your projects, but not know how much you are invoicing.
2. You may want an(other) employee to invoice and do timesheets for you.
3. You may want an(other) employee to enter costs ( bills )
4. You may not want the employee doing invoicing to also be able to access you bank account details. But on the other hand you may want them too to enter the bankings and to manage your debtors. ( Same for bills )
5. Expenses and Payroll - Be nice if an employee could access this online.

I know you have to consider target market etc... so my suggestions ignore that on purpose and go straight for "perfect world" IMHO.

I did think about Employee acess to Journal Entries and Taxation but got a bit hung up on it so decdied to sit on the fence on those.

Phil Richards replied on June 09, 2009 13:29 to the question "What Employee access permissions would you like to see?" in FreeAgent Central:

Hi Roan

1. Contacts/Projects Only
2. Invoicing Only
3. Bills Only
4. Banking Only
4. Any Combination of 1,2 ,3,4
4. Expenses Only for that employee
5. Payroll Only for that employee

Phil Richards replied on June 09, 2009 13:24 to the question "Refund of payment to an initial trade creditor, help?" in FreeAgent Central:

Hi Emz,
It sounds as if you need to account for the refund as a credit note first ( so that your P&L correctly reflects a cost refunded ) and then explain the bank refund transaction to the credit note ( so your bank and trade creditors balance ).
Phil

Phil Richards started following the idea "directors loan account as a visible account under Banking" in FreeAgent Central.

Phil Richards replied on June 08, 2009 06:23 to the problem "VAT number not displaying on a paid Invoice" in FreeAgent Central:

Phew :-) Thanks for letting me know

Phil Richards replied on June 07, 2009 11:25 to the problem "VAT number not displaying on a paid Invoice" in FreeAgent Central:

Thanks James, You could go to the bank account and click on the transaction and "remove explanation". Once you have done that then you can go back to invoicing and make the invoice draft again.

Phil Richards replied on June 06, 2009 12:42 to the problem "VAT number not displaying on a paid Invoice" in FreeAgent Central:

Did you try making the invoice draft again, and going back to edit details then to reissue the invoice so FAC picks up the VAT number again ? ( Just an idea, I didnt test this )

Phil Richards replied on June 06, 2009 12:38 to the question "Need help adding a payment entry for Professional Indemity Insurance!" in FreeAgent Central:

Hi Matt,

There is no VAT On the PI Insurance, and I would put it under Insurance rather than Legal and Professional fees.

Phil

BFCA Limited Chartered Accounatnts gave praise in Ping.fm on June 05, 2009 06:06:

Great

Thanks :-) Great Service, I was up and running in no time !