VAT and Corp Tax Preperation - any guidance

[graemep]

Hi all

Formed a new company with my 2 business partners in July, we started trading in October this year.

We are VAT registered, just a query on books really - we are being very anal and keeping all transaction details in Excel format with VAT calculations both ways, and receipt references etc month by month.

Is there anything else we should consider to keep our accounts tidy ready for our accountant to prepare our returns at the end of our financial year?

Rgds

Graeme

[Eric Mc]

Keep EVERYTHING.

All sales invoices
All purchase invoices and expense receipts
All bank statements
All cheque stubbs (properly completed)
All bank paying-in stubbs
All credit card statements
All credit card expense vouchers
All minutes of formal directors' and members' meetings - especially regarding decisions on salaries, salary bonuses and dividends

Your current book-keping system (i.e. Excel) will probably be adequate for the moment but Excel does have its limits and may prove less than adequate if the company and the volume of its transactions grows.

Edited by Eric Mc on Monday 27th November 15:09

[JonRB]

Blimey Eric, did you have a liquid lunch or are you typing with boxing gloves on?

[Eric Mc]

Trying to type too fast for my own good.

The only liquid consumption I've had today is Nescafe's best.

(I've now tidied the post up a bit to make it semi-legible at least).

Edited by Eric Mc on Monday 27th November 15:10

[JonRB]

Aww, that takes all the fun out of it. I should have quoted you.