Thank you Dan, I've been using Excel for years, but now I need to bite the bullet and use accounting software to do limited accounts.

@HeelanAssociates

2 жыл бұрын

Welcome to the future 😄

Thank you for such a clear explanation.

@HeelanAssociates

3 жыл бұрын

Thanks Kevin glad it was useful

Thank you for a very informative and well presented video.

@HeelanAssociates

Жыл бұрын

Glad it was helpful!

great videos keep it up

@HeelanAssociates

3 жыл бұрын

Glad you enjoy!

thank you good video

@HeelanAssociates

3 жыл бұрын

Glad you enjoyed Rahese

I'm in the UK, and have been keeping things in order for my accountant the old school way (spreadsheets, physical receipts etc) for a few years now. I'd like to make the jump to cloud software, but I am a little confused as to which would be the best one for me as a freelancer / sole trader. I don't need anything complicated, just income and expenses, possibly being able to categorise expenses, and the ability to generate invoices (with a business logo). I'd like a nice user interface too ^_^ Which would you recommend - Xero, Quickbooks, Freshbooks, Wave or FreeAgent?

@HeelanAssociates

2 жыл бұрын

Xero or QuickBooks would be our go to. Both will do what you are after! Wave is probably going away for UK customers, and was always a little buggy from our experience (could of improved lately). Freeagent is ok, but functionally (at the time of writing) not better than the other two; feedback from clients is they find it restrictive. Can be free with a natwest business account though.

Fast paced, quality information for a girl in Oz, just starting out! All relevant, now have some direction for what I need to further look into in Australia... Thanks so much 😁🙏🏼

@HeelanAssociates

2 жыл бұрын

Glad you enjoyed!

*SAGE salesperson has left the chat* ;)

@HeelanAssociates

3 жыл бұрын

😀😂

@riquepr

Жыл бұрын

🤣😂

Hi, thanks for these informative videos. I've been doing my bookkeeping with a physical book (and pencil!) for the past 12 years. I think it's time I upgraded. 😄 Can I use Xero to input my current tax year's information to complete my tax return? I'm really confused how to get started. Thanks!

@HeelanAssociates

2 жыл бұрын

Might be worth doing your tax return from old info, the starting fresh from April data. You can bring the old stuff in but might be a little overwhelming!

I've just discovered your videos. They are all extremely helpful. And straight to the point. Would you mind answering this.... What is your opinion on bookipi? It saves a sheet as CSV would this be acceptable to you as an accountant? Thank you

@HeelanAssociates

2 жыл бұрын

Hi James, we've not used it but having looked at it briefly, seems to have good features for invoicing. It's not a complete solution though from an accounting point of view as it doesn't do bank reconciliation or expense capturing, so you'd need that as well for the tax return.

Hi Dan - thanks for such a clear video! My husband and I own a convenience store based on a showground that is only open when events are on. We're a partnership and we've just registered for VAT on the Flat Rate Scheme. I've looked at some of the accounting software and have been reading comments on various forums and the general opinion seems to be that the software/apps aren't typically particularly useful for retail businesses. The main niggle seems to be that revenue isn't from invoicing but daily till takings. Also, most of the main players seem to be a bit clunky when it comes to the FRS. Any advice? Thanks Lisa

@HeelanAssociates

2 жыл бұрын

Xero - QuickBooks both handle it quite well now. Years ago used to be a pain, now it’s just an option to turn on. Takings wise you can deal with it in various ways in the software, but it’s honestly not a lot different. It might be you just have to translate a manual print from your till into app, but honestly it’s really quick. We’ve a ton of retail clients all on these. Retail book-keeping tends to be one of the harder things to book-keep generally though, just because of things like card machines and the like. But software wise totally suitable.

@lisabrown8644

2 жыл бұрын

@@HeelanAssociates Thanks Dan. What about the Flat Rate Scheme? Is that easy to handle?

Thanks for the informative video. I have got two questions: I have a limited company and registered in April 2020 and now I have a deadline to file accounts by the end of this month. I have not traded and not earned yet. I was wondering if it is better to change the activity of my company as dormant before filing my accounts or after that? Also, I have put some money on my business account as a director loan as I needed to pay my gym membership and mobile from my business account. Is there any problem if I pay from my business accounts once the company has registered as dormant?

@HeelanAssociates

2 жыл бұрын

Hi Leila, did you have a bank and bank transactions during the year of account you need to submit?

very useful info in your videos. Can you make a video relating self employment with Deliveroo, UberEats etc.

@HeelanAssociates

3 жыл бұрын

Any particular questions you'd like covered?

@edwardtamas6067

3 жыл бұрын

If you work with two different apps (Deliveroo, UberEats) is it ok to make one earnings spreadsheet for both or they have to be filed to hmrc under two different businesses as well? If in one tax year i was employed then stopped my employment and went self employed for the rest of the year, do i have to declare my employment income from that year as well? Hope my questions make sense, thank you in advance.

thanks for this :). does HMRC have free software for filing corporation tax?

@HeelanAssociates

3 жыл бұрын

It’s now possible, but we are yet to see it be used as you needs accoutant knowledge to do the accounts that go with it.

Loving the videos! :-) Just out of curiosity: does the Starling app not give you a lot of the functionality you're referring to? I know you won't get the full set of accounts; but you can upload photos easily to every transaction and it also pre-determines the cost category based on supplier (e.g McDonalds automatically categorised as food & bev'). I only ask as an accountant friend as recommended we use cloud accounting software .... but it sounds like a lot of the benefits are already free with Starling (fyi we're under the VAT threshold so not VAT complications!). Thanks in advance :-)

@HeelanAssociates

2 жыл бұрын

If you are non VAT registered sole trader, our initial look says it could be 'ok'. It's not a full accounting package though (currently), so doesn't give you some of the key reports needed for say a LTD, doesn't plug into other apps etc. It's not something (at the time of writing) we recommend, but these things are always developing!

Hi i have an onljne business, but i never really dont book keeping i just kept the reciepts and had an separate bank account for it, and what would i need to do to record my purchases for inventory and sales. what wpuld be your recomendation to me, for the near future?

@HeelanAssociates

Жыл бұрын

100% Xero or Quickbooks. Can make online business bookkeeping smooth once you get used to it.

Which software for UK ltd u would recommend?

@HeelanAssociates

3 жыл бұрын

QuickBooks or Xero 99% of the time.

When should one hire an accountant? how much you make or doesn't matter?

@HeelanAssociates

Жыл бұрын

Profits don’t matter (aside from ability to pay fees!). Having profits certainly helps though as tax savings can’t be made if none are due to be paid! As a limited company you may need one just to file the accounts to the various places for year end.

I am looking for accounting software that does not require an internet connection, one that I can install right into my windows 10 system. A program that is free or paid, hopefully under $100. Can you help Thank you in advance.

@HeelanAssociates

3 жыл бұрын

Hi, sadly not sure there is anything that fits that currently! Most of the free ones need internet and even many of the desktop ones will need to connect to verify a licence. Sorry that's not more help. One possible is VT book-keeping, here: www.vtsoftware.co.uk/

@greggmax3551

3 жыл бұрын

@@HeelanAssociates I can go to the Mall for the internet to validate the licence, that is no problem. It is the everyday use where there is no internet.

Has the HMRC now said that by April 2024, MTD will become law right?

@HeelanAssociates

2 жыл бұрын

For over £10,000 turnover that's the current idea yes, although it's been changed plenty of times...

@gerigame2995

2 жыл бұрын

@@HeelanAssociates hi, is there an update on this MDT for a sole trader that's vat free. What kind of app/ software u need to use- can u use a spreadsheet n then send to an accountant?

So with cloud accounting do you still need an accountant as well? or you can rely totally on the cloud software?

@HeelanAssociates

Жыл бұрын

It depends on your situation. Most of them won't file limited accounts for example. The usual use is to keep records on, then use these as the figures as a basis for submitting your returns and accounts (where needed), to which you may need an accountant/you may not. Main advice - investigate early how you will file and what you need to do. We see lots of people every week looking for help in say a weeks time deadline, and that's too sort a timeframe.

It was easy to set up and since not a big company did not need all the bells and whistle that cost a fortune to have and not use.

@HeelanAssociates

4 ай бұрын

🎉

Ay recommendations for accounting software for a small retail shop? I do not send out invoices I only receive invoices pay them and sell goods via card or cash.

@HeelanAssociates

Күн бұрын

Xero is ultimately the best at time of writing, often because your till system, if you have an electronic one, will usually be able to connect to it. Quickbooks also solid.

Does ebay uk remit taxes on our behalf somebody please answer this for me. its stupid how google does not answer this very simple question

@HeelanAssociates

2 жыл бұрын

Which taxes is the problem? They may have some interaction with VAT, but not other taxes.

4 year old video... did anything change? Only needed for VAT registered companies?

@HeelanAssociates

12 күн бұрын

We could update this for sure! Would recommend for all, but will be practically required to a degree for vat returns. Effectively nothing has changed.

THANK YOU FOR GREAT HELP BUT MAI I KNOW HOW TO CONTACT YOU PLEASE ?REGARDS GR

@HeelanAssociates

2 жыл бұрын

Hi there, contact details for our firm are in the description.

THANK YOU FOR GREAT HELP BUT MAI I KNOW HOW TO CONTACT YOU PLEASE ?REGARDS GR

@HeelanAssociates

2 жыл бұрын

Hi there, contact details for our firm are in each video description.