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The challenge of getting your accounts system to work with changes made by the tax man and how he wants VAT recorded from now on for Principal Contractors and Subcontractors in the construction industry |
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Written by Nilsson Denver
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Tuesday, 26 August 2008 05:01 |
On the Revenue Commissioners Site is where you can find all the details about the new rules regarding VAT to be charged by sub-contractors to principal contractors. These rules come into affect on the 1st September 2008.
The Revenue Commissioners also have a check list for:
Principal Contractors
Sub-Contractors
Practitioners
Public Bodies
But these check lists do not deal with the changes required for your accounting software.
The item you need to be most concerned with is that as a subcontractor you will be paying less VAT to the Revenue Commissioners each month. So if you are paying a fixed VAT amount every month to the Revenue Commissioners consider |
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Last Updated on Monday, 08 June 2009 12:07 |
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The essential tools needed by a bookkeeper to work efficiently. |
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Written by Nilsson Denver
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Tuesday, 19 August 2008 05:01 |
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To do our job we need certain pieces of office equipment and stationery on hand at all times
1. Most important a good calculator with numeric keys that fits your fingers and a screen you can read
2. A desk tidy to keep all your pens, paper clips, markers etc. in your desk drawer or on your desk
3. At least one red and one blue pen (or black) to ensure you can always write something!
4. A highlighter pen for highlighting important items on reports |
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Last Updated on Tuesday, 19 August 2008 06:57 |
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Cost of Sale (Resale) item and Expense (Non Resale) item and how to distinguish which is which? |
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Written by Nilsson Denver
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Tuesday, 12 August 2008 05:01 |
A simple Profit and Loss account looks like this:
Sales
less Cost of Sales
= Gross Profit
Less Expenses (Overheads)
= Net Profit
From your Gross Profit you can calculate your markup on costs and your profit margin as a percentage of sales. So if you place an expense in your cost of sales or a cost of sale in an expense account, the calculation of your markup and margins will be wrong. So how do we know what is a cost of sale and what is an expense?
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Last Updated on Tuesday, 12 August 2008 20:56 |
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Why you should keep copies of purchase invoices received for fixed assets |
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Written by Nilsson Denver
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Tuesday, 05 August 2008 05:01 |
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A fixed asset is something like a computer or a car. When you buy or lease a fixed asset you should keep a copy of the invoice to know what fixed assets you own. On your balance sheet there is a value for fixed assets, wouldn't it be useful if you knew what made up this figure.
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Last Updated on Monday, 04 August 2008 19:48 |
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Should you be registered for V.A.T. (Value Added Tax)? |
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Written by Nilsson Denver
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Tuesday, 29 July 2008 05:01 |
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Do you need to be registered for V.A.T? Just because you set up in business does not mean you need to be registered for V.A.T.
In Ireland the thresholds for compulsory registration are
€37,500 in the case of services, and
€75,000 in the ase of goods.
These thresholds take effect from 1 May 2008
In the UK and Northern Ireland
Sales above £67,000 requires compulsory registration
In Ireland we differentiate between sales of services and sales of goods.
Why would you register for VAT if your sales are below the registration threshold? |
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Last Updated on Monday, 28 July 2008 22:47 |
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