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basic accounting and tax advice please

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learntojive | 00:24 Tue 24th Jul 2007 | Personal Finance
7 Answers
I'm doing some books for my friend who's a plumber, (he's a subcontracter, self employed) He's been paying an accountant �350 to do proper year end accounts which I don't think he really needs.
I've done some book keeping and tax but I'm not an accountant, I've got his accounts from last year and there's a couple of queries I have on the balance sheet. 1.Firstly does he need a balance sheet when he's not really a business as such, would just a profit and loss be adequate?
2.There's a large amount on there 'withdrawals' that I can't identify . Balance b'f/wd and profit from p&l and then this withdrawals is deducted. Is it so obvious I'm being a bit thick!
3. He's taxed on his pay under the construction industry scheme, where do I show that or is it just his gross pay that is on his accounts and then just put the tax on his tax return?
4. Is there anywhere I can read up on what he can and can't claim for on his expenses?
5. Am I ok doing this for him? it seems quite straightforward but I'd hate to get him in a mess and him wish he'd just paid the �350. It's basically just his pay and a few expenses for the tax return, there is some depreciation on last years balance sheet for the van, pc and mobile phone - is that just 25% off the carried forward amounts? (although I thought it was capital allowance rather deprecation that was allowable)

A bit of a jumble I know but I'd apprecate any help and advice anyone can give me. Thanks.

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I totally agree with Zacsmaster.

I quote "He's been paying an accountant �350 to do proper year end accounts which I don't think he really needs."

Well he obviously does need an account if your on here asking how to do the job!
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I was just trying to save a mate a few pounds ...thanks very much for your help
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basic accounting and tax advice please

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