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• # 83330
• Wed 20 Jun 2012 09:26 PM

I have been approached about the possibility of undertaking work for a fledgling ltd company which sells products overseas via an on-line shop. This could potentially be my first client however and I wanted to clarify a)what I can offer as AICB in terms of work towards the P & L and Balance sheet b) is HMRC the best place to look for information about VAT when trading overseas?

Any tips or advice about things I might need to be aware of would be gratefully received,


Thank you

Georgina Timson      

• Georgina
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• # 83332
• Thu 21 Jun 2012 07:39 AM

Hi Georgina,

Profit & Loss and Balance Sheet are not covered with AICB, for LTD's.

This topic should help you:

http://my.bookkeepers.org.uk/Forum.aspx?type=&cid=0&tid=83741&lp=80674&page=1&sort=

And quoting from the topic:

AICB

• Can carry out bookkeeping to Trial Balance on all business entities (Sole Traders, Partnerships and Limited Companies)
• Can produce and file VAT returns
• Can produce final accounts for a sole traders
• Can carry out credit control on behalf of clients for all business entities
• Can Produce cash flow forecasts for all business entities

If you have passed the Self Assessment Exam and upgraded your membership in addition to the final accounts you can also do their self assessment tax return.

AICB PM.dip

• Can do all the above and in addition can calculate payroll’s and file the various payroll returns
  

• www.berrybookkeeping.co.uk
  
  My responses are based on my opinions, not necessarily facts.
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• # 83335
• Thu 21 Jun 2012 04:34 PM

Hi Georgina

Although P&L`s and BS`s are not covered up to AICB level for Limited Companies it`s a bit of a grey area. I am an AICB and do the bookkeeping for a couple of Ltd companies using their sage software on their computers. While I`m away from their offices both of these clients go onto their computers and print off all sorts of reports including P&L`s, BS`s etc and I cant really stop them.

Steve

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• # 83337
• Thu 21 Jun 2012 05:06 PM

Thanks Steve and Kerry B, that's very helpful,


Georgina  

• Georgina
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• # 83359
• Fri 22 Jun 2012 05:22 PM

Hi Georgina,

When you are entering transactions for your client (assuming they are using accounts software), you are populating the p&l and bs.

The main thing to keep an eye on, assuming you are reconciling the bank/cash/credit card etc, is that the tb looks sensible, e.g. the company credit card is not showing a debit balance.

Also, ensuring that the posting of the expenses is accurate and going to the correct nominals and the treatment of directors payments/expenses/dividends etc is in the right place is important too.

I think, if you are accurate with the bookkeeping that you are responsible for, you are producing a p&l and bs that you can justify to the companies accountant, which is a great help to them.

HMRC website is always a great source of info for things like vat on exports and all accounting rules generally.

Hope this helps.

• Kind Regards 

  Karen Jewell

  Karen Jewell Ltd

  Bookkeeping~Accounts~Payroll

  www.karenjewellltd.biz

   

   

   

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