Cyprus-Forum.com

[Paphitis]

Paphitis wrote:
"So the vehicle becomes a legitimate expense. Everything from fuel, to maintenance, insurance."
The vehicle cost is an expenditure and not a P&L entry but a Balance sheet entry. The vehicles are added on to the companies assets, the fire NOT an expense.

That doesn’t sound right… assuming a DE system.

I thought the Balance Sheet was something you only did at the end of the financial year to see if the Debit vs Credit columns balanced!

And that when purchasing a company vehicle you credit the “delivery vans” or “vehicles” account and debit “cash”.

Ah well...

Financials are printed off every month.

At least that is what my book keeper does. They are automatically generated through a special software. This software does payroll, calculates Pay As You Go Salary Tax for staff as well as Super. Every 3 months, BAS Statements are lodged with the tax department and all the PAYG Tax is paid, all the VAT (GST) is paid, and all the Superannuation is paid into a Federal Reserve Clearing account for dispersal.

Payroll is also automatically done through a specially generated DAT File which is uploaded to the Bank for release of payments to staff at a specific time and report it to the Tax Department. The Book Keeper and Accountants have a special log in to our internet banking, to record every single transaction there is. Even tiny transactions. They have special watch and observe permissions only but they can see all transactions. They log in at least every second day.

Balance sheets are also generated as well as stock reports and so on.

Accountant finalizes all the statements and financials.

Book keeper enters all the purchases and dissects all supply chain statements and arranges for payment of accounts which are aged accordingly. And also provides a list of account payments to creditors.

So in effect, you know what your profit or loss is each month.

NBow all this stuff can get awfully complicated depending on how you are structured.

[Lordo]

Paphitis wrote:
"So the vehicle becomes a legitimate expense. Everything from fuel, to maintenance, insurance."
The vehicle cost is an expenditure and not a P&L entry but a Balance sheet entry. The vehicles are added on to the companies assets, the fire NOT an expense.

That doesn’t sound right… assuming a DE system.

I thought the Balance Sheet was something you only did at the end of the financial year to see if the Debit vs Credit columns balanced!

And that when purchasing a company vehicle you credit the “delivery vans” or “vehicles” account and debit “cash”.

Ah well...

Financials are printed off every month.

At least that is what my book keeper does. They are automatically generated through a special software. This software does payroll, calculates Pay As You Go Salary Tax for staff as well as Super. Every 3 months, BAS Statements are lodged with the tax department and all the PAYG Tax is paid, all the VAT (GST) is paid, and all the Superannuation is paid into a Federal Reserve Clearing account for dispersal.

Payroll is also automatically done through a specially generated DAT File which is uploaded to the Bank for release of payments to staff at a specific time and report it to the Tax Department. The Book Keeper and Accountants have a special log in to our internet banking, to record every single transaction there is. Even tiny transactions. They have special watch and observe permissions only but they can see all transactions. They log in at least every second day.

Balance sheets are also generated as well as stock reports and so on.

Accountant finalizes all the statements and financials.

Book keeper enters all the purchases and dissects all supply chain statements and arranges for payment of accounts which are aged accordingly. And also provides a list of account payments to creditors.

So in effect, you know what your profit or loss is each month.

NBow all this stuff can get awfully complicated depending on how you are structured.

And yet here is top man from Amazon, and he could not disclose a simple question of how much sales Amazon had in the UK.

You stupid cunt.

[Lordo]

You stupid idiot. Of course a business can claimthe VAT there and then.
But Capital expenditure is another matter. There is also Capital Allowances invoved as well as depreciation.

Now bugger off and play with your joystick.

Go back and read my earlier post idiot.

I told you before that capital expenditures are claimable thr4ough the P&L Addendums and more specifically the addendum known as Depreciation Schedule.

Stock lists however are different. These purchases are claimable as an expense entry. And if you end up worth more stock, than the previous year.

My point is that these items are in fact hidden profits even though the company can be showing a loss on the P&L. If the company made x in capital expenditures like buying cars, or machinery, then these items are assets and the company can depreciate the items yearly and eat away the profit.

How little you understand about finance is obvious.

If you claimed all the expense in one year you cannot than claim depreciation you stupid cunt, it means you are claiming twice.

Go back and want a kangoroo like what you are good at.

[Lordo]

And there was toilet boy thinking companies succeed because they are in some way good.

There is noting like winning a contract worth 200 million pounds before even incorporating the business. Jesus why did I not think of that.

https://www.msn.com/en-gb/news/uknews/michelle-mone-referred-company-for-ppe-contracts-five-days-before-it-was-incorporated/ar-AASxy0F?ocid=entnewsntp

[Lordo]

very nice indeed especially when you can get it.

The former energy secretary Amber Rudd is joining the board of British Gas owner Centrica as it prepares to fight for an overhaul of the power market which she helped to create.

https://www.msn.com/en-gb/money/other/former-energy-secretary-amber-rudd-joins-board-of-british-gas-owner/ar-AASxSeG?ocid=entnewsntp

[Paphitis]

You stupid idiot. Of course a business can claimthe VAT there and then.
But Capital expenditure is another matter. There is also Capital Allowances invoved as well as depreciation.

Now bugger off and play with your joystick.

Go back and read my earlier post idiot.

I told you before that capital expenditures are claimable thr4ough the P&L Addendums and more specifically the addendum known as Depreciation Schedule.

Stock lists however are different. These purchases are claimable as an expense entry. And if you end up worth more stock, than the previous year.

My point is that these items are in fact hidden profits even though the company can be showing a loss on the P&L. If the company made x in capital expenditures like buying cars, or machinery, then these items are assets and the company can depreciate the items yearly and eat away the profit.

How little you understand about finance is obvious.

If you claimed all the expense in one year you cannot than claim depreciation you stupid cunt, it means you are claiming twice.

Go back and want a kangoroo like what you are good at.

I said associated costs.

I'm well aware you can't claim capital expenses, and then depreciate the,

You can depreciate them year on year.

All other purchases like stock, materials, tools are claimable for tax and VAT.

Cars, Plant and equipment belong on the depreciation addendum and then appear in the depreciation line on the profit and loss. You can however claim the VAT immediately or at end of financial year, and you can claim all associated costs like insurance, fuel, maintenance and repairs.

[Lordo]

Is this how to run a company thread?

This is about capitalism boy get with the programme.

In the meantime the ebergy companies have made billions more in profit but is the government going to contribute to the recovery from the pandemic? Certainly not. Not whaile the very low paid are getting charge extra insurance and paying the interest on the debt we have accumulated.

[Paphitis]

Is this how to run a company thread?

This is about capitalism boy get with the programme.

In the meantime the ebergy companies have made billions more in profit but is the government going to contribute to the recovery from the pandemic? Certainly not. Not whaile the very low paid are getting charge extra insurance and paying the interest on the debt we have accumulated.

You claimed companies avoid tax. You can’t avoid it. You can only minimize it or avoid it by declaring a loss only sometimes.

You can’t avoid VAT, or PAYG, or income tax.

Directors within the company structure pay themselves a salary and probably dividends too. They pay tax on that.

Sometimes companies can show a loss because of these salaries. Company pays no tax at all. But the directors do pay tax.

The system is actually quite fair. Bear in mind that the country actually relies on small business to keep people off welfare - hence companies are given some form of tax breaks and even support because Governments know that without business you are all well and truly fucked!

[Paphitis]

If it wasn’t for the 5 to 10 of risk averse people who put their entire assets and home on the line to run a small business and employ 1 to 20 people, the entire economy will collapse.

So next time you see a small business owner working 12 hours a day non stop and who probable has sleepless nights, you should go up to them and say Thank You!

[Lordo]

https://www.ibtimes.com/us-tax-evasion-cases-apple-ge-among-american-companies-holding-21-trillion-offshore-2129580