Urgent please : Sole-Trader - Accounting query.

[bhasheth]

Hello Forum Members,

Currently on HSMP and will be extending under Tier 1 (General). Registered myself with HMRC under self-employed as a Sole-Trader. I have few doubts as mentioned below, can someone please share their knowledge and advice please.

(1) I understand that either a managing agent or accountant prepares the accounting statements and issues the letter.

I'm unsure whether the accountant whom I appoint is to be qualified as ACA only? Or can she/he be even an ACCA?

(2) Once the accounts are prepared, should they then be get audited?

(3) What is "Invoice explanations or payment summaries" as mentioned by HO under the supporting document to proof the earnings?


Looking forward to hear from you as soon as you can. Many thanks.

[dima]

Hello Forum Members,

Currently on HSMP and will be extending under Tier 1 (General). Registered myself with HMRC under self-employed as a Sole-Trader. I have few doubts as mentioned below, can someone please share their knowledge and advice please.

(1) I understand that either a managing agent or accountant prepares the accounting statements and issues the letter.

I'm unsure whether the accountant whom I appoint is to be qualified as ACA only? Or can she/he be even an ACCA?

(2) Once the accounts are prepared, should they then be get audited?

(3) What is "Invoice explanations or payment summaries" as mentioned by HO under the supporting document to proof the earnings?


Looking forward to hear from you as soon as you can. Many thanks.

I cant answer your qest though... I am planning to register myself as self-employed with HMRC, I may have few questions for you...

Good luck for your extension!!!

[Sushil-ACCA]

Hello Forum Members,

Currently on HSMP and will be extending under Tier 1 (General). Registered myself with HMRC under self-employed as a Sole-Trader. I have few doubts as mentioned below, can someone please share their knowledge and advice please.

(1) I understand that either a managing agent or accountant prepares the accounting statements and issues the letter.

I'm unsure whether the accountant whom I appoint is to be qualified as ACA only? Or can she/he be even an ACCA?

Holding licence to practice aca /acca

(2) Once the accounts are prepared, should they then be get audited?

no, till turnover 6.5million

(3) What is "Invoice explanations or payment summaries" as mentioned by HO under the supporting document to proof the earnings?

sales summary on acctn letter head , with info invoice no,name, contac no and addres of client ,period of work , date money rcd in bank accnt , amt received.


Looking forward to hear from you as soon as you can. Many thanks.