Can a sole trader, charge for their time preparing accounts?
baileyqueens
Registered Posts: 27 Dedicated contributor 🦉
As above, I was asked this question this morning. They are a sole trader who owns a building company and want to know if they charge say £20 per hour to their clients for their service and they use 5 hours worth of time doing therown accounts can they then charge £100 to their accounts?
I dont think you can I just want to double check
I dont think you can I just want to double check
0
Comments
-
How would that income be taxed? By the sole trader tax return. No you are fully correct, you can't do it.0
-
Im a bit lost on the question. Your saying they would charge their clients £100 (surely fine if the client pays they pay, doesnt matter what you do for them
You then say you charge to the accounts. How can you charge something twice?0 -
I assumed that baileyqueens meant putting £100 in the accounts for completing their own bookkeeping. As in Mr Evans does Mr Evans bookkeeping and charges £100 to the accounts for his time in doing it.0
-
I'm too a little confused by the question. A sole trader isn't a separate legal entity so surely they can't charge themselves?AAT
Level 2 - 2011
Level 3 - 2012
Level 4 - 2013
ACCA
F4 - Corporate Law - Dec 2015 (passed)
F5 - Performance Management - Dec 2014 (passed)
F6 - Taxation - Dec 2013 (passed)
F7 - Financial Reporting - Jun 2014 (passed)
F8 - Audit & Assurance - Dec 2015 (passed)
F9 - Financial Management - Jun 2015 (passed)0 -
Yeah you can't do that.0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 318 NEW! Qualifications 2022
- 161 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 56 AAT Level 3 Diploma in Accounting
- 87 AAT Level 4 Diploma in Professional Accounting
- 8.8K For accounting professionals
- 23 coronavirus (Covid-19)
- 272 VAT
- 92 Software
- 273 Tax
- 135 Bookkeeping
- 7.2K General accounting discussion
- 200 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 582 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership