New MIP questions..

IJK72
IJK72 Just JoinedRegistered Posts: 2
I have recently set up as a MIP after setting up my own company. It has been some time since I have done basics on company set up and day to day bookkeeping. I have been a Management Accountant in large organisations for many years now so needing a bit of a refresh..

My Accountant has done all my registration with HMRC and have also registered me for PAYE. I am assuming this PAYE set up is purely for me to get paid a directors salary and get NI credit?
I know there are PAYE submissions for PAYE so I'm hoping all will become clear when I get the information through.

I am not registered VAT, am a Ltd company and have very few transactions as I am just in the early stages of setting up. Can I compile my monthly records on a cash basis rather than accruals?

Any pointers on initial things on set up would be much appreciated. I find the HMRC website a minefield!

Thanks in advance!

Comments

  • Guest
    Guest Feels At Home Registered Posts: 73
    set up as a MIP? hmmm, if you can’t get your head around your own company and tax affairs I pity the clients.
    Pointer no. 1 - get good PI insurance
  • charlenebb
    charlenebb Settling In Nicely Registered Posts: 38
    I would have to agree. with Guest. I am sup prised you are using an Accountant to set up your business. This is something you should already know how to do especially setting yourself up with HMRC for PAYE. What if you end up taking on new clients that have staff you should be able to set them up yourself. Maybe you should get to grips with the basics of setting up a company as I would want to register myself as an agent with HMRC etc and get everything in place.
  • anniem
    anniem Experienced Mentor Pewsey, WiltshireRegistered Posts: 1,326
    Agree with Guest!!!
    FMAAT - AAT Licensed Member in Practice - Pewsey, Wiltshire
  • anniem
    anniem Experienced Mentor Pewsey, WiltshireRegistered Posts: 1,326
    Agree with Guest!!! If you can't do these things for yourself then it's a bit scary that you are setting up as an MIP ......
    FMAAT - AAT Licensed Member in Practice - Pewsey, Wiltshire
  • IJK72
    IJK72 Just Joined Registered Posts: 2
    Thanks for you comments. I was recommended to go with an agent hence my question. I will be mainly still be doing Management Accounting work (along with basic bookkeeping). Because I will be doing some basic bookkeeping I had to register as being an AAT member in practice. My background is Management Accounting hence why I have not done this sort of thing for some time.
  • Gem7321
    Gem7321 Experienced Mentor DevonMAAT, AAT Licensed Accountant Posts: 1,438
    IJK72 wrote: »
    My Accountant has done all my registration with HMRC and have also registered me for PAYE. I am assuming this PAYE set up is purely for me to get paid a directors salary and get NI credit?

    You'll have to ask your accountant.


    IJK72 wrote: »
    I am not registered VAT, am a Ltd company and have very few transactions as I am just in the early stages of setting up. Can I compile my monthly records on a cash basis rather than accruals?

    This is basic bookkeeping.

    Agree with all the other comments.
  • Jawz
    Jawz New Member West MidlandsRegistered Posts: 53
    Hi IJK72, you keep repeating the fact that that you're a Management Accountant? But so what? You still called yourself an Accountant though don't you? Therefore basic bookkeeping should not be a major problem for you. Otherwise I would suggest you enroll on a basic bookkeeping course e.g AAT Level 1 to refresh your memory.
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