Purchase accruals - report to NCIS?
A company purchases goods for resale and accrues for the cost in its accounts.
The supplier fails to submit an invoice and the goods remain unpaid for.
If the company that bought the goods does not take steps to obtain an invoice from the supplier despite knowing that they should have paid for those goods, would that amount to dishonesty and lead to the requirement for a report to NCIS?
Might the answer differ depending on whether the company purchasing the goods retained the accrual in its accounts or wrote it off at some point?
Any thoughts gratefully received!
Edward C Rands
- Company Structure 131 6
- Exclusion of single director companies from the Employment Allowance in 2016/17 202 6
- Land Registry 161 1
- Transferring rental property to limited company 191 9
- Advertising Tips? 162 6
- IR35 298 3
- Not renewing AAT 1,420 14
- Cloud-based email services? 244 6
- VAT Box 7 and supplies from unregistered traders 405 12
- Dormant co. now trading 304 9
- Entrepreneur - want to submit accounts by myself 1,659 21
- Client tied in to accountant. Unfair contract? 2,163 25
- Online or Paper 64-8? 192 4
- 2012 13 HMRC QUERY 393 4
- Lease premium payment of £20,000 149 3
- Notifying HMRC when striking off company that never traded 129 2
- VAT on sale of goods outside of EU - Flat Rate 140 5
- Late PAYE Registration 202 6
- Auto enrolment confusion 1,479 27
- Do joint employment contracts enjoy double NI allowances? 163 3
- Self employed and HMRC Worldwide Subsistence Rates 722
- 2015 tax year end 462
- Interest paid - do new rules affect Tax Credits? 426
- Self employed consultant working in Ireland 370
- Costly Accounting Software contract 347
- Directors' advances and credits 279
- Market Invoice (P2P invoice discounting) tax treatment 258
- DTA tie-breaker issue 246
- Tax on internet ad sharing income 232
- Credit against UK NI for NI paid to EEC Countries 206