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
- Do I walk away from these accounts? 812 16
- Cloud accounting package 144 1
- Incorporation after the start of trading 1,005 39
- Setting up offshore to avoid paying VAT 487 15
- Legal structure of a group of friends producing a free newspaper 273 6
- Offshore company (Guernsey / Isle of Man) 170 3
- PAYE – Directors NI 266 6
- Next Move 362 12
- Ltd Co and 'grant' income 399 7
- when to file SA return if closed SA in the middle of the year 208 4
- S445 tax V's new dividend tax 255 3
- Large PAYE tax refund to Employee 342 3
- Personal Tax Accounts. Are we all doomed. 708 10
- Accounts treatment of assets at cessation date 295 10
- Seeking advice: Vehicle usage 184 3
- Accountant won't release working papers 2,250 34
- Casual Driver 273 4
- Self Assessment Software 634 20
- Furnished Lettings - expenses normally bourne by tenant 346 7
- How does HMRC give tax relief to Muslims for borrowing costs? 1,269 10
- Self employed and HMRC Worldwide Subsistence Rates 632
- Acrobat Checkbox Help for New 64-8 395
- VAT on Export Outside EU and Conditional Sale 394
- Property letting & CAs 377
- 2015 tax year end 373
- Interest paid - do new rules affect Tax Credits? 373
- FCA regulated company in a small group 336
- What's happened to Smith's Taxation 233
- MLR and benefitting from the disclosure 225
- Market Invoice (P2P invoice discounting) tax treatment 220