Client Chip shop
Commenced Oct 2009
First accounts March 2010
First records brought in very late January 2011 and SAR completed just in time.
In February wrote to client advising that it would appear that they were very close to vat limit and advised them to monitor and register if necessary.
Records for March 2011 brought in 27th January 2012. I couldnt get return in so accounts completed last week in advance of increased filing penalties.
Turnover £72k so should have registered.
Sent accounts for approval with advce that the client should assess when he should have registered then make full disclosure to HM R&C and register. Also advised that if they were only trading at marginally above the limit they may consider reducing opening hours to get back below and deregister.
Client brought accounts back early this week despondent and kicking himself because he was looking at the limit from April 2011 £73k so he'd "got it wrong".
He asked if he could not "have made a mistake in his takings". I stopped him and told him this was out of the question. There followed a lot of silence and mutterings then he said he would have another look at the records and he had a friend who was an accountant and he may be able to help. He took everything away and said he would get back to me. He didnt.
I just rang him and he said "its ok its going in today".
Well what do I do? I've no proof of what has happened but it has a very bad smell.
- When was the requirement for Ltd. company to have at least two shareholders abolished? 53 4
- £NIL EPS's wiping out CIS deductions 244 2
- Income £10k salary and £20k net dividends 370 15
- Sports Club and Partial Exemption for VAT 175 1
- About your hairdresser clients 332 12
- HMRC debt collectors 175 3
- Selling Fees 329 6
- Getting a business loan with a personal default 210 7
- Bright Pay 112 1
- Can an EPS be resent? 117 3
- Great Service 1,157 14
- Can't vote dividends due to minority shareholder 497 11
- Ouch. Those penalties sting 2,418 27
- Entrepreneurs relief 120 1
- WIP valuation at year end 302 6
- New Company formation - how to account for share capital vs directors loans 124 3
- Nine-Page Engagement Letters 686 12
- Can I call Agent Dedicated line to request UTR be posted? 255 3
- Iris Upgrade Issue V11.7.0 624 8
- Capital Expenditure 115 2
- Sanzar 521
- Digital marketing focus group 409
- Sainsbury's mangement 372
- Are commercial mortgage cashbacks subject to Corporation Tax ? 369
- Avanti Accounts 349
- Continuity Agreement 347
- Buyback 302
- Entrepreneurs' relief (ER) for EMI shares 249
- Aggresive sales from Iris 238
- Charity volunteers and mileage 198