Removing FA - Restating Accounts
I have to remove a building from a new client's accounts as it is not a company asset (checked with land registry over ownership and with prev a/c). It has been depreciated and there since (a sloppily done) incorporation.
If I simply journal it out and balance to DLA which works I am left with a small amount owing to directors on DCA which I will have to account for under S455 CA 2010.
I also occured to me though that if I were to correctly restore the accounts to be as if it had never been there I would need to add back all depreciation to the P&L which would leave me with a large loan to the directors. and a large S455 bill.
If the accounts had been done properly they would have declared dividends to cover in earlier years and my first suggestion appears to leave it open for HMRC to come in and ask what the money taken out in the past represents and how was it taxed as no divends were decared or reported on SA.
- Bookkeeping Rate of Pay 2,662 38
- How to claim relief under a Double Taxation Agreement 284 6
- Tax implication on superannuation 177 3
- What's the Barmiest Reason A Client gave you for going? 2,550 25
- GRNI - Normal Balance 67 2
- Entrepreneurs Relief, and then new company 209 3
- Portuguese Resident having a UK Limited Company 219 8
- Tax Fines - HMRC 813 13
- Taxi Drivers Cost of Sale 99 2
- Is Xero payroll as rubbish as I suspect it is? 1,296 24
- VAT - Check on clients business 907 37
- Second Limited Company 116 1
- Digital tax accounts - what do we expect? 494 10
- Private doctors - Ltd company vs partnership 290 8
- Probate services 368 7
- Annual to At Least Quarterly 496 20
- trading losses allowable? 758 14
- Post AAT? 690 3
- Small amount of untaxed royalties for someone outside SA 143 1
- Treatment of valuation fee for IHT. 194 2