How serious do you consider a director claiming expenses personally?

Thu, 11 Mar 2010 14:54:00 +0000

If a supplier requested one contract for services via a company and a separate one to pay his travel etc expenses personally into his own bank account, would this raise your concerns about the individual involved?

I cannot work out if I am blowing this out of proportion. The supplier? Providing financial/management accounting services, which might be why the warning bells are ringing so loudly.

agricultural relief

Thu, 11 Mar 2010 14:16:23 +0000

large area of land. held in family trust since 1971. since retirement of tenant in 1986 the land has been farmed by thr trustees. all beneficiaries and trustees do not live on the holding.

do the trustees have to farm the land to retain the agricultural relief afforded on the value of the land. i have come across a note in the inland revenue's handbook that if the land is owned before1976 - be it let or owner farmed - the relief is available. also there is a 7 year rule appicable.

could someone put me in the right irection concerning this.

Tricky ethical point

Thu, 11 Mar 2010 14:11:50 +0000

Needless to say, we will be approaching the ICAEW for technical ethical guidance on this matter, but I would also appreciate your more general thoughts on this issue.

We have been approached by an accountant for professional clearance in respect of a number of our small clients who wish to move to him because of his connection to an employee of ours who has now left. This is fine by us and we are not too concerned about losing this particular work.

24hour Rule

Thu, 11 Mar 2010 14:05:44 +0000

Hi,

What constitutes a significant change in a journey to allow a reset of the clock for temporary place of work rules? EG: If someone travels from Glasgow to a site in Edinburgh then changes to another site in still in Edinburgh but aprrox. 6 miles from the original site is this a significant change? Where are these things defined? I have hunted through all the rlevant HMRC paperwork on the matter, I think.

Help much appreciated.

Property VAT question

Thu, 11 Mar 2010 13:38:42 +0000

Hi,

I have a client who is an architect. He wants to build a home and claim all the VAT back on materials and services used during the build, as allowed by the rules if the development falls into the definition of a 'self build'. Can anyone help me with the criteria to meet the definition of a self build. For example does he have to stay living there for a certain period of time? We want to be able to show it is more than a commerical development.

Any help would be very much apreciated!

VBA Code help appreciated

Thu, 11 Mar 2010 13:38:40 +0000

I have a macro which, in order to run, opens an excel TB file. However if on first running the code the file is already open it returns the standard 'already open, the demons will get you if you open it again' message!

Would anyone be good enough to let me have the code to check whether or not the file is already open so that I can if/then/else it?

Thanks in advance.

Duplicate erased

Thu, 11 Mar 2010 13:38:35 +0000

Ent x 2 in error

Company Struck-Off

Thu, 11 Mar 2010 13:06:49 +0000

The company will be strick-off due to non submission of the Annual return and now it is too late to stop. The company is registered under PAYE and has been processing the payroll for 2009/10.

My question is, what will happen to the outstanding PAYE liability and P35 filling at the end of March 2010.

Any help will be greatly appreciated.

Thanks

Adam

Minority shareholder dispute

Thu, 11 Mar 2010 12:55:06 +0000

I own 35% of a small private limited company and am involved in a dispute with my former partners. As is often the case we did not have a shareholders agreement, however the Articles do allow for shareholder preemption at a 'fair value' for up to 21 days from the shares being offered.

Another "director" loan question

Thu, 11 Mar 2010 12:33:45 +0000

A director (and 1/3rd shareholder) of a company has an overdrawn current account made up mainly of personal items which he paid on the company's credit card. The intention was also to repay the loan. Interest is charged on the overdrawn balance and section 419 was paid over. At this stage lets say that the loan balance is £8k.

Dependent Relative Relief & inter-spouse transfer

Thu, 11 Mar 2010 11:42:46 +0000

Husband owned property before April 88 that his mother lived in so qualified for DRR. He married after this date and has recently transferred house into joint names with his wife. As he was not married back in 1988, I cannot see DRR as being applicable on wifes half.

However, if wifes half is transferred back to husband, he will be treated as acquiring it pre April 88 and DRR will apply again on the whole property. Does this sem feasible?

All other conditions are met and no, nobody asked me for advice before the recent transfer!

VAT agent authorisation

Thu, 11 Mar 2010 11:09:54 +0000

We are not authorised for any clients for VAT, dispite having sent in 64-8's. We have registered online for "VAT for agents", and regularly send in 64-8's, but none of them get recorded. Our list of clients under the "VAT for agents" section is empty. The other services, "corporation tax for agents", "self assessment for agents" PAYE for agents" and "VAT registration" all seem to work. Why do we have a problem with "VAT for agents"?

The Real Issues

Thu, 11 Mar 2010 10:39:04 +0000

This expands my initial blog.

In my case I am in a franchise and have been beating myself up for a few years trying to make it work for me. I have come to the conclusion that I need to find my own way in the world. There are many ways of developing an accounting practice but once inside these organisations, doing something different is not easy.

Offshore Companies

Thu, 11 Mar 2010 10:27:51 +0000

Hi Guys,

My client is based in UK, but has a company thats trading in Jersey. His the director and not secretary.

Is it possible to elect the secretary from UK or will this have to be someone resident in Jersey and can the Secretary be related to the Director......

Offshore companies are being kept an eye due to money laundering, I am confused about appointing the secretary. Your help will be highly appreciated.

VAT ON EC PURACHSES

Thu, 11 Mar 2010 10:27:23 +0000

We are a UK VAT registered company making purchases from another EC country who then ships the goods direct to our customers (in the UK and other EC countries). We do not handle the goods but issue the invoices to the customer. The supplier invoices us directly for the goods. My understanding is that I should not be completing BOX 9 (or BOX 2) for these purchases as we are not physically receiving them - am I correct?

Student loans - self employed

Thu, 11 Mar 2010 10:24:19 +0000

We operate a payroll bureau and if an employee of a client is subject to student loan deduction we receive a notification from HMR&C, the requisite box is ticked and the relevant 9% is deducted. Is there any mechanism which triggers an advice from HMR&C when CWF 1 is submitted for a relevant person? I have asked both HMRC and The Student Loan Company but predictably neither knew the answer.

We are adding a question to our standard information request sheet but as many clients ignore these I am concerned that the correct deductions are made.

Budget predictions: A game of two halves

Thu, 11 Mar 2010 10:12:16 +0000

Will the government give anything away in the forthcoming Budget? Not likely says John Whiting, tax policy director at the CIOT.

iXBRL – please, don’t try this at home…

Thu, 11 Mar 2010 10:06:02 +0000

Practice automation and Excel expert Simon Hurst is one of those who has been encouraging accountants to embrace the potential of electronic filing and XBRL. Not that everyone's talking about it, he takes an introductory stab at trying to add XBRL to a set of accounts in Excel...

How to show negligible value claim in accounts

Thu, 11 Mar 2010 10:05:51 +0000

Client was paid part of a consultancy fee in shares in lieu of cash. The company then shut down operations, so the shares are worthless. Documentation is held to show this.
I believe that a negligible value claim needs to be submitted to HMRC by letter.
How should the accounting entries be done? So far Cr Sales Ledger, Dr Capital Investment. My final accounts software does not allow for depreciation to be shown against the investment, so I wonder if there is another way that the amount should be written off the balance sheet.

Dissolving company

Thu, 11 Mar 2010 09:24:23 +0000

Recently setup ltd company for potential client, the company has not started to trade. Now the two directors had some disagreement between them and would like to dissolve the company.

Apart from completing the companies house form DS01 (striking off application), do i need to inform inland revenue and are there specific forms to complete to let them know?

appreciate any comments.

thanks