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ATOL BOND

ATOL BOND, WHERE TO SHOW IN FINANCIAL STATEMENTS

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Hi, I have recently signed in a new travel agent, he has paid £50,000 from his business account to ATOL as atol bond. How should I reflect this in his first set of accounts? furthermore, any suggestions where I can learn about TOMS (Tour operators margin scheme)?

Regards

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By paul.benny
26th Jul 2021 11:42

abacusdevelopers wrote:
... any suggestions where I can learn about TOMS (Tour operators margin scheme)?

There's a really useful internet site called Google. You simply type in a question and it'll give you lots of helpful answers such as the VAT notice about TOMS.

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Replying to paul.benny:
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By abacusdevelopers
28th Jul 2021 11:28

I have already went through HMRC guidelines, went through FL MEMO, read everything available on the site called google. What I am asking is, are there any specific helpline/platform such as Cronor-I or Metis which answers the questions if asked . In past, I don't have very experience with these helplines as they are good in answering generic questions but when it comes to a technical area, they are not very good at it.

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Replying to paul.benny:
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By abacusdevelopers
28th Jul 2021 11:28

I have already went through HMRC guidelines, went through FL MEMO, read everything available on the site called google. What I am asking is, are there any specific helpline/platform such as Cronor-I or Metis which answers the questions if asked . In past, I don't have very experience with these helplines as they are good in answering generic questions but when it comes to a technical area, they are not very good at it.

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By Leywood
26th Jul 2021 11:49

Should you have taken the client on if you have no clue how this works? Ethics. Not practising on clients.

The double entry is easy. Where is the money?

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Replying to Leywood:
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By abacusdevelopers
28th Jul 2021 11:19

my bad. This is my first post in this forum, I didn't ask the question correctly which excites many. The bond is paid to travel vault using director's money. What I really wanted to ask was whether there is a need to mention a contingent liability in the notes to BS ?

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Replying to Leywood:
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By abacusdevelopers
28th Jul 2021 11:19

my bad. This is my first post in this forum, I didn't ask the question correctly which excites many. The bond is paid to travel vault using director's money. What I really wanted to ask was whether there is a need to mention a contingent liability in the notes to BS ?

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Stepurhan
By stepurhan
26th Jul 2021 12:23

Travel agents are one of those clients that have a lot of potential pitfalls for accounting and tax treatments.

As others have said, perhaps you should consider passing this on to someone that is more comfortable with those. Better for your client and, with the possibility of getting a costly complaint if you get it wrong, better for you as well.

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By Calculatorboy
27th Jul 2021 07:46

So are there still any people here saying the profession doesn't need regulating?

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