While interesting, I don't feel the the debate on the merits of sect459 is relevant to the OP's question, to which John answered 'only IF there was a further loan by B ............', which there wasn't as far as we have been told.
The scenario put is surely just a case of a commercial loan between 2 limited companies - no participators are receiving a loan even if the companies have shareholders in common. Hopefully, appropriate Board minutes will have been written to document the company to company nature of the loan.
I'm not familiar with either software, but it seems that you might be well advised to get the Parallel June Sage data from A and start from there, possibly re-submitting June using that if it has produced what are considered to be the correct figures.
If there are duplicate employees, IRIS may then need to re-submit with zero YTD's to get rid of them.
Above may be beyond the call of duty, but it may make it easier for you in the long run.
Call it a contribution to the charity from you?
and nb, reclaim the vat?
There seem to be 2 options with NEST that may help.
1 Use Salary Sacrifice, so that all contributions become 'Employer' and hence gross.
2 Mark the employee as a 'non-taxpayer'. Their contributions are then not grossed up and can be entered gross and deducted from gross pay for tax by the payroll system. I don't know if this is legitimate or if it would upset something else, but it seems to work. This ends up being another version of salary sacrifice. It depends which version the payroll system supports best.
Maybe get them to press the right button and give you a VAT receipt showing how they are going to account for it. That's what you and hmrc really need to know.caspararemi wrote:
I found this thread googling for advice on accounting for supermarket food receipts.
Might be a dumb question ........ But i'm baffled about how to account for the discount on the total.
Since Jan 2013 the £250 limit has been removed. At least that's what I read here:Kirkers wrote:
Euan is right, although the simplified invoices must be under £250.
Other things you may need to think about are:
Does the company need the loan? Can it justify the cost to the shareholders? Would you charge interest if he was overdrawn - at what rate?
As to the rate, you can also start from the other end - what rate would he get if he did invest elsewhere?
HMRC's standard rate (currently 2.75%, I believe) is one few could argue with.
Then, it's not really an unsecured loan - so go somewhere in the middle. It all depends what you want to achieve.
Though not an expert in HP, finance leases etc, I would have thought that you claim whatever it says on the VAT invoices that you (should) have been supplied with and it is down to the supplier to apply the appropriate allocations. That way HMRC get the same amounts returned by both sides of the agreement.
(much as jcace suggests).
Do I understand that you are expecting to get $6,000 per month for doing virtually nothing (except a one-off $10,000 investment)?
If so this is clearly "too good to be true", ie a scam, and as Melody says quite likely a Ponzi scheme. If you do ever get $10,000 back, get out immediately!
Also be very wary of what account (bank, Paypal) details you give out. You may find money suddenly disappearing.
PS - no tax due on just getting your money back!
Either way if you get none of the course fees (just the room hire), there is nothing to (not) charge vat on.
Unless you are not required to charge vat on room hire in the furtherance of the CASC (maxaca's last point), you will still have to account for that vat, so if it is normally £80 inc vat that's OK, but if it is £80 + vat then you have been over-billed by the instructor.