Member Since: 23rd Aug 2000
2nd May 2019
Unless you have issued the zero-hours employee with a P45, then he/she is still an employee. Part-time or full-time makes no difference.
8th Apr 2019
I prepared and sent for approval seven individual and two partnership returns on Friday (5th), and filed three of those over the weekend (as I don't think the Gateway accepts them before 6th) and one more this morning. I had all of the information for each of them prior to 5th.
2nd Apr 2019
We had one aborted £300k purchase through Draper Hinks, and another one that proceeded in 2017 for £50k, so they will deal with smaller practices.
I have looked at some from Vivian Sram, but most of the ones I have looked into have been pretty poor quality.
The best I have found is Keith Underwood at Foulger Underwood ([email protected]) who encourage both parties to be realistic. Used them twice, in 2007 (£80k) and 2017 (£350k).
If you have a continuity agreement with another practice, they may be interested. We have just picked up a tranche of 11 clients (£25k) in January, and have an outline non-committal agreement for the remaining £20k fees when the practitioner retires, possibly in a couple of years.
14th Mar 2019
Reducing balance basis makes it less likely that accounting staff will depreciate more than cost, and there will always be a carrying value for each asset, no matter how small.
11th Mar 2019
From HMRC website: "You can ask HM Revenue and Customs (HMRC) to cancel your registration if your VAT taxable turnover falls below the de-registration threshold of £83,000".
If turnover is currently £130k (£10833pm), and each sole trade will have half of the future turnover (£54117pm) then, assuming turnover same every month, the amalgamated turnover (all partnership, plus individual sole trade) will not fall below £83k until 9 months after the split.
The business(es) cannot de-register until the turnover is under £83k.
11th Mar 2019
Won't each sole trader carry the VAT/turnover history of the partnership, meaning that neither of them can immediately de-register, so MTD is still likely to remain a problem for now?
29th Jan 2019
When we used Sage for our internal accounting, I sometimes used to slip in the "time to pay" report that showed how many days the client took.
25th Jan 2019
I also use the "Good Luck" sign off. It gets the point across in an apparently ambiguous way, but is understood by both accountants.
23rd Jan 2019
The manual mentions form SA670, but I can't find the form anywhere on the HMRC/Gov site.
I have never filled one of these forms in and am beginning to wonder whether it is a mythical beast...
22nd Jan 2019
I don't see why you cannot act for these clients of your old employer immediately, as it sounds as though you left some time before the liquidation. Indeed, surely it is in the (prospective) clients' interests for you to take them on and do what you can to help.
I agree that you almost certainly get access to the old accountant's records, but then we all have incoming clients where the previous advisor gave us nothing to work on. I agree that it will be almost impossible to meet the 31 January deadline, but "reasonable excuse" should come into play with HMRC, but perhaps not Companies House.
By all means send the clearance letters, but I would send them recorded delivery and advise that unless you hear back within a very short period (7 days?), where there is an imminent deadline, you will assume that there is no objection.
The position of the liquidator protecting the goodwill of the demised firm is not your problem, and the clients are free to move where they want.