So TerryD, the original annual depreciation was £6,500 and the depreciation on the revalued amount will be £9,032. So I will Dr P&L Depreciation £9,032 and Cr Bal Sheet Building - Accumulated depreciation £9,032. And then I need to Dr Revaluation reserve £2,532 (9,032-6,500) and Cr P&L Reserve £2,532?
The main query was whether it mattered that someone else was actually paying the invoice.
The work is corporate work and is for the BVI company, who the engagement letter is addressed to. Does it make a difference if the BVI company is connected to a UK company? How is 'connected' defined? Would it be ownership or same Directors?
Santander seem desperate for cash/business at the moment and are offering some decent rates compared to the useless rates offered by some banks on instant access accounts. Santander were offering a rate of 2.1% with instant access and no withdrawal penalties. The Investec High 5 account is also worth a look but you may have to lock your money in for a fixed period.
However, it does depend on the amount you are depositing as it may not be worth it as interest could be pennies, as memyself-eye points out...
My answers
It has an ongoing value in terms of being used for internal reporting purposes and assisting management..
fiddly bit!
Great, thanks both.
So TerryD, the original annual depreciation was £6,500 and the depreciation on the revalued amount will be £9,032. So I will Dr P&L Depreciation £9,032 and Cr Bal Sheet Building - Accumulated depreciation £9,032. And then I need to Dr Revaluation reserve £2,532 (9,032-6,500) and Cr P&L Reserve £2,532?
Thanks
Many thanks for the quick responses.
The main query was whether it mattered that someone else was actually paying the invoice.
The work is corporate work and is for the BVI company, who the engagement letter is addressed to. Does it make a difference if the BVI company is connected to a UK company? How is 'connected' defined? Would it be ownership or same Directors?
Santander...
Santander seem desperate for cash/business at the moment and are offering some decent rates compared to the useless rates offered by some banks on instant access accounts. Santander were offering a rate of 2.1% with instant access and no withdrawal penalties. The Investec High 5 account is also worth a look but you may have to lock your money in for a fixed period.
However, it does depend on the amount you are depositing as it may not be worth it as interest could be pennies, as memyself-eye points out...