It's really the clarification of a point of principle that I'm hoping for.
Some things we do the same way for years and then something happens that causes you to ponder where exactly is the authority to support your way of doing things.
So it happens with supplies from unregistered traders - I've always arranged things so that they go in box 7, I'm pretty sure it's correct but whether I'm right or wrong, I'm hoping that the consensus of opinon is clearly one way or the other.
My understanding is the same as yours. Namely RTI is a reporting mechanism for a PAYE scheme. Ergo, no scheme, no reporting.
If you do drop the pay to £471 will the director not lose access to the National Insurance benefits which accrue by virtue of being paid above the LEL?
a) Dan Petri usually offers tip-top advice. His take on this issue is here: http://www.petri.co.il/forgot_administrator_password.htm . He does discuss using F8 system restore and you may find that is the right option for you.
b) The login credentials you are using to login to your laptop might already have admin-level permissions. (Your account does not have to be called 'admin' to have administrator privileges). See if you can get to the control panel and create a new user with admin privileges. If you can, you are off to the races.
c) for the future, it may be worth checking out livedrive or dropbox or similar for online backups. There is a saying - data does not really exist until there are two copies of it. I know that does not help right now, but I've learnt the hard way myself.
If you know someone who is comfortable with Linux, and depending on exactly what version of Windows you are using, you can get them to boot your computer from a Linux Live CD and mount the Windows file system into Linux (in read-only mode for safety).
You can then browse or do a text string search for you lost files.
I cannot guarantee it will work in your exact circumstances, but it is non-destructive and is very easy for someone who knows what they are doing.
At the time the distribution was made was there an expectation of the loss to come?
How is the situation different from say a new company which makes a loss in its first year of trading? That would end up with a debit balance on the P&L reserve too.
As you say, previously the £40k would have be considered, by HMRC concession, to be a capital distribution. In terms of the timing, one would have declared the amount of the distribution to the inspector when writing to him/her when "providing ... certain assurances ... before the event" (to quote the original text of the concession.)
My reading is that from 1 March it will be the case that the timing of distributions becomes immaterial - because the inspector will not be able to allow any amount over £25,000 to be treated as capital. So whether the £15,000 is distributed earlier or later, it will in either case be treated as income.
I guess the only planning point is to make sure that you leave as close to the £25k as possible for treatment as capital.
My answers
Clarification
Hi and thanks for comments!
It's really the clarification of a point of principle that I'm hoping for.
Some things we do the same way for years and then something happens that causes you to ponder where exactly is the authority to support your way of doing things.
So it happens with supplies from unregistered traders - I've always arranged things so that they go in box 7, I'm pretty sure it's correct but whether I'm right or wrong, I'm hoping that the consensus of opinon is clearly one way or the other.
NI
My understanding is the same as yours. Namely RTI is a reporting mechanism for a PAYE scheme. Ergo, no scheme, no reporting.
If you do drop the pay to £471 will the director not lose access to the National Insurance benefits which accrue by virtue of being paid above the LEL?
Du
The ICAEW has an information sheet, "Coping with the sudden death of a small practitioner".
I think it might require membership login to access it though.
Cheers,
Du
A couple of ideas:
a) Dan Petri usually offers tip-top advice. His take on this issue is here: http://www.petri.co.il/forgot_administrator_password.htm . He does discuss using F8 system restore and you may find that is the right option for you.
b) The login credentials you are using to login to your laptop might already have admin-level permissions. (Your account does not have to be called 'admin' to have administrator privileges). See if you can get to the control panel and create a new user with admin privileges. If you can, you are off to the races.
c) for the future, it may be worth checking out livedrive or dropbox or similar for online backups. There is a saying - data does not really exist until there are two copies of it. I know that does not help right now, but I've learnt the hard way myself.
Best wishes,
Du
Linux Live Cd
If you know someone who is comfortable with Linux, and depending on exactly what version of Windows you are using, you can get them to boot your computer from a Linux Live CD and mount the Windows file system into Linux (in read-only mode for safety).
You can then browse or do a text string search for you lost files.
I cannot guarantee it will work in your exact circumstances, but it is non-destructive and is very easy for someone who knows what they are doing.
Cheers,
Du.
Declared dividends
Two questions:
At the time the distribution was made was there an expectation of the loss to come?
How is the situation different from say a new company which makes a loss in its first year of trading? That would end up with a debit balance on the P&L reserve too.
Regards,
Du
Google found this
http://www2.accaglobal.com/students/acca/exams/f3/technical_articles/2951473
Cheers,
Du
ESC C16
As you say, previously the £40k would have be considered, by HMRC concession, to be a capital distribution. In terms of the timing, one would have declared the amount of the distribution to the inspector when writing to him/her when "providing ... certain assurances ... before the event" (to quote the original text of the concession.)
My reading is that from 1 March it will be the case that the timing of distributions becomes immaterial - because the inspector will not be able to allow any amount over £25,000 to be treated as capital. So whether the £15,000 is distributed earlier or later, it will in either case be treated as income.
I guess the only planning point is to make sure that you leave as close to the £25k as possible for treatment as capital.
What do you think? Did I miss your point?
Best wishes,
Du.
Kashflow
Have you had a look at Kashflow.
http://www.kashflow.com/
I tried it and thought it was good, especially the API features and their approach to security.
Cheers,
Du.
Thunderbird is superb
I would use Thunderbird. It's superb. Oh I said that already. It will work beautifully with your gmail account:
http://lifehacker.com/314574/turn-thunderbird-into-the-ultimate-gmail-imap-client
Cheers,
Du