No problem :). I think the legislation is the generally vague bit FA2013 31E(3) "subject to any adjustment required..by law in calculating profits for income tax purposes". The capital receipts bit from the manuals is mentioned at 96A(6).
Just the business proportion TaxAngel - see the "Hugo" example for a van being brought into business at BIM70020 and BIM70030.
I agree with Justin. I went to a careers event at a school recently for 14-16 year old students. Most of them just wanted careers in drama or sports - lots of glazed over eyes when accountancy came up - nothing at all to do with class.
The profession generally is pretty open if you have the experience and/or qualifications.
A financial adviser friend gets asked this a fair bit - he just advises these agencies that he does all his MLR checks online and they will have to undertake their own independent verification procedures of the documents - that usually gets rid of them!
I sympathise Steve - so much red tape these days. But better the disclosure comes from you rather than HMRC discovering the late registration first.
EDIT: Don't forget from 2017 you also need a written practice risk assessment and written AML policies and procedures. Some of the main accountancy bodies have templates you can use.
Thanks Wanderer! That refreshed my very rusty memory.
I believe the rules came in around 2007 Steve.
Same as doubletrouble - the code should get sent to the client in 7 working days and then client just advises me of the code - only had a couple that didn't work over the past few years.
Bernard, have you run through the residency tests first?
He may not meet any of the automatic overseas or UK tests if he is not working full-time, in the UK for over 46 days and has a home in both the US and UK (I am merging the two tests here for brevity but RDR1 & 3 have the full details!).
You would then need to check his ties to the UK & days spent in the UK to get his UK residence status and then the US-UK tax treaty (the concept of ordinary residence no longer exists).
Marimar, are you bringing the Cyprus income into the UK? If not, you should discuss with an accountant whether the remittance basis is an option for you if you are UK resident but not UK domiciled - which might possibly be the case if you only moved to the UK 5 years ago.
If you are bringing the income to the UK or are UK domiciled then I agree with the above comments - £600 to sort out 5 years is cheap.