Member Since: 18th Sep 2009
1st Oct 2014
No SSP due
If you normally work Monday to Friday then the first qualifying day for SSP during your illness would be Monday 15th. Your three waiting days would be Monday 15th - Wednesday 17th (all these are 'qualifying' normal working days) had you been off all this time, and SSP would be payable from Thursday 18th. Unfortunately your payroll department is correct - no SSP is due!
10th Jun 2013
You will have an addition in your capital allowances claiming the appropriate FYA / AIA / etc. and will claim the appropriate WDA in future years. Your accounts will show the addition and depreciation which you add back in arriving at your taxable profit. The interest charge in the accounts is then an allowable deduction for corporation tax purposes. On disposal, a balance charge / allowance will arise in the capital allowances calculation as normal. You will have deferred tax on the timing difference as normal, and bear in mind the special restrictions for company cars.
29th Apr 2013
I use Turbocash for some side job work. I also raise very few invoices, but invoice templaes are customisable, expenses go in, there are simple but effective reporting facilities, and it can probably do more but I have no need to go looking! The software isn't all that up to date I don't think (it's open source) and it is very rough and ready, but it works for me. I think there is a version 4.x but I'm on version 3.75 (I think) and it's very stable. Runs on Windows 8 for me (run as administrator).
26th Apr 2013
Excel is doing what it does...
Nope, you aren't missing anything with regards to external links. As far as I am aware, any Excel function which takes into account a range of cells (e.g.: VLOOKUP, HLOOKUP, SUMIF, etc.) will require the source file to be open for the function to work. I don't think it matters whether or not the source data is formatted as a table or not. The same does not apply to functions which reference once particular cell in the source file directly - they do not need the source file to be open.
Did you know that in more recent versions of Excel (not sure from which one) you don’t need to embed an ISNA function inside an IF? There is an IFNA function which will evaluate a statement (in the same way as IF does) and return the result of the statement if it is true, otherwise will return some other value. Same result, just a shorter (and easier to read) formula. I note you are returning a different value to the one you are looking up, but it might work in your case:
=IFNA(VLOOKUP([Payment Date],'I:\Support\Projects\Due Date Workaround Calendar.xlsb'!CalendarTable[#Data],2,FALSE),[Payment Date])
25th Apr 2013
Journal back to front?
If the DLA is overdrawn it will already have a DR balance. To write the loan off it would be DR P&L / Dividend / whatever, CR DLA.
21st Mar 2013
Special rate pool
WDA for long-life assets goes in the special rate pool boxes (105-106 of the CT600). See here: http://www.hmrc.gov.uk/capital-allowances/plant.htm
6th Mar 2013
Have a look at the accounting standards!
I assume you're studying international standards so have a look at IAS 17 paragraph 20. The standard allows you to value the asset (and liability) at the fair value of the leased asset or, if lower, the present value of the minimum lease payments, each determined at the inception of the lease. SSAP 21 (UK GAAP) is different in that fair value isn't initially an option - the asset is valued at the present value of the minimum lease payments. SSAP 21 goes on to say, however, that in practice fair value of the asset will be a close approximation to this present value, so you could use the fair value instead (if you had it). So... you would work out the present value of the lease and use that for the asset.
This will be unwound each month. The different between the payment you make and the unwinding of the discounted future payment will be your interest charge.
I'm not sure what you are referring to in the last part of your question; do you mean the disallowance for corporation tax?
24th Jan 2013
Mileage of 45p a mile for the first 10,000 business miles for a car etc. etc. (see HMRC website for full details) does not have to go on a tax return - it is not taxable. If the amount paid is less there is an additional relief which can be claimed, and if it is more then there is additional tax payable. If it is more, the employer should be taxing it. If it is less you can advise HMRC by letter or P87; you could use a tax return if you like but it would be like using a sledge hammer to crack a nut!
Expenses reimbursed by your employer, providing, say, the train travel was business travel, would not be taxable. But if they were paying the commute from home to the office it would be a different matter and should be taxed by the employer.
27th Apr 2012
I would put it in!
We actually always include policies for taxation (current and deferred), even though, as you rightly say, deferred taxation could be immaterial, or even an asset and may not meet the criteria for recognition in the financial statements (future taxable profits unlikely etc.)
Under FRSSE I don't think any separate (from the accounting policy) disclosure is required if you choose not to recognise deferred tax, though this is required under FRS 19 para. 64 (factors affecting current and future tax charges).
Also bear in mind if an accounting policy was material to your financial statements in the comparative year it should still be included this year!
27th Apr 2012
FRSSE para. 2.7 and FRS 18 para. 55 both refer to the disclosure of the accounting policies that are material in the context of the financial statements. Therefore I would say if the company holds no stock, no stock policy is required, similarly for fixed assets, foreign currency, leasing, you name it.
I think your turnover policy may need a little more meat, including when turnover is recognised. This would tie in to an extent with a WIP policy which would not only describe at what point in a contract you would be recognising income but how you value the WIP that you are carrying.