This happens most years as HMRC don't amend tax rates etc until after the finance act is passed.
This year they had already set up the drop in Corpration tax which now isn't happening an therefore needs to be reversed. The website says until the system is updated you can only file CT600's with a date past 31st March where there is no tax liability. As Lion says they are a bit busy with other things at the moment. Would you rather file the CT600 11 months before the deadline, or receive furlough & SEISS payments?
Why does the client think the lender won't want to see the company accounts?
I'm not sure there are any mortgage lenders that don't ask for accounts and base the decision on that rather than salary, in which case the client won't get the mortgage but HMRC will get extra tax.
While it is not non existant, my knowledge of Scots law is extremely limited - I did refer to the ICAEW guidance and I wouldn't expect that to take into account Scots law and I wouldn't wish to cause offence to those north of the border.
Yes, that is why you only report facts - the client's tax return included the following............... rather than saying the client's income was..........
You can't sue under contract law if there is no contract. Provided giving references isn't covered by engagement letter, disclaimer says reply given without any obligation and no consideration has changed hands, so how would you show a contract exists?
The ICAEW guidance recomends, among other things, covering the reply with disclaimers and not charging to avoid setting up a contract you can be sued under.
My answers
This happens most years as HMRC don't amend tax rates etc until after the finance act is passed.
This year they had already set up the drop in Corpration tax which now isn't happening an therefore needs to be reversed. The website says until the system is updated you can only file CT600's with a date past 31st March where there is no tax liability. As Lion says they are a bit busy with other things at the moment. Would you rather file the CT600 11 months before the deadline, or receive furlough & SEISS payments?
We're not in Manchester and received the grant without any problems
You don't make bookkeeping entries for AIA, it appears on the tax computation not in the accounts.
Should the brother consider the top up to the business grants scheme? not that we've seen the details yet
Why does the client think the lender won't want to see the company accounts?
I'm not sure there are any mortgage lenders that don't ask for accounts and base the decision on that rather than salary, in which case the client won't get the mortgage but HMRC will get extra tax.
I agree about not offsetting income and expenses.
The limit for needing an independant examiniation is income of £25,000 so If usual donations are about £30K you need one anyway
While it is not non existant, my knowledge of Scots law is extremely limited - I did refer to the ICAEW guidance and I wouldn't expect that to take into account Scots law and I wouldn't wish to cause offence to those north of the border.
Yes, that is why you only report facts - the client's tax return included the following............... rather than saying the client's income was..........
You can't sue under contract law if there is no contract. Provided giving references isn't covered by engagement letter, disclaimer says reply given without any obligation and no consideration has changed hands, so how would you show a contract exists?
The ICAEW guidance recomends, among other things, covering the reply with disclaimers and not charging to avoid setting up a contract you can be sued under.
So its a case of no fee and very little risk.