Directors Meetings Minutes of Directors meetings are indeed a Statutory requirement however members do not have right of access. Similarly I would not give an Inspector full access to the minutes, both as a matter of principle, and commercial sensitivity, without good reason. If the inspector asks for specific information then possibly give them a certified copy!
use of email addresses I woulkd be more concerned if i was a client of the accountant who had circulated my email address to some or all of his other clients. He should learn how to send emails but use hidden addresses!
goodwill You should be able to find the multiple of gross or net to give you the goodwill. At the lowest it is nil and may be 3 times net profit but do check what the current rates are.
Also very important make sure you have a contract drawn up and one important point is that you must retain the telephone number or your clients will just dissapear.
Partnership As for the legal issues refer to the Parnership Act 1890, which gives the rules which will be applied if there no agreement otherwise.
In addition with the introduction of SA the tax liabilites were held to be an individual responsibilty and you can not be held liable for the other partners.
Are the cheques signed by you if not make sure thaery are so they can not drain the cash.
Qualifications If you are initially aiming at "technicain "level then I would suggest that you go for a qualification which does allow for further progession if you wish later, but in any case is a stand alone qualification in its own right.
Therefore I would recommend either AAT or CAT (backed by ACCA)
No The contract is fact and should be used in the both the sellers and buyers accounts/tax comps. Assuming that the market value of the F & F is lower it just increases the CAs
Property Management Fees The landlord should account for rent on an accrual basis. But I assume this question is regarding the management fees on rent received on behalf of landlords. In this case the commission is not earned until the rent is actually paid (and sometimes never). My reaction (and done in practice)thefore is to account for commission when the rent is received and not on an accrual basis unless someone can quote a real case where the decision has gone the accrual route.
talk to the owner Surely you can talk to the owner of the business and get him to request the information. From experience when dealing with issues abroad you should be careful about any changes so that your records agree with the accounts but also that the owner knows how and why the accounts have been adjusted.
Sage Info I understand that HMRC have attended Sage courses, therefore it is a reasonable assumption that they have aquired the software, hence the request for backup copies. If you do not want them to have access to certain parts of the nominal ledger why not try and give them a print out (or electronic?) copy of the VAT accounts only.
Tax saving? I recently did a calculation which showed that net income from a limited company based on an income of £30,000 with salary covered by personal allowances and dividends was slightly less than being self employed. Never mind the additional costs of being limited!
My answers
Directors Meetings
Minutes of Directors meetings are indeed a Statutory requirement however members do not have right of access. Similarly I would not give an Inspector full access to the minutes, both as a matter of principle, and commercial sensitivity, without good reason. If the inspector asks for specific information then possibly give them a certified copy!
use of email addresses
I woulkd be more concerned if i was a client of the accountant who had circulated my email address to some or all of his other clients. He should learn how to send emails but use hidden addresses!
goodwill
You should be able to find the multiple of gross or net to give you the goodwill. At the lowest it is nil and may be 3 times net profit but do check what the current rates are.
Also very important make sure you have a contract drawn up and one important point is that you must retain the telephone number or your clients will just dissapear.
Partnership
As for the legal issues refer to the Parnership Act 1890, which gives the rules which will be applied if there no agreement otherwise.
In addition with the introduction of SA the tax liabilites were held to be an individual responsibilty and you can not be held liable for the other partners.
Are the cheques signed by you if not make sure thaery are so they can not drain the cash.
Seek legal and accounting advice.
Qualifications
If you are initially aiming at "technicain "level then I would suggest that you go for a qualification which does allow for further progession if you wish later, but in any case is a stand alone qualification in its own right.
Therefore I would recommend either AAT or CAT (backed by ACCA)
No
The contract is fact and should be used in the both the sellers and buyers accounts/tax comps. Assuming that the market value of the F & F is lower it just increases the CAs
Property Management Fees
The landlord should account for rent on an accrual basis. But I assume this question is regarding the management fees on rent received on behalf of landlords. In this case the commission is not earned until the rent is actually paid (and sometimes never).
My reaction (and done in practice)thefore is to account for commission when the rent is received and not on an accrual basis unless someone can quote a real case where the decision has gone the accrual route.
talk to the owner
Surely you can talk to the owner of the business and get him to request the information. From experience when dealing with issues abroad you should be careful about any changes so that your records agree with the accounts but also that the owner knows how and why the accounts have been adjusted.
Sage Info
I understand that HMRC have attended Sage courses, therefore it is a reasonable assumption that they have aquired the software, hence the request for backup copies.
If you do not want them to have access to certain parts of the nominal ledger why not try and give them a print out (or electronic?) copy of the VAT accounts only.
Tax saving?
I recently did a calculation which showed that net income from a limited company based on an income of £30,000 with salary covered by personal allowances and dividends was slightly less than being self employed. Never mind the additional costs of being limited!
Have I got this wrong?