Howard Marks is a Welsh bean counter who achieved notoriety as an international calculator smuggler through high-profile court cases.
At his peak he was supposedly smuggling consignments of the devices as large as 30 tons, and was connected with groups as diverse as the ACCA, the ICAEW, ATT, and the Mafia (sorry, meant HMRC). He was eventually convicted by the American IRS of over-supplying calculators and handed a 25-year sentence as a sole practitioner.
Though he had up to 43 different aliases (most of which can't be repeated in public), he became best known as Mr Nice Accountant.
Never tried it, they possibly would but I doubt they're obliged to. CIS refunds/transfers aren't a quick process either so the M1 payment due could fall into default by not stumping up.
I'm quite sure the OP is clued up enough to know whether or not the director should be paid a salary through the company.
As for the initial question; I don't believe an EPS is required, HMRC will be quite aware of the figures already via the contractor's CIS300 filings. HMRC will work on the tax year, not the accounting year so just pen them a quick letter asking for either a refund or a transfer to the CT account. Initially I would enclose a detailed breakdown of your figures but should there be any discrepancies expect HMRC to want copy invoices, CIS payment certs and probably even copy bank statements before coughing up.
My answers
I'd say it depends on a) your traffic levels and b) whether or not you can actively man it.
Thank you.
I doubt any of us would be able to understand your accent. Could we do a video hangout where you hold up placards?
Why fully integrated?
1. Full VAT reclaim.
2. Capitalise the shell but no CA's.
3. Capitalise the integral features and CA's allowable.
Consider personal use.
Google accountingweb taxfiler and your questions will be answered.
Yeah because somebody listing their Outlook email address screams professionalism!
I was just about to ask how many PM's you've had already only to see you're posting as anonymous.
The beauty of the new and improved Aweb.
Never tried it, they possibly would but I doubt they're obliged to. CIS refunds/transfers aren't a quick process either so the M1 payment due could fall into default by not stumping up.
I'm quite sure the OP is clued up enough to know whether or not the director should be paid a salary through the company.
As for the initial question; I don't believe an EPS is required, HMRC will be quite aware of the figures already via the contractor's CIS300 filings. HMRC will work on the tax year, not the accounting year so just pen them a quick letter asking for either a refund or a transfer to the CT account. Initially I would enclose a detailed breakdown of your figures but should there be any discrepancies expect HMRC to want copy invoices, CIS payment certs and probably even copy bank statements before coughing up.
Would your client qualify for gross status? https://www.gov.uk/what-you-must-do-as-a-cis-subcontractor/gross-payment...