Member Since: 29th Oct 2009
16th May 2018
If client insists you could show turnover gross, VAT as a deduction and "net turnover per statutory accounts" in your detailed P&L. You don't even need to have exactly the right figures as long as the net turnover is correct.
If he wants to see VAT on expenses, it is more of a pain, but you could just put it in as an extra (2) lines - "VAT on costs" and "VAT on costs recovered in VAT returns" - the same number in each line so your detailed P&L still agrees to the records
3rd Mar 2017
Funny thing is that after being put through to the employer's section and explaining it was for a personal tax code, I was put through to someone else who went through the personal security details (name, dob, address) before telling me I was not an authorised agent.
I don't know about you, but we did have clients who were outside the SA system - pensioners and well-paid employees who needed help with job changes and expenses claims - and we were registered as tax agent.
1st Mar 2017
3 - but they can email me to say I need to log in to my account - that does not need a stamp, just a little bit of coding...
1st Mar 2017
Matrix. If you don't know then you are lucky. I related my experience the other day - the "PAYE" section would not talk to me; only the "SA" section would.
I recently received a letter from HMRC giving me information asked for by a former client's new agent with pay and tax details from various employments. I can only assume that, whilst the "SA" record was updated the "PAYE" record has not, so the information was sent to me rather than my successor.
27th Feb 2017
Having worked for large companies which audited rather than prepared accounts, we often had a series of "unadjusted errors" - items which we might have dealt with differently if we were preparing the accounts. The point of keeping a note of these was to see if they added up to anything significant. If not the accounts were not adjusted and the tax returns followed what the accounts said.
You have said the error is not material and I would be inclined not to make any adjustment. I can imagine all the extra calculations needed to explain to HMRC what you are doing and why - and at the end of the day all you are "correcting" is a small timing difference.
Are you sure this is the right approach?
14th Nov 2016
So, if you get a "gross" subby to build you a house, there are no bricks, wires, tiles...?
17th Feb 2016
Not sure what you mean by not understanding the principle. The principle could not be simpler. Under English law a person can declare that he holds an asset on trust for the benefit of someone else and expect the courts to uphold that position. So in this case your client could have bought the van in his own name and entered into a declaration of trust in favour of the company. There is of course no indication that he did in your case, so it's just a theoretical point here.
Isn't there another problem. Whilst I can declare that I own something for someone else, I have to own it first - and if I remember the rules I don't own anything bought under an HP agreement until I have paid the option payment (the little extra in the final payment).
And even if I could hold the van as trustee for the company, I am still personally liable under an HP agreement in my name unless and until I get the HP company to agree to change the agreement - so the company cannot claim interest relief.
Just thinking out loud - I may be wrong.
1st Oct 2015
how the amount of the payment has been calculated
When working out gross to net on regular wages / salaries I can see how a payslip is all you need.
But is something more needed to show how a redundancy payment is arrived it (like years of service etc)?
5th Feb 2015
Is tax avoidance a good plan?
As a counterpoint to all the tax issues that are being looked at, there is also another question about the morality of setting up a tax avoidance arrangement.
I am not saying you should not advise on this, and have done so myself.
The question is where to draw the line between appropriate tax advice and inappropriate advice.
Is a dividend instead of salary appropriate tax avoidance do you think? Is there a point (perhaps the C and D shares) where it crosses the line?
30th Oct 2014
they already do
mortgage lenders already do