Thanks for the responses, to clarify, you’re saying it is acceptable to report the amounts processed via payroll as payment for normal services as wages/salaries and not as directors remuneration, with no separate note in the accounts. Can you please advise a reference for this?
Sounds fine to me... Standard supply of services between EU B to B entities. Zero rate the supply [per VAT 741A] between company A and B and note the reverse charge applies on the sales invoice. Someone needs to pay the VAT eventually, so the final taxable supply to company C will bear the VAT.
Thanks John, I'm clear on that. I just couldn't see a P&L account in the XERO SCOA to post the P&L entry to (the BS account exists). I have created a new P&L account myself to be able to post the journal, but assumed this would be a standard transaction that wouldn't require me to do this.
they are adamant the subdivision is to 30000 shares @ £0.0001. Based on my trawling of various company legal sites, it appears a nominal value of £0.0001 is allowable (even though it looks odd). My concern came about when reconciling the company share capital.
Moving forward, should I advise them to have the SR amended (this was a comprehensive document prepared by City lawyers)? I'd feel better reporting the share capital at £0.0001 if I had a legal document that corresponded with this.
Also, I don't feel comfortable having share certificates in issue quoting a rounded up nominal value. I suppose ultimately, the issue is one of making sure there is only one nominal value per class of share - (which there is), and that the share certificate quotes the correct number of shares purchased.
Taxcalc If you are very small, start off with the HMRC software (it's free) or be brave and spend money n Taxcalc. I and others on this site have been using this happily for a few years.
My answers
Thanks for the responses, to clarify, you’re saying it is acceptable to report the amounts processed via payroll as payment for normal services as wages/salaries and not as directors remuneration, with no separate note in the accounts. Can you please advise a reference for this?
Many thanks. I use TaxCalc, so it hadn't occurred to me the API link could access the pension figures. Really appreciate your prompt response
Thanks John, CR: accrued income or reserve?
Sounds fine to me...
Standard supply of services between EU B to B entities. Zero rate the supply [per VAT 741A] between company A and B and note the reverse charge applies on the sales invoice. Someone needs to pay the VAT eventually, so the final taxable supply to company C will bear the VAT.
Definitely small
Well within the small company parameters and will be for a while.
Thanks for your reply stepurhan. The SCEC guys have just confirmed it is ok for the authorised agent to sign, but I take on board your point.
Thanks John, I'm clear on that. I just couldn't see a P&L account in the XERO SCOA to post the P&L entry to (the BS account exists). I have created a new P&L account myself to be able to post the journal, but assumed this would be a standard transaction that wouldn't require me to do this.
The client is clear...
they are adamant the subdivision is to 30000 shares @ £0.0001. Based on my trawling of various company legal sites, it appears a nominal value of £0.0001 is allowable (even though it looks odd). My concern came about when reconciling the company share capital.
Moving forward, should I advise them to have the SR amended (this was a comprehensive document prepared by City lawyers)? I'd feel better reporting the share capital at £0.0001 if I had a legal document that corresponded with this.
Also, I don't feel comfortable having share certificates in issue quoting a rounded up nominal value. I suppose ultimately, the issue is one of making sure there is only one nominal value per class of share - (which there is), and that the share certificate quotes the correct number of shares purchased.
Is that the best way forward?
Does anyone have a template
for the certificate of financial standing? I can't track one down, not even via google. Thanks again.
Taxcalc
If you are very small, start off with the HMRC software (it's free) or be brave and spend money n Taxcalc. I and others on this site have been using this happily for a few years.
Good luck