Heavy handed As a matter of interest, I have an ongoing VAT issue regarding a small public house/restaurant.
The enquiry was concluded (so I thought) with approimately £6000 additional VAT due (client had already been informed of majority during accounts preparation). I then had an officer form HMRC telephone me saying they wished to examine records further.
I informed him that records were available in my office for his inspection. He replied that it was not convenient for them and told me that they had the legal right to take the records away. I asked him (nicely) to put this request in writing quoting relevant legistlation. He then replied "you do realised that I could just sent the heavy mob in?". I said I wished to finish the conversation there.
I spoke to a VAT specialist who confirmed that HMRC (customs side)did have the right to remove the papers, but obviously did not need to take that attitude.
The conclussion I had arrived at, was to use acquisition accounting techniques and subsequently the new holding company acquires negative goodwill.
I think that the outcome either way is broadly the same.
However after your comment, I looked further into FRS6 which seems to suggest the alternative where the P & L reserves are simply transferred to the new company. Of course giving no guidelines on how your accounting software is supposed to deal with it.
Transfer or reserves/group I have a similar problem, where Company A owns Company B 100%. Company A has been liquidated and its assets (it has no liabilities) transferred to a new holding company C.
Do the profit and loss reserves of A get transferred to C as profit and loss reserves?
The logical answer is yes, but there is no answer to be found in accounting manuals.
My answers
It's open for agents (6:30am), but not that I can see for individual employers trying to access.
What about the repayment of recovered input VAT under partial exemption?
Is this now repayable to HMRC?
Cert of incorp
As all of my clients incorporations are done electronically, a printed copy of the certificate is taken by them to the bank.
None of my clients have experienced problems (yet) opening a company bank account.
So in answer to your query, not in my experience.
On line filing
Our firm used IRIS and (touchwood, cross fingers etc), so far the on-line filing is working very well.
Only errors I have encountered have been when information is missing e.g. PAYE reference.
Heavy handed
As a matter of interest, I have an ongoing VAT issue regarding a small public house/restaurant.
The enquiry was concluded (so I thought) with approimately £6000 additional VAT due (client had already been informed of majority during accounts preparation). I then had an officer form HMRC telephone me saying they wished to examine records further.
I informed him that records were available in my office for his inspection. He replied that it was not convenient for them and told me that they had the legal right to take the records away. I asked him (nicely) to put this request in writing quoting relevant legistlation. He then replied "you do realised that I could just sent the heavy mob in?". I said I wished to finish the conversation there.
I spoke to a VAT specialist who confirmed that HMRC (customs side)did have the right to remove the papers, but obviously did not need to take that attitude.
Company reconstruction
Rachel
Thanks for the comment.
The conclussion I had arrived at, was to use acquisition accounting techniques and subsequently the new holding company acquires negative goodwill.
I think that the outcome either way is broadly the same.
However after your comment, I looked further into FRS6 which seems to suggest the alternative where the P & L reserves are simply transferred to the new company. Of course giving no guidelines on how your accounting software is supposed to deal with it.
Transfer or reserves/group
I have a similar problem, where Company A owns Company B 100%. Company A has been liquidated and its assets (it has no liabilities) transferred to a new holding company C.
Do the profit and loss reserves of A get transferred to C as profit and loss reserves?
The logical answer is yes, but there is no answer to be found in accounting manuals.