Member Since: 11th May 1998
27th Aug 2020
Are you sure that the director did not appoint his/her spouse or other beneficiary of the estate as director on his deathbed but the new director forgot to do the minutes? That would solve the problem.
11th Aug 2020
11th Aug 2020
When I acquired another practice (about 15 years ago), the retiring accountant contacted HMRC and arranged for all clients to be transferred to my practice without the need for 64-8s. I doubt if this facility is still available due to GDPR but it may be worth asking HMRC (if you can speak to the right person!).
20th May 2020
I did read that but I have taken the view (rightly or wrongly!) that most recipients will be using the grant towards future expenditure. For example, I have a client who, because he was in receipt of the grant, decided to use the money to top up his employees furlough pay. Maybe every case will need to be looked at individually.
19th May 2020
I would say that it depends on your accounting policy. i.e. are you using the performance model or the accrual model. I imagine that most will use the accrual model and this would mean spreading the grant over the period the associated lost income arises so probably mostly 2020-21. See here http://stevecollings.co.uk/frs-102-grant-accounting/.
19th May 2020
Quote from British Business Bank FAQs re Bounce Back Loans:
"What can I use the loan for?
The business must confirm to the lender that the loan will only be used to provide an economic benefit to the business, for example providing working capital, and not for personal purposes. "
So intending to put the money into Premium Bonds could presumably make it a fraudulent application (but I am not a lawyer!).
18th May 2020
I have used the online Nationwide residential property index in the past. You can enter the purchase date and price and the valuation date or the sale date and price and the earlier valuation date so do both. It is broken down between different categories of property and regions. You may get different answers so an average could be taken. Obviously, it does not account for improvements. White space note definitely required (or note in computation). If it does not give the answer you would like, you can then suggest that the client may wish to pay for a formal valuation or do a CG34.
27th Apr 2020
If the company declared a dividend that each shareholder could draw down at will then it was made available at that time. It was therefore taxable at that time, not when it is eventually drawn!
31st Mar 2020
As this also applies to partners, the only figure on the individual partner's SA will be the share of adjusted profit after CAs. I cannot see that the self-employed will be treated differently so I am almost sure that this is how it will operate.
27th Mar 2020
I read it that salaries would be based on the higher of the average for the past twelve months or the salary for the same month last year (all not just irregularly paid employees). Where does it say that it is based on the salary at 28 February?