Member Since: 11th May 1998
21st Mar 2012
Any ideas where further information on this statement (found here in the IR35 section: www.hmrc.gov.uk/budget2012/ootlar-main.pdf ) might be available: "consulting on proposals which would require office holders/controlling persons who are integral to the running of an organisation, to have PAYE and NICs deducted at source".
I have a number of clients who were waiting to see whether there was anything adverse in the Budget before incorporating their private practice. Any thoughts?
7th Mar 2011
Records and accountants' work
We have a couple of farmer clients who present their "records" to us quarterly. The records consist of cheque stubs, lpaying-in book counterfoils, remittance advices, purchase/expense invoices and bank statements. The purchase/expense invoices are marked by the client with the date paid and whether by cash, cheque or debit card. The clients say that all cash income is entered on the paying-in book counterfoil as received and this is banked intact and all business cash expenditure (small) comes out of cash drawn from the bank to cover this and drawings. They also keep a periodic mileage log (three months sample every couple of years or so).
We then write up a cash book, balance the bank and assist in preparing the VAT returns each quarter.
We obviously use the cash book and VAT workings to prepare the annual accounts. In this connection, we also have details of unpaid invoices at the year-end (which we usually identify when doing the next VAT return) and a contemporaneous year-end stock list.
Do you consider that these clients are maintaining adequate records? Presumably, in the event of a Real Time Records Review we would have to produce the records located at our premises.
21st Jan 2010
Interim payments and student loans
Rebecca, HMRC state that student loan repayments are not to be included in the payments on account. See www.hmrc.gov.uk/manuals/sammanual/SAM121610.htm
14th Jan 2010
Penalty interest now allowable for individuals?
Paula - do you agree that the Revenue now consider that in the majority of cases penalty interest is allowable for individuals? They seem to have updated the manual 45820 since you wrote your answer, in the light of the Kato Kagaku case (SPC598).
11th Sep 2009
So is there still a £100 penalty?
Nichola - what do you think about the comment by SheltonJ who suggests that there is a £100 penalty in addition to the NI related penalty?