Surely companies with a turnover less than £632,000 don't have to submit a P&L to Companies House now and they already submit an abbreviated balance sheet. So, what's the improvement?
If you reclaimed the VAT this was, presumably, a business expense so you have increased your profits (reduced expense) by the amount which you didn't pay the plumber. And, of course, you will pay tax on this increased profit.
Of course, if the work wasn't a business expense, you wouldn't have been able to reclaim the VAT so the taxman would at least have got that.
I wonder where HMRC actually take their timings from - the point of first entering their system or the point when their system eventually realises that you actually want (need) to speak to a real person and if the information could be found on their website you would have found it.
I timed a recent call to HMRC. It took over four minutes just to get through their tortuous "press 1 for ....., 2 for ......., 3 for ....... etc. Each time I decided which option to choose, I was met with another series of options, and another, and another.
When there were no further options left and the phone started ringing in a real person's office it took just over ten minutes for someone to answer. Total time taken to actually speak to someone - just short of fifteen minutes.
Oh - and I didn't mention that this was my second attempt. On the first, I inadvertantly chose the wrong option and was cut off very quickly with no way back.
Clients ask us why we don't just ring HMRC to sort out problems. We can't afford the ******* time is the short answer.
My answers
Profit & Loss Account
Surely companies with a turnover less than £632,000 don't have to submit a P&L to Companies House now and they already submit an abbreviated balance sheet. So, what's the improvement?
Wise words
This is a fundamental lesson which many fail to learn. Very well presented.
John Perry
www.centralbusiness.co.uk
If you reclaimed the VAT this was, presumably, a business expense so you have increased your profits (reduced expense) by the amount which you didn't pay the plumber. And, of course, you will pay tax on this increased profit.
Of course, if the work wasn't a business expense, you wouldn't have been able to reclaim the VAT so the taxman would at least have got that.
John Perry
www.centralbusiness.co.uk
When do they start counting?
I wonder where HMRC actually take their timings from - the point of first entering their system or the point when their system eventually realises that you actually want (need) to speak to a real person and if the information could be found on their website you would have found it.
I timed a recent call to HMRC. It took over four minutes just to get through their tortuous "press 1 for ....., 2 for ......., 3 for ....... etc. Each time I decided which option to choose, I was met with another series of options, and another, and another.
When there were no further options left and the phone started ringing in a real person's office it took just over ten minutes for someone to answer. Total time taken to actually speak to someone - just short of fifteen minutes.
Oh - and I didn't mention that this was my second attempt. On the first, I inadvertantly chose the wrong option and was cut off very quickly with no way back.
Clients ask us why we don't just ring HMRC to sort out problems. We can't afford the ******* time is the short answer.
John Perry
www.centralbusiness.co.uk