Member Since: 8th Oct 2008
13th Mar 2013
If there are outstanding amounts the Revenue will always object to the striking off.
If it is unlikely that there will be any profit in the last period of trading I tend to write to the Revenue and ask them if they would just accept a no profit no loss assessment on the grounds that the company could not afford for me to do the accounts. If there are no other outstanding amounts they will often accept this and allow the subsequent striking off. But if there are outstanding amounts the Revenue will probably start bankruptcy proceedings anyway.
13th Mar 2013
This is something that has been brought up at working together meetings. All the Revenue will say is that they are aware of the problem and are working on a solution.
Apparently the SA system and the paye system just work completely independently and there is no cross checking between the two.
30th Sep 2010
When calling the VAT helpline always ask them for references to legislation or other text so that you can check it out afterwards.
The VAT helpline once told a client of mine that she didn't know why he wasn't on a cash accounting scheme to help his cashflow, when he said that his accountant (me) had told him his turnover was too high - she said that she was unaware there was an upper limit to the cash accounting scheme. Client rang me really annoyed that I had apparently been giving him the wrong advice - his turnover is approx £3.5m and yes the upper limit of £1.35 m still applies.
So by all means use them but definetly find out where they have got their information from.
29th Sep 2010
FRS scheme advice
It seems to me that the main problem is the lack of face to face meetings. Clients who meet with their accountant regularly have a much more personal relationship with their accountant and it is then much easier to pick things up earlier and to offer more proactive advice. My worry is that you were prepared to pay more fees for an accountant who lives 200 miles away because he stated he was a specialist. If your accountant is qualified then he is a specialist by definition - there is nothing in your accounts which any general practitioner could not deal with. If you have completed one set of accounts for a particular sector you could call yourself a specialist and it is often just an excuse to charge higher fees.
Choose yourself a local accountant who can spend the time getting to know you and your business. But do not expect the proprietor or partner to complete all of the work themselves as we all have to rely on staff to produce the figure work - however your accountant should still have an inside knowledge of what is contained in your figures and what is going on with your business.
24th Sep 2010
Taking money from limited company on cessation
Assuming that there is money remaining over and above the Directors loan accounts then you can apply to the Revenue for clearance
under ESC C16 to have the funds treated as a capital distribution rather than income. There are various assurances that you will need
to give in order to get the clearance and you have to ensure that you give the Revenue all of the information regarding the circumstances.
8th May 2009
lack of information
I have only had this problem with one accountant. The reason we did not receive a breakdown of the creditors figure is because he did not have one. It appears that the creditor figures was a balancing figure put in to make the balance sheet balance.
As Penny Chambers quite rightly states you simply have to work from the incomplete records that you have.