Not sure if this will help, but a few years ago we got a RLS (Returned Letter Signal) mistakenly applied to our address and all our agent codes meaning we could do nothing, all because a letter was returned to HMRC that was delivered by Royal Mail to our neighbour - who instead of giving it to us, sent it back to the sender! We contacted HMRC at the below link with an explanation of what happened and how it's important that it's urgently fixed as we cannot deal with people's taxes and the negative impact it would have. HMRC emailed us the next day and fixed this issue a matter of urgency and fixed the issue immediately.
You can also contact the ICAEW Practice Support team, who can help and pick the phone up to the right people at HMRC.
This can be resolved, but you will need to really express the urgency to HMRC and/or ICAEW to get it done. Otherwise it will take months.
ICAEW operative I spoke to denied any ability to contact HMRC Agent services and then their fire alarm went off and she said she had to leave the building!!!
What excellent value for money my subscription is!
Has anyone asked the bank why? This is a very odd request especially as the two partnerships may have different trades.
I would guess that the only reason the bank would ask this is if the partnerships are trading heavily between themselves and inflating the turnover accordingly. A consolidation would simply eliminate all the inter partnership trading and loan accounts.
Exactly. Either a bank not understanding what they are looking at (wouldn't that be unusual!) or there's more to this.
As presumably both parties are VAT registered for TOGC to apply... get written clearance from HMRC and if the TOGC fails the remedy is pretty straightforward and tax neutral isn't it?
Sorry, just to be clear, I am looking for Limited Company FRS 102 / 105 and Charities Act compliant software.
I am familiar with VT but even for sole trader and partnership accounts VT is pretty basic and does not have the presentational quality we are looking for.
If you are struggling to understand the system or have no experience of this type of client, you should ask yourself whether you ought to take on the client.
They are a nightmare and unless the client has a competent bookkeeper who is capable of doing all the necessary reconciliations... walk away, as the previous accountant will have done when his more than reasonable bills haven't been paid.
My answers
ICAEW operative I spoke to denied any ability to contact HMRC Agent services and then their fire alarm went off and she said she had to leave the building!!!
What excellent value for money my subscription is!
Just been told by HMRC there is neither telephone nor email contact possible with the Agent Team and everything has to be done by post!!!
What an utter shambles of an operation, unbelievably unprofessional and a disgrace.
meanwhile... back in the real world.
To the OP... don't get involved. Keep good file notes of ALL conversations with them both and wait to deal with the fall out if it happens.
Exactly. Either a bank not understanding what they are looking at (wouldn't that be unusual!) or there's more to this.
As presumably both parties are VAT registered for TOGC to apply... get written clearance from HMRC and if the TOGC fails the remedy is pretty straightforward and tax neutral isn't it?
Sorry, just to be clear, I am looking for Limited Company FRS 102 / 105 and Charities Act compliant software.
I am familiar with VT but even for sole trader and partnership accounts VT is pretty basic and does not have the presentational quality we are looking for.
If you are struggling to understand the system or have no experience of this type of client, you should ask yourself whether you ought to take on the client.
They are a nightmare and unless the client has a competent bookkeeper who is capable of doing all the necessary reconciliations... walk away, as the previous accountant will have done when his more than reasonable bills haven't been paid.
What is his argument for introducing them [into his own company] at a higher value than his base cost?
If he has no self employment in which to use the assets his argument for acquiring them personally, if not to make a future profit, seems a bit thin.
He has made a profit from assets associated with his employment ... if he wants the uplift in value... pay the tax.
On the basis of the questions you have submitted on here, how do you consider yourself qualified to complete VAT returns for your clients?
Do you really not know the answer to that question?