Sorry that was in no meant for you.........I promise......It was meant for somebody who uses a calculator..... please read the thread.... Sorry once again!
The contract said that the debts would be valued at £150000 and this is what was paid £150000 but in reality £185000 was collectible…
It originated from two brothers working together who fell out and basically halved the one business to create two. They agreed the split with the previous accountant.
Just not sure how to now account for the difference.
My answers
Good thought .... but vat has already been considered...
Sorry that was in no meant for you.........I promise......It was meant for somebody who uses a calculator..... please read the thread.... Sorry once again!
Thank you for all your input… very grateful for the help…except of course one….
I have been in practice 30 years and everyday I learn something new….if you know everything you are not telling the truth…
I will not stoop so low other than say reading accountingweb at quarter to one in the morning… oh dear!
Connected party…. See above… thanks for your reply…
The contract said that the debts would be valued at £150000 and this is what was paid £150000 but in reality £185000 was collectible…
It originated from two brothers working together who fell out and basically halved the one business to create two. They agreed the split with the previous accountant.
Just not sure how to now account for the difference.
Thank you for all contributions and they were very helpful…
Have a great weekend
And there will only be one company in relation to my client….
But surely the dividends will not be chargeable to corporation tax as from a uk co?
It would be the co ( director) giving the advice…. In return for a percentage of the shares and hence they will receive a right to the dividends…
The contractor is the final person in the chain dealing with the general public but according to my client ‘ doesn’t want the hassle of CIS’…
Obviously these sort of situations are not defined in HMRC’s world of Eutopia….