I've had the fear on some of these balances since the simplicity of obtaining loans was announced. No interesting stories yet, but I'm sure there will be some.
Currently waiting on a 6 figure R&D tax credit submitted in March - it is like dealing with a bad debtor. We have now been told the client will definitely be paid in a certain timeframe 7 times. Raised as complaint.
Also, have a 6 figure Corporation Tax refund due to a client and submitted in February but has not been processed at HMRC.
Until they come up with a computer chip that can be implanted into a client's brain and tell them how to use accounting software correctly, I think we'll be fine.
But you go to make the claim, and for those payrolls where there are only annually paid directors processed on 31 March 2020 (small salary), the portal will not allow you to make the claim. I hope this will be fixed.
I did it for 2.5 years and I have to be honest, the process is terrible and most BNI employees/heads of chapter are clueless charlatans who have never run a successful business in their lives. I dreaded getting up every Wednesday and it was a borderline cult pyramid scheme.
But
I developed a huge profile in my area because of it. I met nearly every business person worth meeting across my time, and I still get referrals after 8 years of being a non-member. Lots of BNI members became long term clients and friends. We all still reminisce about our time in BNI in a "back in Nam" style.
My answers
I've had the fear on some of these balances since the simplicity of obtaining loans was announced. No interesting stories yet, but I'm sure there will be some.
Was the original journal Dr Client Pocket Cr Bounce Back loan?
Currently waiting on a 6 figure R&D tax credit submitted in March - it is like dealing with a bad debtor. We have now been told the client will definitely be paid in a certain timeframe 7 times. Raised as complaint.
Also, have a 6 figure Corporation Tax refund due to a client and submitted in February but has not been processed at HMRC.
You can tell their staff are totally embarrassed.
The opening poster obviously prepares the tax returns to the letter of the tax legislation. The letter!
Until they come up with a computer chip that can be implanted into a client's brain and tell them how to use accounting software correctly, I think we'll be fine.
But you go to make the claim, and for those payrolls where there are only annually paid directors processed on 31 March 2020 (small salary), the portal will not allow you to make the claim. I hope this will be fixed.
Anyone heard anything further?
In my experience, people that like paying tax so that they stay under the radar are usually at it in some form or another.
I did it for 2.5 years and I have to be honest, the process is terrible and most BNI employees/heads of chapter are clueless charlatans who have never run a successful business in their lives. I dreaded getting up every Wednesday and it was a borderline cult pyramid scheme.
But
I developed a huge profile in my area because of it. I met nearly every business person worth meeting across my time, and I still get referrals after 8 years of being a non-member. Lots of BNI members became long term clients and friends. We all still reminisce about our time in BNI in a "back in Nam" style.
So it may be painful, but it got results.