Member Since: 23rd Oct 2013
2nd Sep 2021
In other news, someone with little to no knowledge of audit beyond basic work as a student accountant has an opinion on audit
12th Aug 2021
What this case does is underline the importance of ensuring that by the time HMRC determine your companies are due money, that the companies have no assets and in fact have millions in net liabilities. Therefore HMRC are getting zero but at least they've spent a lot of time and money confirming what they could have had.
It would be good if these articles did more digging into the position of the companies. How many companies has this guy built up Crown debt in then put down?
Forget it Jake. It's Chinatown
6th Aug 2020
People stuck in house not using cars and not buying cars.
People stuck in house not making cars.
Showrooms shut so cars not sold.
People made redundant have no money for cars.
If anyone is willing to pay me, I'll write a similar article for most industries - I'm losing track of these fairly pointless "poorest retail results in Q2 ever" and "hotel room sales low in April" articles.
14th May 2020
What about the CBIL loans? With the set up charge and the first 12 months interest paid by the government, should this be brought in as Dr Expense Cr Grant Income?
23rd Mar 2020
I have questions on the job retention scheme:
a) Is the £2,500 of support gross or net?
b) Is the £2,500 of support 80% or 100%?
c) Is employer's NI due on this?
d) Does holiday pay accrue for furloughed staff?
e) What about pension contributions?
f) Can you rotate furloughed staff such that they are furloughed one month, working the next?
g) What about non-self-isolation sick pay?
My initial thoughts were that up to £2,500 of net pay will be supported, and that none of this pay will generate PAYE or NI due to the government as this is meant to solve the burden of redundancies, would seem harsh to charge PAYE/NI on businesses maintaining employment.
9th Mar 2020
DTB27 - but then this accountant wouldn't have been able to charge him almost £6k for next to no actual work. Taking a look at the accounting firms accounts, I think I'd be checking out their Corporation Tax returns too, and then their clients.
4th Mar 2020
Am I being cynical when I wonder if these audit working papers ever existed?
2nd Dec 2019
I think the analysis by Nigel should have commenced as:
"Firstly, it is important not to pretend that you have carried out R&D then claim tax credits"
HMRC should be having a field day on false claims. If this was one advised by a specialist R&D company, then I think HMRC should be reviewing the reports they have submitted and opening enquiries into all of them.
29th Nov 2019
Goodness gracious me, who would have believed it.
Next thing your going to tell me is that the owners of Indian and Chinese restaurants also have property investment companies funded from unknown cash sources.
9th Apr 2019
- Companies House should be responsible for all company directors and shareholders - all documentation must be submitted with their next confirmation statement starting 1 January 2020.
- HMRC should be responsible for all submitting a tax return - all taxpayers must submit documentation with their 2019/20 tax return.
- From 31 January 2021, everyone can then place reliance on these entities rather than every professional in the UK wasting their time carrying out admin tasks.
I wonder what would happen if all accountancy firms refused to comply until something was done that was fit for purpose. We are fully compliant but I grudge staff spending time confirming the identity of some old Granny with a rental property.