Member Since: 16th Oct 2012
17th Jan 2020
A dog is capable of ownership. Many psychologists use dogs as patient therapy these days. Dogs have a life of approx. 15 years. Owning a therapy dog is similar to owning a work-horse.
I would suggest a) capitalising the cost of the dog, b) depreciating it over 15 years. c) claiming running expenses such as food, medical attention, kennel costs etc and d) claiming the business percentage e.g. 80%
16th Dec 2019
When I worked in the U.K. many years ago, C.I.R (as it then was) had a rule that the following were allowable deductions a) debts proved to be bad b) a Provision for specific doubtful debts. A general provisions for doubtful debts such as 5% of the total debtors was not allowable.
26th Nov 2019
1. Had the new director been properly appointed in accordance with company law when he signed the forms? If so, it would appear that he was legally entitled to sign the forms. If the old director now wants him removed, he must do so in accordance with company law. If the old director owns a majority of the shares, he can call a company meeting and have him removed. If both own equal shares,it may need an application to the court to resolve the matter.
2. If the new "director"had not been properly appointed when he signed the forms, his signature has no effect and, if he knew that, he could be charged with an attempted crime.
In either case, I can see no blame attaching to the accountant.
13th Nov 2019
It's been some years since I was au fait with the U.K. tax system. However, going by other tax systems with the same problem, I would suggest that the expenditure is one of the following a) a capital allowance item of expenditure. Many things have been officially recognised as plant and equipment. b) It is wholly or partially a building improvement. If the expenditure raises the value of the building by a recognisable amount, the amount of the increase would be a building improvement i.e. capital. Some tax jurisdictions allow capital improvements to be depreciated e.g. 2.5%. c) If the expenditure is neither plant nor building improvement, then it must be a repair.
23rd Aug 2019
I would suggest that sometimes one of the reasons clients "jump up and down" is to create a rush scenario and so get their work done in the least possible time. Clients are aware that time is the major factor in arriving at their fee.
9th Aug 2019
I use a) telephone "Do Not Call" and 2) I can normally tell when the person speaks if it is spam or adverting. In these cases, I just hand up immediately without saying a word.
24th Jul 2019
The poster is borrowing money via his credit card and lending money to the company. He is paying interest on the money borrowed. At present, he seems to be lending the money interest-free to the company. If he wants the company to pay interest on the money lent, he must enter into a loan contract with the company whereby they agree to pay interest on the money borrowed.
27th Mar 2019
You should be concerned with a) your contract of confidentiality with your client and b) the law of defamation with special regard to whether the communication is privileged.
1st Feb 2019
If an an accountant files a Tax Return he knows beyond a reasonable doubt is materially incorrect, he is complicit in a crime.
30th Jan 2019
There used to be, and probably still is, a law stating what is legal tender for the payment of a debt.