Member Since: 5th Nov 2013
16th Aug 2019
We download our bank statements online through our PC. The reference has not been shortened. We receive other tax refunds such as self assessment refunds on behalf of our clients and the references are much longer (show their name/UTR number). The issue is most likely on HMRC's side not the banks.
Which bank is your client with which showed the reference number in the paper statement?
16th Aug 2019
I agree with Wanderer, the issue is indeed with HMRC. We receive self assessment refunds for our clients and HMRC provide us with their name/UTR number as the bank reference.
Surely if they can do this they should be able to change the references for the company CIS refunds.
15th Jul 2019
Our turnover has only increased by 11%. It's slightly higher than £300,000 but we've never had any claims against the practice.
We are also not in a high risk category as it's more general practice work. We would have thought that this would not increase the rates significantly.
16th May 2019
Thank you for your detailed response.
Do other practitioners also find the API coming to the commercial software at around similar times to PTP? Or does your software show the information sooner? If yes, when?
Which commercial software do you (other practitioners) use?
10th May 2019
10th May 2019
That's great. We won't be relying solely on the HMRC figures as we know they're not always 100% accurate.
Thank you for your help.
9th Feb 2018
I've heard that London & Zurich are also good but their website isn't very clear about their charges. Has anyone else used their service?
20th Oct 2017
The problem we have is that if we submit the CT600 and accounts to HMRC, there will be a section 455 charge. Therefore, when we submit the client's personal accounts we will need to show the benefit and hence the client will have a higher tax liability. As previously mentioned, he does not have the savings/funds to pay for this tax.
19th Oct 2017
Thank you for your reply.
The director has been on the company payroll for 2 years. We had run a standard salary up to the client's personal allowance and shown £5,000 tax free dividends. The account as it stands shows a corporation tax liability of £6,700 and the directors current account is overdrawn by £20,956 which means he would have a section 455 charge of £6,810.
Can he only receive the statutory redundancy pay or can he receive a higher amount than this?
How is the compensation for loss of office calculated? Could HMRC query how the figures were calculated and dispute it?
11th May 2017
DJKL suggests that client should consider formal winding up of the Co. The way I see it is that the cost of winding up by appointing an IPA will be huge , maybe around £10K if I am not mistaken (due to size of the net worth of the business).
However, if the Co drew only div for the next 12 yrs would this not jeopardise ER that the client can get now since the CO is no longer trading? The ER rate is 10% which is higher than 7.5% div rate (assuming regime does not change) .