Member Since: 28th Jul 2004
30th Mar 2016
Yes - so what's surprising?
8th Dec 2015
Big confusion!!!! The ICAEW can disqualify a member if it decides to do so. That is, of course, different from being disqualified to act as a Director which is in the hands of the Courts and usually on an application by BIS.
I relation to what Tully did there are various circumstances whereby he could be made personally liable for the debts that he constructed an arrangement to avoid. That is a complicated are of Insolvency Law and well beyond casual comments here.
19th Nov 2015
Dividends - BIG CHANGES
All noted and good stuff but everyone has overlooked the BIG change. People who now receive a small salary and dividends of approx. 25k but have no other income and are not directors ( e.g. children at Uni etc). Currently they do not need to be in SA or file a Tax Return for any other reason but from 2016 they will need to so they can pay the dividend tax of 7.5% on 25k less 5k tax free allowance!
This is just extra admin - HMRC is trying to reduce the number of people filing Tax Returns and this just gives a significant number of new members of the SA club - especially if you also include any basic rate tax payers who receive more than 1k of bank interest.
For us we reckon this will push up the number of Tax Returns that we produce so as to push up in to the next usage band for PTP software. More charges for PTP. No wonder Giles is laid back about this.
26th Aug 2015
Why it matters
I find it deeply concerning that the Secy for State for Business etc seemingly has no idea what is included in a Balance Sheet. Perhaps that is why he incurred such a massive loss at Deutsche Bank. Even worse is the Minister for Business, The Rt Hon Anna Soubry who is a criminal law barrister with, apparently, absolutely no exposure to business whatsoever.
These are the people who are supposed to be helping UK Limited get on its feet.
My final comment - employees should be treated as PEOPLE - not numbers on a Balance Sheet. That way they will be a real asset!
26th Aug 2015
Who owns employees?
In the bad old days until the 19th Century businesses could and did own slaves, particularly, of course, plantations in the americas but also agricultural businesses in Arabia for thousands of years. That was ruled by Law which controlled how slaves could be bought and sold and, sometimes, how they could buy their freedom.
Fortunately the world has moved on from some people owning, and controlling, other people.
It is bizarre and deeply disconcerting that the Government seems to think that we are still in those dark ages!
Perhaps that is the answer to the disgraceful Calais migrant situation - round them up and then auction them? I am sure that the Rt Hon Member of State for BIS could introduce legislation quickly to enable this to effected legally. Just do not tell George Osbourn as he would want to tax them.
I see on Wikipedia that the Rt Hon Member presided over the disastrous Craft EM CLO 2006-1 " investment" fund of Deutsche Bank, where he was vice president, which haemoraged cash and was closed with huge losses. Perhaps he really just does not understand Balance Sheets - or business at all?
What hope is there for us?
10th Feb 2015
On the reverse of my card I have details of how to link in to our website to register for our free monthly tax newsletter. This encourages a recipient to take the card to their computer - hopefully at their desk.
30th Jan 2015
That is, curiously, the same as the daily limit for payments by FPI - is this coincidental or related?
With a HMRC payslip tax can be paid through the bank giro credit system at any major bank.
As cheques still need to be cleared before being accepted as payment of tax then they may as well just be sent by mail to HMRC.
21st Jan 2015
This is a shambles seemingly caused by Mr and Mrs Rumbelow not taking or following proper advice in 2003 and being obstructive since.
The absolute criteria in those days to achieve the seeming objective was;
1- sell the home and, preferably, any other residential properties in UK
2- do not come back to UK AT ALL for 3 years.
24th Oct 2014
dividends - out of profits
Do not forget that available profits are now cumulative, i.e. since the commencement of the company. That is retained balance on P & L A/c at last annual accounts plus net profit after all usual provisions, incl. Tax, since then as confirmed by interim accounts and it is seemingly required that they are approved by the Board.
I do not have the statutory reference to hand which introduced the cumulative test but it was probably ss836-853, CA 2006
Interesting example of the effect of paying dividends in gross optimism of actual profits is the Queens Moat House Group debacle (fraud?) where the Receiver, Administrator, Liquidator requirement repayment to the company.
21st Oct 2014
Sending Tax Returns electronically is OK if they are encripted - far too many accountants just send them by e-mail which is illegal. As is sending accounts!