Thanks DJKL. For non-sales, we have salaries with a small company performance related bonus.
Re sales team, I would like to ensure that we have a scheme in place which rewards delivery and encourages talented, driven sales people, without over egging beyond a possible market rate.
T/o UK £7M
T/o USA £2.5M (eqGBP)
Require w/cap of c. £9M eqGBP to grow x 10 @ £1M eq GBP w/cap per T/o incr. in USA
These are just rough figs to give you an indication of the level of funding sought.
Cole. I tried to do this without avail, however, I was able to generate a rapport with my co.s external accountants and was able to get all PER signed off pretty quickly. Most external accountants should do this for you as it's a win all round (for co., accountant and pending ACCA member). Having been in the situation of having had a fully completed STR, which became defunct, was a bit frustrating, but it's an easy fix.
I hope you get sorted soon too (as the letters after your name brings out confidence in you - saw that a lot).
I had it signed off on an old STR. This was deemed unacceptable for PER purposes since the end of Feb 2016. This leaves me in a peculiar situation - one that I'd like to get out of! I suppose it is what it is for now. I'll get it signed off eventually, however, like most people, I want to get things signed off asap so that I can develop my career, so just feeling a bit frustrated.
Betty783, yes, I currently work as a financial controller. There aren't any IFAC quals within the organisation. I contacted my previous employer, however I didn't have any luck. The employer who signed off an old STR for me is no longer in existence and since that employer, I have been working in industrial roles mostly without any direct working relationship with an IFAC qual person. This is leaving me in a peculiar situation. I will do as you suggest and give ACCA a shout on this.
If it is agreed by both entities, it may be possible to draft up a debt forgiveness, so no cash would have to be transferred.
I haven't had experience of anything completely similar, however, I'd say that when the VAT has been recouped by C and paid by JV, the invoices between the two entities should be amended and the recouped VAT paid from C to JV.
Re: VAT implications of VAT on main contractor, I'm not sure which rate this should be, however, I'd say the main contractor would be determined by the underlying contractual agreements between the JV and C.
Thanks Cazzy, this is a good insight.
Accruing purchase invoices received after closing A/P subledger
Just noticed a sub-topic being generated here, re: accruing current month purchase invoices (e.g. May invoices in May) due to A/P subledger closure. Just wanted to highlight a small point:
Although in general we accrue net costs, assuming that the invoice will be dated beyond the current month, It would be ok in this instance to include the VAT adjustment with the accrual (i.e. accrue gross) as (i) the VAT registered entity would be entitled to a VAT reclaim of the VAT element at that point (ii) when the accrual reverses in the next month, the VAT on the accrual would net off against the VAT on the actual invoice when it is posted to the A/P subledger.