I have a client who having almost been bitten by the extreme compensation culture so beloved of the US, (his distributor took the hit) now refuses to sell to that country.
Using Excel
In A1 turn Depreciation into a markup - B/(1-B)
in B1 enter NBV (including decimals)
in B2 enter B1+(B1*$A$1)
Drag and drop for no. of years
I see no reason why you cannot act as an agent for your parent company in order to collect this debt. I also suggest that all future overseas business should be transacted by irrevocable letter of credit.
As directors are required to exercise reasonable care, skill and diligence I would suggest that you tell your client that stripping cash out of the business plus loading it with new debt in order to cover the balance is not exactly the done thing.
Quite apart from the fact that your accountant fails to understand the difference between what they believe they are entitled to regardless of what they have contracted to receive, this whole affair sounds very unprofessional. Getting yourself a new accountant sounds like a matter of urgency.
My answers
Sector average - The 10% or so in a given area with the lowest gross profit margins. Especially so where VAT and pubs is concerned.
Yes.
https://www.gov.uk/tax-relief-for-employees/overview
Is there some problem with paying back the £1,000 given that it was paid in error and therefore not expected?
I have a client who having almost been bitten by the extreme compensation culture so beloved of the US, (his distributor took the hit) now refuses to sell to that country.
Using Excel
In A1 turn Depreciation into a markup - B/(1-B)
in B1 enter NBV (including decimals)
in B2 enter B1+(B1*$A$1)
Drag and drop for no. of years
I see no reason why you cannot act as an agent for your parent company in order to collect this debt. I also suggest that all future overseas business should be transacted by irrevocable letter of credit.
Good to hear you're "sober" and wish you well.
As directors are required to exercise reasonable care, skill and diligence I would suggest that you tell your client that stripping cash out of the business plus loading it with new debt in order to cover the balance is not exactly the done thing.
Quite apart from the fact that your accountant fails to understand the difference between what they believe they are entitled to regardless of what they have contracted to receive, this whole affair sounds very unprofessional. Getting yourself a new accountant sounds like a matter of urgency.
By all accounts Samsung's new Galaxy is going like a bomb.