The theoretical requirement to report reimbursed expenses on the P11D or get a dispensation has always seemed like a waste of time and money to me
On the subject of P11Ds I seem to remember that when they came in they were for "higher paid" employees earning over £8,500 (which probably tells you how long ago it was). Why not simplify the whole system of what constitutes a BiK or only recognise them for genuine higher paid employees and directors.
I thought I'd have a go at finding that Bible quote that you were after but sadly couldn't find it. Apparently old King Solomon came out with 70-80+ different proverbs about wisdom Vs foolishness, some of them quoted below. I have to admit there are times when the last two feel very very appropriate indeed!!
The wise store up knowledge, but the mouth of a fool invites ruin. (Proverbs10:14)
The way of fools seems right to them, but the wise listen to advice. (Proverbs 12:15)
The prudent keep their knowledge to themselves, but a fool’s heart blurts out folly. (Proverbs 12:23)
It is better to meet a bear robbed of her cubs than a fool bent on his folly. (Proverbs 17:12)
Fools find no pleasure in understanding but delight in airing their own opinions. (Proverbs 18:2)
The lips of fools bring them strife, and their mouths invite a beating. (Proverbs 18:6)
A white horse walks into a bar and says, "I could do with a stiff drink". The barman says, "It's funny you should say that. We stock a brand of whisky that's named after you". "Brilliant", says the white horse, "In that case give me a large Eric".
I've got loads of old cassettes myself and purchased something similar a couple of years ago. The sound quality is certainly much better than simply plugging any old cassette machine into the mic socket and recording it that way. You'll also need some sort of software to reduce noise and split the recording up into individual tracks though there are plenty of programs that can be downloaded for free. Audacity seems very popular though I'd also recommend NCH, they have a whole range of programs for editing/converting wav/wmp/mp3 files plus some pretty useful programmes for visual files too in case you want to convert your old VHS tapes to DVD!
Euan is of course right there's no problem tax wise with putting in a directors loan of £50k. This may leave the balance sheet looking overdrawn which could be a problem though if you want to raise finance as some/most bank managers don't really understand accounts also anybody looking at the abbreviated accounts at Companies House might think the company is a poor credit risk. A simple way round the problem is to get the client to give you a letter, which you could even draft for them, saying that (for example) £40k of the loan is repayable after more than one year. You can then legitimately move the loan into the creditors due >1 year and improve appearance of the balance sheet.
My answers
Higher paid employees?
On the subject of P11Ds I seem to remember that when they came in they were for "higher paid" employees earning over £8,500 (which probably tells you how long ago it was). Why not simplify the whole system of what constitutes a BiK or only recognise them for genuine higher paid employees and directors.
The Wisdom of Solomon
I thought I'd have a go at finding that Bible quote that you were after but sadly couldn't find it. Apparently old King Solomon came out with 70-80+ different proverbs about wisdom Vs foolishness, some of them quoted below. I have to admit there are times when the last two feel very very appropriate indeed!!
The wise store up knowledge, but the mouth of a fool invites ruin. (Proverbs10:14)
The way of fools seems right to them, but the wise listen to advice. (Proverbs 12:15)
The prudent keep their knowledge to themselves, but a fool’s heart blurts out folly. (Proverbs 12:23)
It is better to meet a bear robbed of her cubs than a fool bent on his folly. (Proverbs 17:12)
Fools find no pleasure in understanding but delight in airing their own opinions. (Proverbs 18:2)
The lips of fools bring them strife, and their mouths invite a beating. (Proverbs 18:6)
In need of a stiff drink
A white horse walks into a bar and says, "I could do with a stiff drink". The barman says, "It's funny you should say that. We stock a brand of whisky that's named after you". "Brilliant", says the white horse, "In that case give me a large Eric".
USB Cassette Player
Might be worth checking this out:
http://www.aspect-two.com/mp3Convertor3/
I've got loads of old cassettes myself and purchased something similar a couple of years ago. The sound quality is certainly much better than simply plugging any old cassette machine into the mic socket and recording it that way. You'll also need some sort of software to reduce noise and split the recording up into individual tracks though there are plenty of programs that can be downloaded for free. Audacity seems very popular though I'd also recommend NCH, they have a whole range of programs for editing/converting wav/wmp/mp3 files plus some pretty useful programmes for visual files too in case you want to convert your old VHS tapes to DVD!
Creditors: Amounts Due After More Than One Year
Euan is of course right there's no problem tax wise with putting in a directors loan of £50k. This may leave the balance sheet looking overdrawn which could be a problem though if you want to raise finance as some/most bank managers don't really understand accounts also anybody looking at the abbreviated accounts at Companies House might think the company is a poor credit risk. A simple way round the problem is to get the client to give you a letter, which you could even draft for them, saying that (for example) £40k of the loan is repayable after more than one year. You can then legitimately move the loan into the creditors due >1 year and improve appearance of the balance sheet.