Member Since: 13th May 2013
23rd Jul 2020
I've had this. HMRC insisted that contractor amend his CIS returns to show the Ltd Co UTR rather than the original partnership of my client. Took a couple of months but eventually they paid refund to Ltd Co. Probably only worked because there was still an ongoing relationship between contractor/subcontractor though.
13th Jul 2020
Hope the link works (question posted 25 June by Yelsnew).
I've got one director who is only able to work about 30% of normal hours in July due to cancelled contracts so I'm interested why they wouldn't be able to claim flexible furlough. This client is very organised and has kept detailed records of hours worked/normal hours. ATT article states that flexible furlough should also apply to directors but waiting further guidance. (updated 9th July).
19th Jun 2020
Possibly "low cost trader" at 16.5%? - you'd need to check.
HMRC says that a limited cost trader is a business that buys only a few goods. More specifically, a limited cost trader's spend on goods, including VAT, in a quarter is:
less than 2% of its VAT-inclusive sales for that quarter,or
more than 2% of its VAT-inclusive sales for that quarter, but less than £250
This figure should exclude the cost of the following items:
food and drink for the business or its staff
vehicles, vehicle parts and fuel (unless your business uses its own vehicles in the transport business, for example if you run a taxi hire firm)
What you need to do if you're a limited cost trader
From 1st April 2017 you'll need to check how much you've spent on goods each quarter and see how this figure compares to the specifications above.
If it turns out that you are a limited cost trader, you need to apply the 16.5% limited cost trader percentage to your VAT-inclusive sales for that quarter when you're working out how much to pay HMRC - don't use the usual rate for your trade.
4th Jun 2020
Unless it's changed, Sage wouldn't pick up codes 2202 or 2204 in the next return so you won't be claiming the vat back. Have you run the vat (obviously without saving it) just to check if it's picking up the adjustment? Can't see how it can, or it would pick up all entries in 2202 (the liability account). I would have thought Dr 2201 (input /purchase tax) and credit the expense in the P&L.
2nd Jun 2020
The second (none director) employee has to earn at least the secondary nic threshold though to be able to claim EA I believe.
29th May 2020
Yes that's the number he has, thanks. He tells me he just gets cut off. Maybe it's because he's ringing at the busiest time and he just needs to keep trying.
14th May 2020
Does the VAT return run in line with the year end? If not, you will have inputs on payments made after the last return, but these are not included in closing creditors.
Just a thought.
7th May 2020
I think the fact that you care so much must mean you are good at your job. I get very stressed if I find an error but we are all human so it's probably inevitable the odd one will slip through. One of my clients who did her own vat forgot the decimal places in box one and the vat was over £100,000 overstated and she was very calm about it! Didn't even get an inspection.
6th May 2020
Sorry- replied in hurry without thinking about the grant rules. Was simply thinking about Dr bank, Cr P&L. Hangs head in shame :(
6th May 2020
Have never used Liberty but surely it's simply debit bank and credit P&L (staff costs)with the furlough grant (so that net cost of wages is shown in P&L ) . Shouldn't be anything to do with the wage control because the business should have paid the wages as normal. Seems to be complicating something that is very simple!