Very appropriate username for what appears to be a lack of accounting records to justify recovery of monies (activelyproactive might have avoided the problem). Any claim that has not been made within a 6 year period will fail under the statute of limitations.
I don't think the payment or otherwise of salary is relevant rather than whether directors without a service contract should be counted. Personally I include all directors in the number but examining many such other balance sheets I think the majority are not including them i.e. they quote zero.
This thread should be read in conjunction with the one seven down (unless this is the coincidence of the century). The more they're compared the more the story unravels. If the story is genuine don't worry - it's a minor breach which I'm sure all of us have committed some time. If "Fedup" insists upon a written breakdown advise her that there will be an upfront charge. Her marriage sounds great doesn't it?
If I had a bill for £8K when quoted £3K I think I'd be more worried about the money than any subsequent (alleged) breach of confidentiality. The OP seems to have clairvoyant powers. She told the firm not to discuss her affairs with her husband on the back nine (I think that's a golfing term) but the senior partner allegedly did just that. I'm sure there's more to this story.
My twopence worth is that if in the previous year a self-employed supplement was completed he is still self-employed until you put a cessation date on this year's return.
I've completed supplements in the past where NIL income (and maybe a few expenses) were reported which will entitle the taxpayer to opt for voluntary class 2 contributions.
I'd ask the client to confirm that he is still trading though. £156 is still a bargain to buy a year's state pension.
If you mean cease trading write to CT Services, HMRC, BX9 1AX and hopefully the company will be removed from the necessity for CT returns. As far as distribution of any assets is concerned this won't affect CT. I've never had any trouble with this method although purists may consider post cessation dividends for example require accounts to be prepared albeit no taxable profits.
Nobody knows yet but the easiest solution will be to include a separate box on the 2021 tax return to pick up both grants i.e. assess on a tax year basis.
Personally I wouldn't include it in trading income as part of the accounts.
Well said Tornado. HMG's announcement (at the weekend I think) caused a level of panic buying yesterday. The measure is unworkable because (like the French have indicated today) there will always be exceptions. In the area I live there are almost 100% of people over 70 and the one person under that age would have a full time job delivering food to the others over a 4 month period.
Have we been told how many 70 and over year olds have contracted (and recovered from) the virus? Boris has done a pretty good job so far but I'm afraid he should have kept his powder dry on this one.
My answers
Very appropriate username for what appears to be a lack of accounting records to justify recovery of monies (activelyproactive might have avoided the problem). Any claim that has not been made within a 6 year period will fail under the statute of limitations.
I don't think the payment or otherwise of salary is relevant rather than whether directors without a service contract should be counted. Personally I include all directors in the number but examining many such other balance sheets I think the majority are not including them i.e. they quote zero.
This thread should be read in conjunction with the one seven down (unless this is the coincidence of the century). The more they're compared the more the story unravels. If the story is genuine don't worry - it's a minor breach which I'm sure all of us have committed some time. If "Fedup" insists upon a written breakdown advise her that there will be an upfront charge. Her marriage sounds great doesn't it?
If I had a bill for £8K when quoted £3K I think I'd be more worried about the money than any subsequent (alleged) breach of confidentiality. The OP seems to have clairvoyant powers. She told the firm not to discuss her affairs with her husband on the back nine (I think that's a golfing term) but the senior partner allegedly did just that. I'm sure there's more to this story.
My twopence worth is that if in the previous year a self-employed supplement was completed he is still self-employed until you put a cessation date on this year's return.
I've completed supplements in the past where NIL income (and maybe a few expenses) were reported which will entitle the taxpayer to opt for voluntary class 2 contributions.
I'd ask the client to confirm that he is still trading though. £156 is still a bargain to buy a year's state pension.
If you mean cease trading write to CT Services, HMRC, BX9 1AX and hopefully the company will be removed from the necessity for CT returns. As far as distribution of any assets is concerned this won't affect CT. I've never had any trouble with this method although purists may consider post cessation dividends for example require accounts to be prepared albeit no taxable profits.
Nobody knows yet but the easiest solution will be to include a separate box on the 2021 tax return to pick up both grants i.e. assess on a tax year basis.
Personally I wouldn't include it in trading income as part of the accounts.
Not quite correct.
Low interest rates probably account for two of the five facts. Money printing has little connection to any of the five facts.
Lucy's got a way with words.
Well said Tornado. HMG's announcement (at the weekend I think) caused a level of panic buying yesterday. The measure is unworkable because (like the French have indicated today) there will always be exceptions. In the area I live there are almost 100% of people over 70 and the one person under that age would have a full time job delivering food to the others over a 4 month period.
Have we been told how many 70 and over year olds have contracted (and recovered from) the virus? Boris has done a pretty good job so far but I'm afraid he should have kept his powder dry on this one.