Member Since: 8th Feb 2015
11th May 2021
In the examples you gave, with 5th and 15th March as incorporation dates, but trading start date of 1 April: why not simply shorten the first periods to end 31 March 2021 (during which of course the Companies were dormant).
I have successfully done this many times - it is easier than apportioning/matching the future trading periods
Each successive year would then be 1 April to 31 March.
27th Mar 2021
Agreed entirely. I think the OP is referring to Payments on Account (self assessment payments to HMRC).
27th Mar 2021
Just advise him to operate a separate account for HIS business, and not put anything through that account (income or expenditure) that is not exclusively for HIS business activity!
Less time wasting and expense for everyone!
Just a thought - surely the very fact that he is using the 'joint' personal account for HIS business activity; would that not expose him and his partner to all their personal affairs being examined in an HMRC enquiry?
25th Mar 2021
I had experience last year with the allocation issue - but in respect of the CT liability for 2019/20 . HMRC were chasing this, notwithstanding that it had been paid and well before the payment deadline.
The Government Gateway showed an outstanding liability in one year, and an unallocated payment in the previous year. Even a first year student should have realised that they need offsetting - or at the very least 'looking into'; rather than getting Debt Management involved!
Sadly, AI and bank-feeds etc., seem to be treated as the default method and are assumed to be absolutely correct. It may be a 'generational issue' but, as a 'baby boomer'; I still value logic, sound arithmetical skills and application of embedded knowledge (rather than 'googled' answers), above modern IT!
22nd Jan 2021
That is at least a step in the right direction - as a gain recently reported will then hopefully be mitigated by an expected loss next month.........whether the repayment is sent is another matter. I suspect HMRC will await the submission of the SA Return for 2020/21.
21st Jan 2021
Thank you - appreciated.
8th Jan 2021
Thank you for the reply.
I send you best wishes, I am sure you will enjoy the learning experience, and ultimately obtain appropriate personal and career rewards.
8th Jan 2021
Thank you; opinion totally respected.
You are absolutely 'spot on' regarding the G60 Pensions paper - it was indeed difficult for many.
7th Jan 2021
Interesting that two responses were so diverse. Yours provides some insight, whereas that of Paul Crowley's is direct and honest 'no idea' - but is way off the mark in the simplification of 'people who arrange mortgages'.
You have possibly underestimated the former FPC. I completed this qualification (Papers 1/2/3) between 1994 and 1997, and recall that whilst it was indeed 'easier' than the syllabus depth and breadth required of most of the Accountancy Professional Bodies (Chartered and non-Chartered); it was significantly more challenging than A level. I have successfully completed GCE (not GCSE) at both O & A level, HNC and MSc, and therefore have some knowledge of the academic range.
I recall, as the MD of a wholly independent IFA Consultancy (not tied agents): which carried out broking activities in Life Assurance, Pensions (personal, corporate and self-administered), Savings & Single Premium products, Unit Trusts and discretionary portfolio management, and Mortgage products - the qualification did not cover all of those activities.
A significant number of clients were referred to to the IFA Consultancy by Accountants in Practice and such referrals were reciprocated where the Accountancy Practices had specific experience and knowledge that fulfilled the requirements of certain IFA clients. This was based upon the honesty of each party, knowing and mutually respecting their professional knowledge, experience and status: rather than the 'regrettable' assumption by some 'Chartered' Accountants - invariably raised and practiced in an 'Audit' environment, believing that they were a 'higher breed' than other professionals and they could adequately fulfil their clients' IFA needs.
My response to R5P would be 'go for it' - I am sure you will find it not only personally fulfilling, but the overlap in the Financial Adviser and Accountant roles (in your role as a FD in commerce or industry); might prove more useful than the overlap in the Accountant role and Financial Reporting role shared with the Company's Auditors.
22nd Sep 2020
They certainly do need a reality check!
I recall (as an Employee) writing to HMRC (Debt Collection) about the company being able to reconcile its account figures with HMRC. HMRC's method of payment allocations leaves much to be desired in terms of both simplicity and logic!
HMRC replied to the Company Director, insisting on having a 64-8 lodged with them, as I was not 'named' as an authorised person for them to deal with.
The Director refused to become involved - in his words (though not in any way taken literally or with malice by me), was that he recruited appropriate staff who had the knowledge, experience, and authority to deal with such routine matters; "he did not have a dog and do the barking himself" and was not going to waste time on matters which he had properly delegated as accepted commercial practice.
He suggested that the Company request an equivalent Authority Form for every member of HMRC staff who was to deal with our case. He was not satisfied that just any member of staff had authority to deal with the matter!
HMRC did not acknowledge that as an employee I am NOT an agent; and whilst trying to hide behind GDPR, AML etc ...............they did eventually forward a copy of their full statement, which enabled early reconciliation and resolution and without of course a 64-8.