Losses carry back & fore? Wouldn't the full allowance be claimed, causing a loss with option to carry back the loss to previous year (and reclaim c.tax for that year) and carry forward any remaining loss for following years?
Just remember this is N/A for Directors If you're trying to determine if someone needs to declare any BIKs just remember that if they're a director of a company then the threshold is irrelevant as they must always fill in a P11d.
Full Vat if under FRS And if the said laptop owner is also using the FRS then there is no need to apportion vat reclaimed. Just the van (and likely the fuel) biks to handle.
Anyway HMRC believe it is worth their while writing letters back and forward to us to refuse to repay a paltry amount of £70 which was overpaid in error by an honest hardworking man.
Simples. Make an honest mistake and underpay by £70 this year! Or am I a little too naive?
.. is certainly going to be claimed - especially as I waited 14 minutes for it at the counter while the lazy lard buttocks in DriveThru seemed to get priority! Picked it up on my business journey to my client's premises. If I'd been working at mine I'd have brewed myself a cup at less expense and time wasted. Simples!
I am one of those apparently rare individuals but rather than paying back the BIK usage on private mileage of a company car, this is on a company motorbike. When you say "re-imburse the private mileage" what exactly would you re-imburse?
1. The fuel cost.
2. At a scale rate of 45p/mile (for the first 10,000!)
3. The calculated BIK for the year / Total mileage for year * Private mileage for year
I've been running my Software Development "Personal Service Type" Ltd Company for 20 years now. For my first two sets of accounts in 93 & 94 I HAD to use an accountant as back then we couldn't take advantage of the small companies audit exemption, but since then I've always done everything myself. Book keeping, payroll, VAT, CT, tax planning, Company House, SA, etc. I figure doing the "main" job I do if I can't handle the "knowledge requirements" to get my affairs completed I shouldn't being taking on and interpreting software requirements specs for businesses, etc. I also worked on the Line50 software codebase for a couple of years so feel comfortable with accounting. This is NOT a belittlement of accountants, simply that I both enjoy doing it and can do it and find AccountingWeb a great resource.
Anyway, I'm in the position now where I want to expand my business interests slightly and want to work "to a degree" with a local accountant for a sanity/financial health check. With that head on as a comment to the original question I'd find £700+ way too high for a "healthcheck session". What would I be expecting from that interaction? Hmm, I guess a look at my process of how I prepared my final accounts, how I file/categorise transactions, decide on dividend amounts, as well as thoughts of potential future structuring (the sort of questions I guess would be part of "the package" where an accountant was doing the usual work).
If it was a "thorough" check that gave me cause to be confident that I was doing things right (or updated on how to do so) and a good understanding of my future restructuring, as a "punter" I'd find £400-£450 to be my happy spot.
I'd welcome any comments and hope this may also contribute something.
My answers
Losses carry back & fore?
Wouldn't the full allowance be claimed, causing a loss with option to carry back the loss to previous year (and reclaim c.tax for that year) and carry forward any remaining loss for following years?
That's what happened with my magic CT500 from IR.
And does FRS complicate this?
The £2000 VAT reclaim concession within the FRS says that there is no apportionment for private use?
Just remember this is N/A for Directors
If you're trying to determine if someone needs to declare any BIKs just remember that if they're a director of a company then the threshold is irrelevant as they must always fill in a P11d.
Full Vat if under FRS
And if the said laptop owner is also using the FRS then there is no need to apportion vat reclaimed. Just the van (and likely the fuel) biks to handle.
Is repayment by the employee of the BIK value an option?
Thereby reducing the BIK to nil and thus not needing to be reported, since there isn't any? Might this not be cheaper than potential fines?
Didn't they abolish
The 3 month requirement?
Simples. Make an honest
Simples. Make an honest mistake and underpay by £70 this year! Or am I a little too naive?
My morning Starbucks...
.. is certainly going to be claimed - especially as I waited 14 minutes for it at the counter while the lazy lard buttocks in DriveThru seemed to get priority! Picked it up on my business journey to my client's premises. If I'd been working at mine I'd have brewed myself a cup at less expense and time wasted. Simples!
What would need to be re-imbursed?
I am one of those apparently rare individuals but rather than paying back the BIK usage on private mileage of a company car, this is on a company motorbike. When you say "re-imburse the private mileage" what exactly would you re-imburse?
1. The fuel cost.
2. At a scale rate of 45p/mile (for the first 10,000!)
3. The calculated BIK for the year / Total mileage for year * Private mileage for year
Regards,
Will
Interesting one this for me
I've been running my Software Development "Personal Service Type" Ltd Company for 20 years now. For my first two sets of accounts in 93 & 94 I HAD to use an accountant as back then we couldn't take advantage of the small companies audit exemption, but since then I've always done everything myself. Book keeping, payroll, VAT, CT, tax planning, Company House, SA, etc. I figure doing the "main" job I do if I can't handle the "knowledge requirements" to get my affairs completed I shouldn't being taking on and interpreting software requirements specs for businesses, etc. I also worked on the Line50 software codebase for a couple of years so feel comfortable with accounting. This is NOT a belittlement of accountants, simply that I both enjoy doing it and can do it and find AccountingWeb a great resource.
Anyway, I'm in the position now where I want to expand my business interests slightly and want to work "to a degree" with a local accountant for a sanity/financial health check. With that head on as a comment to the original question I'd find £700+ way too high for a "healthcheck session". What would I be expecting from that interaction? Hmm, I guess a look at my process of how I prepared my final accounts, how I file/categorise transactions, decide on dividend amounts, as well as thoughts of potential future structuring (the sort of questions I guess would be part of "the package" where an accountant was doing the usual work).
If it was a "thorough" check that gave me cause to be confident that I was doing things right (or updated on how to do so) and a good understanding of my future restructuring, as a "punter" I'd find £400-£450 to be my happy spot.
I'd welcome any comments and hope this may also contribute something.
Regards,
Will