Recent content by MikmakFer

  1. M

    Challenging Times

    Apologies, I should have said. I'm an accountant, business turnaround (distressed Companies) and business growth consultant.
  2. M

    Challenging Times

    Good Afternoon, In light of what is happening at the moment, I want to extend a hand of free help for anyone who is worried, wants to chat options or just to chat in general. It is imperative that in these moments of uncertainty, we all work together to get through it. Either drop me a PM or...
  3. M

    Can I deduct courses?

    :):):)
  4. M

    Can I deduct courses?

    There's the handbags, it's a Friday and you need to chill out. Some individuals backing their opinions with relevant legislation (spell check!) and other continuing to post nonsense based on personal and professional experience i.e. someone who has been there and done it.
  5. M

    Can I deduct courses?

    Very mature response and very helpful - I'm sure the community will be in awe of the way you put arguments across :) I wouldn't even call this a benefit in kind because it's a job specific requirement (job being a director and the Company requires this as a function). I'll leave my opinions at...
  6. M

    Can I deduct courses?

    I'd agree with you on all counts. That being said, I'd be keen to hear @STDFR33 response as there may have been something I'm missing...
  7. M

    Business closure - Claim benefits ?

    Provided that there's a contract of employment, there is an active role being performed and it's over 16 hours per week then yes, you can make yourself redundant. Obviously there can be some sketchiness about this given that it can be manipulated but considering it's due to a medical issue then...
  8. M

    Can I deduct courses?

    Isedo advised about putting expenses through his Ltd. Give it a read through before you post absolutely irrelevant examples then. Would be keen to hear what else in my post is rubbish? Probably would be more useful for the Isedo to understand what's being debated rather than "the rest of your...
  9. M

    Business closure - Claim benefits ?

    I know it's not the original question as that refers to benefits but for tax purposes, if you do decide to close then make yourself redundant with upto £30k payout and you'll pay zero tax on the income plus will get a tax deduction through the Ltd. Then look at benefits - these will be taken...
  10. M

    Can I deduct courses?

    I'd disagree with this - you can capitalise training i.e. write down over x years if it is Company unique and cannot be transferred elsewhere which this obviously isn't the case - all that means is that it will be expensed in the current year which from a tax perspective, is more beneficial. If...
  11. M

    INTENTION TO COMMENCE PROCEEDINGS TO DISQUALIFY ME

    Personally, I would rather represent myself in court but I've been an accountant for 10 years and now I am a turnaround consultant who often works in Companies who are struggling therefore I need to be well versed in these rules. This is because if I show an owner/director the path out then they...
  12. M

    I charge VAT at 0%. I can still claim it back on purchases?

    You often find that Train operators claim VAT back in the millions because train tickets are zero rated. I will add though that HMRC will be all over you until they understand why you're always net reclaiming so your accounting needs to be in good shape.
  13. M

    Direct cost payments reconciled as revenue or costs?

    Not wanting to get into too much detail.Your accountant is kind of correct however IFRS15 which is mainly focussed on larger entities goes into it a bit deeper. My view on these things is that it all comes down to risk (whoever carries the risk carries the revenue) and there are 2 key risks to...
  14. M

    I charge VAT at 0%. I can still claim it back on purchases?

    If it's zero rated VAT then yes, you can register and reclaim VAT on purchases - it means you'll always have a refund - you need to ensure that you're still recording these in your VAT return. If it's exempt VAT then you can still register but any Input VAT will be irrecoverable upto 100%...
  15. M

    INTENTION TO COMMENCE PROCEEDINGS TO DISQUALIFY ME

    Was the VAT an accounting error or a non payment issue? Fundamentally speaking, if it's a non payment issue then they're going from a wrongful trading perspective. In wrongful trading, it's your responsibility to ensure that you take reasonable steps to minimise creditor losses where there is...
See more
Top Bottom
Community
Articles
Menu