- Thread starter tedmagnum
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brightspark
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ive just got my accounts back and claimed whatever out of pocket expenses that i can . the acountants asess and send my tax return in stating that the figures given to them were by me . so any wrong doing isnt there liability
rtbcomp
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It is true - I'll see if I can find the rules - IIRC the last government brought it in.
I didn't say anything about avoiding, it's about evading tax.
If they know or suspect you're doing something illegal they have to shop you without warning you.
This is my understanding also. The fact the company sold 129 grand the last month I know their figures and STILL dont charge VAT does worry me when their accountant says they are legal........thats why I questioned what was being suggested. OH he also knows the wife of the owner has conveniently added 28 grand on twice when accounting for my commission but seems to be hiding them from reality. Oh again I have started investigations with the ACCA about the conduct of the accountant.
He most certainly knows they are doing something illegal I have told him many many times now. Our hope was he was obliged to inform his client THEY have made a mistake with their figures (added 28 grand on twice) not a minor error I might add.
In addition they STILL dont charge VAT despite having a 1.4 million pound turn over in the previous two years.
Someone has suggested they dont have to charge VAT as long as they PAY VAT on their sales. But I am almost 100% convinced that you can NOT run businesses from the same premises with one charging vat and one not. Even less a business can NOT (as far as I understand it) choose who to charge vat to. i.e private customers dont pay vat but business customers would be charged vat.
Correct me please if I am wrong but I think the accountant is as bent as the Chinese scum he works for.
rtbcomp
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rtbcomp
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They have to account for VAT if they're VAT registered. They can invoice someone say £1000 + VAT or £1000 inc VAT. Either way the VAT portion of the transaction is due to HMRC.
This is how a company MD explained it tom. If they are separate limited companies each company has to account for its own VAT independently.
If it is one person running 2 businesses (ie trading as Bill and as Bob) then it's the person who is VAT registered and so he has to account for VAT on both businesses.
If he runs Bill and his wife runs Bob then they are not treated as one business.
Dev
8th generation, Weyland type
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Part 7 of the Proceeds of Crime Act is worth a look.
Section 330 makes it an offence not to report activity you think is illegal, section 333 makes an offense of 'tipping off' the person you've reported.
The obligation to report applies to Members of the 'regulated sector' which is your banks, financial and tax advisers, credit unions etc etc.
Coppers Lot
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How so please? I would suggest that the contents of the average house would exceed £10k to replace once added up and that would include stuff in the shed like tools etc.
Absolutely brilliant I have them both banged to rights. I have told them BOTH they are bent and need to declare the correct figures.
rtbcomp
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The poster said he had 10k's worth of tools alone, I would suggest this is more than the average contents cover on top the normal contents of a house.
Iv been self employed for 4 years now, my trading address is still my parents address. I worked from the garage for the first two with no problems. I registered my business, payed my tax but never told the council, insurance etc. no problems. The only reason I got a unit to work from was that I outgrew the garage.
I would give it a try and test the water.
I would give it a try and test the water.
And this is where ebay causes so much confusion.
lets say A person opens a shop "moodygoods ltd" at 7 vicar street with Fred as the shop keeper selling printers.
those goods can be sold without Vat until the company sells 77 grand (not fully sure of figure) or they KNOW they will sell more than 77 k in a year. So shop keeper Fred wants to add VAT but owner of "moodygoods ltd" says no my accountant says its ok. Fred is not happy but as owner of "moodygoods ltd takes the money into his bank has no choice.
In addition owner of "moodygoods ltd invoices customers randomly some with Vat some without and charges Vat sometimes and some times not but ALL of the goods are in the shop without VAT and customers are told by owner of "moodygoods ltd they can have a VAT invoice if they pay extra 20%.
Invoices are made out from both moodygoods ltd and shoddy goods ltd (company in his wifes name who is here on a study visa) as owner of "moodygoods ltd decides.
When challenged owner of "moodygoods ltd gets upset and says his account has it all in hand. Also gets upset when his treatment of staff is challenged and also when safety issues are not addressed and FRED challenges him on that also.
BY now Fred is way behind in his sales commission BUT before he can get more advice as the owner of "moodygoods ltd accountant will not speak to him he is told to leave the business with a large amount of money owing.
At this time owner of "moodygoods ltd opens another shop called eden wall art which runs for a few months but is shut down after complaints to the land lord of the shop that illegal dealings are taking place.
THEN a new company STILL TRADING from 7 vicar street is formed by owner of "moodygoods ltd and called SIGNZWORLD and despite the shop keeper FRED contacting the owner of "moodygoods ltd directly he is only told to speak to the accountant of SIGNZWORLD.
Obviously some of the names are fictitious (some not) but if you substitute the shop premises for ebay and a warehouse you might see the mine field that is my life.
I am hoping the OP has picked up on this already but with more business taking place online the other wise clearish cut lines are blurred in the extreme.Everyone seems to agree: don't mess with the tax man
This is without the change of use and insurance issues he will come up against. In all honesty all I ever set out to do was help out a business man who could not speak English very well but had a good product and to offer technical support in a field I enjoyed working in. Obviously I need to make a few quid as my wife is disabled and has been for the past 13 years.
I hope the OP and others who read this thread will read this and see everything is not always what it seems. And tread very very carefully.
PS if a mod things this thread needs splitting I wont object (not that I could anyway) lol
Coppers Lot
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The average household content insurance cover in the UK is £45k. Most insurance companies will give cover up to £80k before they want to speak to the policy holder. It is possible to get cover for DIY at more than 10k, however even though you get the cover, the insurance companies have assessors whose job is to undervalue your losses to reduce the amount paid out.
Coppers Lot
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I feel you would get a shock if you were to calculate the cost of purchasing replacements for every thing in your home if say, like me, you got flooded out and lost every last thing including every stitch of clothing.
dan.taylor.1
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Just a random question and im probably being thick, but im self employed, i pay my tax via my accountant on every job i invoice, i dont do jobs without invoices unless its a favour then you get the odd nice person who gives you money in your crimbo card etc! When people say about registering your business, what do they mean, and registering whith whom?
Dan
Dan
