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A sole trader and the term audit are not compatible £1500 fees is high - what is he doing? Also if your level of profit is high - has he looked at the if the sole trader route is best tax wise? I now your turnover is high but tax planning works on profit.

Quote: Originally Posted by Mpg Mine has just quoted me £1500 per year ish as I need to be audited as my turnover will be over £300k next year If your accountant has just told you that he needs to get his arse on an accounting update course ASAP. The turnover limit for audit is currently £6.5 million.

Quote: Originally Posted by sasskian Hi the equipment was sold to pay the landlord some of his rent and electric etc so that he would release me from the remainder of the lease. So you've sold equipment that wasn't yours to sell and now the leasing company that does own it wants their money. Not a good start... Quote: Originally Posted by sasskian The air con and rear shop counter and amtico flooring still remains there. the last...

Intriguing question on various levels! The first question that springs to mind is whether a Consulate counts as part of that foreign country or as part of the UK. If it really is part of the UK, the next question is which office counts as the customer: not usually a straightforward process, though it does appear to be the UK office in this case (in which UK VAT should be charged). But if the office is not taking part in the transaction,...

The HMRC call centre operative is wrong (well, there's a surprise ) Buying and selling shares for most people is not a trade, but a series of investments. It's not easy to define where the line is crossed but the Revenue's own guidance - here - indicates that to be trading you are likely to have to move "huge volumes of shares very quickly". Pity that their own operatives can't find it. So that rules out a...

Quote: Originally Posted by oldeagleeye James. Don't get your reply to this post. Sponsorship is only viable if it is tax deductable for the company - usually in terms of promotion. How can you sponsor a restaurant then. The company name on menus. No way that is regarded as a scam for free meals. Lets not give posters false hope then. I think he actually wants investment - which is possible. Sponsorship could work (but only really on a...

Quote: Originally Posted by tony84 I dont think my bank will give me an overdraft for that amount. It also comes down to the interest rate a little bit too. Ive never used an overdraft but i imagine it will be more expensive than my credit card. It might be an option though if you cant use your credit card. If you have a good relationship with your bank I am sure you can negoiate something.

lol - glad you got it sorted!

Quote: Originally Posted by weebly_one I'll think of you if I need any development done then! Thanks John

Quote: You've had typical accountants' responses, I'm afraid. Cant see where we have given what you term 'typical responses' try reading again properly Quote: Just put the invoice through your books in the normal way. The chances of it being picked up in a VAT inspection are tiny and anyway, if your accountant is any good at all he'll be able to blag it with the VAT inspector. Whilst the chances of having a vat...