Originally posted by newtothegame
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No, it's still subject to corp tax. You can then withdraw the remainder (depending on certain conditions) of the money by paying CGT rather than income tax/NI. Probably best to speak to an expert. -
You can change your accountant easily and your current accountant is required to comply. See eg here for more info or google "changing accountants site:uk".
Liquidating your current company won't help you in any way AFAIK and the fees are fairly hefty anyway.
BooComment
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Under the scenario presented, you have absolutely no hope of obtaining CGT treatment on the remaining profits (at the ER rate of 10% or otherwise), especially given the rule changes in April under which any distribution would now fall (but even before). This relief is a personal one, obtained via your self-assessment tax return, and is totally unrelated to the liabilities of YourCo, such as CT, which must be paid in full before closure (for a solvent liquidation). Finding a new accountant is a completely separate issue, and I agree that you need one, urgently!Comment
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Ok, any advise on how/if possible to withdraw a payroll from 14/15, if it was run by the accountant in error and do I have to keep my current accountant sweet to do this or could another accountant do it on my/companies behalf?
And what documents does the accountant have to give me??? So I can look for other mistakes...
Basically is his file on me/my companies mine?!?!
Many thanks.Comment
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Broadly the files are yours. That can be very difficult to enforce.
A competent accountant can probably work around that to a large degree for you by way of reconstruction as necessary.
What qualifications does your existing accountant have?Comment
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Hi,
He is chartered, but 74, lovely chap but I have been diplomatic about past mistakes and now at breaking point, that and his useless staff have frustrated me...
My main concern is reverting this payroll, if a new accountant can do that for me then I would move straight across.Comment
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If he is Chartered (by which I assume you mean ICAEW) then file ownership rules are here:
Documents and records: ownership, lien and rights of access | Regulations standards and guidance | ICAEW
More specifically:
http://www.icaew.com/~/media/corpora...o_be_done.ashx
"Reverting" the payroll ought to be easy enough, although it may trigger HMRC compliance checks.Comment
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____________________________________Originally posted by Jessica@WhiteFieldTax View Post
Thank you, your combined help is very useful.
Compliance checks... ??? not IR35?
I guess, the question is, do I have to go eat humble pie (keep him sweet) and ask my current accountant to retract the payroll which he is failing to do at present.
Or can I just find a new accountant, explain the situation and ask him to fix it...
Obviously the second is going to cost more but I would prefer to sleep easy, knowing it's all done properly.
What is the best approach?
Thanks againComment
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Get a new accountant. Pay him/her a few hundred quid to sort out the mess and move on. Sticking with your current accountant has potential to make things worse. I bet there are a few other issues you don't yet know about either.Comment
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Roger that ;-)Originally posted by Alan @ BroomeAffinity View Post
While I have every ones attention.
Before I stopped talking with my accountant, he registered me for VAT, I have the gov portal info.
I need to make a VAT payment (I assume) at the end of the month, my first quarter.
Any advise/instructions how to do this?
I don't want to pay it late...
It's my first time!!Comment
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