Barumowl Posted June 2, 2021 Share Posted June 2, 2021 8 minutes ago, HarrowbyOwl said: Not only HMRC. HMRC have nowt to do with policing audit regulations nor are they interested whether or not the owners of a company can afford to inject funds into the business. The only time HMRC will be interested is if the company goes into administration whilst not being up to date paying over their payroll deductions. 2 Link to comment Share on other sites More sharing options...
theowlsman Posted June 2, 2021 Share Posted June 2, 2021 Phoenix my seat I’ll two hat him. Link to comment Share on other sites More sharing options...
ANDY Posted June 2, 2021 Share Posted June 2, 2021 2 Link to comment Share on other sites More sharing options...
Utah Owl Posted June 2, 2021 Share Posted June 2, 2021 The way we are going concerns me. 1 Link to comment Share on other sites More sharing options...
Guest Hornsby Posted June 3, 2021 Share Posted June 3, 2021 22 hours ago, Barumowl said: HMRC have nowt to do with policing audit regulations nor are they interested whether or not the owners of a company can afford to inject funds into the business. The only time HMRC will be interested is if the company goes into administration whilst not being up to date paying over their payroll deductions. But they are very interested if policing done properly. For example, if Owls elected to charge VAT on stadium sale to S3, latter no income till unless stadium rent paid. So HMRC would have refund S3 £6 million VAT , when paid to Owls. Link to comment Share on other sites More sharing options...
Guest Hornsby Posted June 3, 2021 Share Posted June 3, 2021 Just now, Hornsby said: But they are very interested if policing done properly. For example, if Owls elected to charge VAT on stadium sale to S3, latter no income , unless stadium rent paid. So HMRC would have refund S3 £6 million VAT , when purchase price paid to Owls. Link to comment Share on other sites More sharing options...
Barumowl Posted June 3, 2021 Share Posted June 3, 2021 1 hour ago, Hornsby said: But they are very interested if policing done properly. For example, if Owls elected to charge VAT on stadium sale to S3, latter no income till unless stadium rent paid. So HMRC would have refund S3 £6 million VAT , when paid to Owls. As the acronym 'HMRC' implies, their concern is to police matters affecting company and personal tax, customs duties and VAT (plus these days such ancillary matters as enforcing the minimum wage and investigating false furlough scheme claims). So I agree that if there is a possible 'creative accounting' attempt to circumvent VAT regulations leading to a VAT repayment HMRC may be interested. I still however maintain they have no interest in policing audit requirements and whether or not a non resident owner can put millions into a company. Link to comment Share on other sites More sharing options...
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