Quote:
Originally Posted by For real
As a small company that sell custom made products for shipping over seas I would advise my customer that there may be tax to pay. And that is the only thing that can be done.
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Hi FR,
I was talking about the statutory accounts for small incorporated entities (Less than £10.2m turnover).
A recent change in reporting requirements means that even the smallest companies now need to file an Income Statement (P&L) along with the Statement of financial position.
It has always been with Micro to small entities that it is difficult to discern actual operations from the results. The new changes will not change that but they will cause scenarios like this where companies are looking at each others income and expenditure.
Its always been a case that the HMRC could see everything but now everyone can see everything which I think will see more businesses move away from the protection of the veil of incorporation simply to retain competetive advantage.
Lol, that probably sounds like I'm talking jibberish but sure you could do just the same to me talking about engineering and astronomy stuff
But enough of that.... To the jiggly TPE boobies... Night all
All the best,
Shamus