Month: March 2023

• Chitragupta – According to Hindu mythology he keeps a record of all deeds – good and bad and their balance decides whether we go to heaven or hell.

• Sir Isaac Newton – In later life, he was master of Royal Mint for 30 years. He oversaw the Great Coinage of 1696 when counterfeit currency was rife. It is said he was an honest man when corruption in public life was widespread. He lost a fortune in South Sea Company Bubble. He is also credited, perhaps mistakenly, for moving England from bimetallic system to Gold Standard. Seeing England prosper other countries adopted Gold Standard. There is a fascinating BBC radio play about his time in Royal Mint.
  

• Daniel Defoe writer, most famous for Robinson Crusoe. A trader, journalist and spy. And sometime resident of New Gate prison. I made some changes in my own business reading his book `The Complete English Tradesman. Another absorbing BBC Radio Play.

• John D. Rockefeller richest man in recent American history started out as bookkeeper. Unfortunately, his nemesis Ida Tarbell was not.

• Medici bank – were early adopters of double entry.

• East India Company was formed by Auditor Smythe [Smith]. Accountants Robert Clive and Warren Hastings, were the persons who laid the foundation of British Raj in the Indian subcontinent.

I will try and improve this list as I meet other characters on my accounting journey.

Bonus

• Jesus was born in Bethlehem when Mary and Joseph visited it for paying their taxes. Luke 2:1-8.

Update March 2023

Following ICAEW advice. Currently we are not doing this work.

First published 25 August 2022

Any overseas entity owning land or property in England or Wales since 1^st January 1999 needs to register and inform Companies House about their beneficial owners (BO).

Register active from 1^st August 2022. Time limit is six months i.e. all overseas entities must get their verification done by 31^st January 2023.

2.4 Entity will need to update this information annually.

Fine for non-compliance

£500 per day or prison sentence of up to 5 years and restrictions when trying to sell or lease their land.

Step by Step process

7.1 Overseas entity gives the notice to BO

7.2 BO must confirm or correct the notice and supply Identity proof (ID) and address proof (VA)

7.7 Get ID and VA verified then complete the Companies house form with £100 fee.

7.8 Once application accepted Overseas Entity ID will be provided. This ID needs to be provided to Land registry. Please note there is no need to provide OE ID to Land registry if no application of sale/purchase is being made. In this case OE ID should be kept safely for future use in sale/purchase etc. transactions.

Verification

13.12 Obligation to identify the beneficial owners is on the entity.

13.17 Relevant persons are not required to do full ‘know your customer’ checks e.g. as to the source of wealth and source of funds, as required under the MLRs.

What information must be verified?

13.30 Verification involves verifying information about overseas entities, beneficial owners and managing officers. Verification checks for individuals should involve looking at both evidence to match their identity as well as evidence of the condition met to be a beneficial owner (or managing officer).

Check ID and VA of Beneficial Owners.

13.40 Verify passport in person or via video link.

Collect 

1. Certificate of incorporation
2. Certificate of incumbency, if any
3. Register of Members
4. Register of Directors

13.66 Verification must happen before the information is submitted to Companies House, but not more than three months before.

13.76 Keep records for 5 years.

Source : Technical Guidance

First published 2 Feb 2020

1. Applies to Companies owning residential properties valued over £500k
2. Relief given if let on commercial basis.
3. Valuation

• Initial – Date of Purchase
• Subsequent – 1st April 2012 and then every 5 years i.e. 1st April 2017, 1st April 2022 and so on.

4. Tax year runs from 1st April to 31st March.
5. Tax return due date

• Initial – within 30 days of purchase
• Subsequent – by 30th April during the tax year i.e. for tax year 1st April 2018 to 31st March 2019. Return must be submitted by 30th April 2018.

6. ATED UTR – we get a 15 digit UTR on registration
7. To file a return no need to wait for UTR.
   
   Source:
   ATED Return Notice

Updated December 2022

SDLTM04042 – Stamp Duty Land Tax on de-enveloping transactions

Shareholders maybe able to de-envelop the property without payment of any SDLT see link SDLTM04042

 

Update March 2023

There are fixed revaluation dates for all properties i.e. every 5 years from 1 April 2012. The latest revaluation date is 1 April 2022. This valuation should be used in your clients return for the 1 April 2023 to 31 March 2024 chargeable period.

Valuation – Self assessment allowed.

See Agent update 105