I’ve been thinking about CPD over the last few weeks and how best to most effectively keep myself updated.
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Much of this week has been spent preparing for next week’s visit by the auditors – a chance to re-examine how we do things and how we categorise expenses.

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VAT is causing me a bit of a headache at the moment and brings me back to one of my biggest bugbears – the complexity of legislation that continues to affect our businesses and which still seems to grow day by day despite the promises of all the politicians.

One of my businesses falls under the classification of a “Tour Operator” for VAT purposes and hence we have a highly complex VAT accounting scheme to maintain, not charging VAT to our clients but having to account for VAT from the margin we make on certain of our supplies.

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Monday morning – mental note to self – apply for a dispensation from HMRC for expense reporting.

6 July is fast approaching and the annual task of preparing P11D’s is upon us once again. Every year this circular paperchase between employer, HMRC and employee mystifies most of the MD’s with whom I work – reporting items where no benefit has arisen to the employee, who may even have paid the expenses on a company credit card, just so that he or she can include them on his tax return and claim a deduction so as not to suffer a tax charge.

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