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Q: If there is no record kept of a fixed asset that was being used by a client’s business, what should I do?

Much depends on the circumstances and why the asset had not been recorded.

Q. Could you please explain the rules on imports (purchases) from EU states to the UK regarding VAT and duty charges.

Goods move between member states in free circulation unless there is a Customs & Excise (HMCE) document stating that the goods are moving under HMCE control in duty suspension. Goods moving under duty suspension have to be declared to HMCE at point of arrival in UK and any import duty and VAT will be due to be paid.

Q: How do I adjust profits under Schedule D Cases 1 and 11? I have trouble working out what is allowable and what isn’t.

This is a complex subject, so this won’t be a comprehensive answer. However, the first thing to consider is that expenditure is only allowable as a deduction in calculating Schedule D profits if it has been incurred wholly and exclusively for the purpose of the trade (Case 1) or profession or vocation (Case 11).

Q. I have come across a situation where a partnership owns a car but all the running costs have been paid by one partner persona

…If the majority of miles are business miles, is it best to show the car as an asset and declare it on the P11D or for the partner to charge mileage allowance and count the car purchase as a loan. If you could assist it would be greatly appreciated.

Q. I have been asked to give an example of a situation in which there is a clash or inconsistency between two accounting concept

…I understand what the concepts are but can’t think of an example where they would clash.

Q: I am trying to find out about the difference between employees who are either contracted-out of SERPS or in, and how this eff

…I expect shortly to be involved in payroll and feel that it is important that I fully understand this subject. Can you help?

Q. I’m sometimes asked to demonstrate how a change in business practice for my organisation represents value for money – what fa

‘Value for money’ is a term that sometimes causes problems for although widely used, it is not always understood. In essence it is composed of three parts – Economy, Efficiency and Effectiveness.

Q: I’ve looked for a definition of ‘separate valuation’ and ‘duality’ on various websites, but have been unable to find anything

I am having a little difficulty myself regarding the term ‘separate valuation’, but think it might relate to the valuing of intangible assets such as trademarks, goodwill and so on, as separate from other shares, buildings and other assets.

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