Kris Milovsorov ACA CTA

Accountant and Tax Advisor | UK Sports, Media and Entertainment | 🎭⚽️🎸📝🎬🎤🎾📸🎫🎨🎥⛳️🩰🎹🎮🎟 | Trustee @opendoorpeople and @iristheatre

[Kris Milovsorov ACA CTA @themediataxguy]

Hipgnosis being acquired for $1.6bn but has spent over $2bn on catalogue acquistions. Always felt like a bubble that was going to pop.

I think people bought into the cult of one man and he managed to convinvce everyone catalogues were undervalued. Wonder how much he made?

[Kris Milovsorov ACA CTA @themediataxguy]

3) And surely this is another small reason to not advise self-employed clients to incorporate. There's no longer any tax savings when you factor in the added costs, which this has just increased, albeit marginally.

[Kris Milovsorov ACA CTA @themediataxguy]

So, @CompaniesHouse are increasing their fees massively from 1 May 2024.

Incorporation currently costs £10, will now be £50. So that is just the 400% increase.

Annual confirmation statement is currently £13, will now be £34. So a 161% increase.

https://t.co/YiYAEex77x

[Kris Milovsorov ACA CTA @themediataxguy]

@CompaniesHouse 2) I have been questioning the value of @CompaniesHouse for a long time. Not in the monetary sense (these are not big numbers) but I fail to see what service it offers. The amount of documents you see filed that are simply not compliant with basic company law/GAAP is astounding.

[Kris Milovsorov ACA CTA @themediataxguy]

That was quick.

[HMRC Press Office @HMRCpressoffice]

Press release: Changes to HM Revenue and Customs’ helpline services are being halted while it considers how best to help taxpayers harness online services.

https://t.co/yK61h1dSMx

[Kris Milovsorov ACA CTA @themediataxguy]

It is such a common issue, but we applied for an A1 SIX MONTHS ago and have still not received it. How can @HMRCcustomers @HMRCgovuk justify this sort of delay? Yet we applied for a corporate Certificate of Residence and had it back in a week. Baffling.

[Kris Milovsorov ACA CTA @themediataxguy]

@HMRCcustomers All of them. But mainly the agent line for self-assessment. I note it took you 11 minutes to reply to this Tweet though. Interesting.

[Kris Milovsorov ACA CTA @themediataxguy]

Pretty much all the calls to HMRC myself or my team are making at the moment are having wait times of over an hour. I though post January it would be quicker but instead it is much slowe. Any reason @HMRCcustomers?

[Kris Milovsorov ACA CTA @themediataxguy]

What is worse, the company was previously called "Charted Tax Advisory Services". Their cut - 25% + VAT, so you only keep 70% of a reclaim. The red flags are everywhere. @HMRCgovuk @HMRCcustomers you need to stamp out this sort of nonsense. Make tax work regulated. @CIOTNews

[Kris Milovsorov ACA CTA @themediataxguy]

This sort of stuff boils my blood as a tax advisor. Suggesting I can get a £10,000 refund on our house purchase. This would mean the chattels (the carpets, curtains, blinds etc.) were worth £200,000. And they have testimonials suggesting they are getting refunds between £5k-£7k.

[Kris Milovsorov ACA CTA @themediataxguy]

And this was a @ICAEW regulated firm filing these accounts, so people you’d expect to know the rules and to have high standards (or is it just me?) Should @HMRCcustomers be the ones responsible? I am just at a loss at why so much reporting is substandard.

[Kris Milovsorov ACA CTA @themediataxguy]

Another question for @CompaniesHouse - I found a set of accounts filed for a three month period, despite the minimum permitted being six months. Why don’t you gate-keep this? Why isn’t a reduction like this rejected? What’s the point in having rules if they aren’t enforced?

[Kris Milovsorov ACA CTA @themediataxguy]

Seriously not sure what @CompaniesHouse job is. The excrement filed there is astounding. I found a set of accounts for 2022, for a company incorporated in 2020, using the FRSSE, disclosure standards not permitted since 2016. Why do I bother getting everything perfect? @HMRCgovuk

[Kris Milovsorov ACA CTA @themediataxguy]

As for the advisors who used the FRSSE, they also disclosed the company's P&L (not required) and the semi-famous directors' personal address is the registered office. Be careful - there are a lot of careless/incompetent/dodgy accountants out there. Check they are regulated...

[Kris Milovsorov ACA CTA @themediataxguy]

Seriously not sure what @CompaniesHouse job is. The excrement filed there is astounding. I found a set of accounts for 2022, for a company incorporated in 2020, using the FRSSE, disclosure standards not permitted since 2016. Why do I bother getting everything perfect? @HMRCgovuk

[Kris Milovsorov ACA CTA @themediataxguy]

Can someone @HMRCcustomers tell me why late PAYE payments can't be allocated without the month and year reference on a payment? Why don't you just a allocate to the oldest debt like all other taxes do? And the only way to fix is calling - that's plain ridiculous.

[Kris Milovsorov ACA CTA @themediataxguy]

It has taken @LloydsBank over two months to open a new account for an LLP client of mine. Such bad service.

Accountants/bankers - who can I trust to open accounts quickly for clients (and with a decent level of service once open) or does such service a no longer exist?

[Kris Milovsorov ACA CTA @themediataxguy]

Can someone at @DCMS or @HMRC or @hmtreasury explain the rationale for treating some TV and film production crew as employees?

[Kris Milovsorov ACA CTA @themediataxguy]

Oh dear.

[Kris Milovsorov ACA CTA @themediataxguy]

I know it is a British institution, but when you register for VAT and put in "Cricket" into the SIC search box, @mccofficial has its own catergory.

Surely the MCC is only one business that can choose this option (and I expect they have been registered for a long time)?!