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UITF 40 caused ructions for us and made us re-examine the figure for work in progress (WIP) in our client solicitors’ accounts (we act for several firms of all shapes and sizes).
So far so good and – so far – no HMRC enquiries possibly because the whole issue was something of an own goal.
We have adopted what we think of as a sensible modus operandi which should pass muster if it ever comes to it but not without a certain amount of struggling.
We would be interested to know how in brief other firms are dealing with the issue generally and what broad practical methods they are adopting for measuring work in progress and unbilled debtors in partnerships and in limited companies and limited liability partnerships – if that makes a difference.
Query 17 686 – M
