Petar Iliev’s Post

End of Financial Beer started out as a dumb idea to say thanks to all the accounts people from all the various businesses we worked with - after all, they're the ones that make sure we get paid. Wanting to appeal to their role (and maybe grievances) we designed the first beer can around tongue-in-cheek accounting puns. It was actually our first foray into doing personal work for fun, which surpriising to us, was met with open arms by both clients and the design community, earning us our first ever AGDA Award. With a fresh sense of gusto (like we needed any egging on), we decided to go bigger and better in 2022. Breaking the year down into quarterly BAS statements. We paired the beer with the season, lager for summer, stout for winter, you get the gist. The can design and colours for each were also seasonal. Again, we stoked out clients and managed a second AGDA award for End of Financial Beer. When it came to this year (2023), we nearly didn't do it again. Surely we'd rinsed the idea dry – I mean, even we'd run out of new ideas, and we weren't going to do it just for the sake of it, no matter how much our clients had become accustomed to getting free beer from us at the most stressful time of the year! Alas, like all good ideas, lightning struck on the eleventh hour and we decided to make a profit and loss statement unlike any other. We literally put the projects we'd won and lost on, on a can. The black stout can being 'Profit' and the red ale being 'Loss'. It was perhaps the boldest idea we've ever floated, let alone pulled the trigger on, and we weren't sure how it was going to be received. Fortunately for us, it allowed some really positive conversations with clients and a few good laughs. It's also managed to get another AGDA award, the third straight for our little fun self-promotion product. A god-damn trifecta! Has that even been done before? We don't know, but we're stoked!

Counting down the days to when I get to connect with accounting’s best and brightest at Gusto Next! I’ll be taking the stage with a powerhouse panel to talk about Accounting for the New Compliance Landscape! I can't wait to see you there! #GustoNext

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This isn't #ukemplaw but is a hilarious case of the courts having great fun destroying a convoluted argument by #Walkers lawyers that Sensations Poppadoms are not crisps (and thus not liable for VAT). In case it's behind the #FT paywall, here are a couple of classic extracts 1. Walkers' argument - they aren't crisps because they are called Poppadoms Court: "We consider that this simply means that the word “poppadom” is not a protected term. Nominative determinism is not a characteristic of snack foods: calling a snack food “Hula Hoops” does not mean that one could twirl that product around one’s midriff, nor is “Monster Munch” generally reserved as a food for monsters." 2. Walkers' argument - they are not crisps because they have different, distinctive flavours to crisps Court: "The appellants argued that the flavours were distinct from the types of flavours which were used for potato crisps but, in a world which contains crisps with flavours as diverse as hedgehog, haggis, sweet chilli, sour cream, and ‘cheese & port’, we are not convinced by the argument that there are any flavours which could be said to be distinct from those used for potato crisps." Who knew #TaxLaw could be such fun? 

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It was a peculiar coincidence that in both books I was reading/listening to at the same time, a case of Pringles was mentioned. Taxtopia, by Rebel Accountant, discussed how, by arguing that a pringle is more "a cake" than a crisp, Procter & Gamble was assessing VAT applicability to its famous snack. Ultra-Processed People, by Chris van Tulleken, (obviously) talked about processing food. As a lawyer, I of course could not let it pass and I read the case (what else do you think we do on weekends?!). I enjoyed reading the judgement so much. It was almost "to be or not to be" - "to potato or not to potato". This reminded me of the fascination I had for Lord Denning's judgements I read during my law school years. The case featured such gems like "The product should have a sufficient content of potato to give it a quality of what he called "potatoness". Implicit in the submission was a challenge: if 100% potato is not called for, what is the lower limit?... As to "potatoness" I cannot think Parliament intended to invoke such an elusive test. It is an Aristotelian question: does the product have an "essence of potato". Other fancy words used in the judgement are "the potato as a fiscal contaminant", the "essential characteristics of the paradigm potato crisp", the absence of "findings of potatoness" and the "quantitative role of the potato." Call me a nerd, but I find this captivating, and it is one of the reasons I wanted to become a lawyer. It is fascinating, arguing what is "made from", and testing "what view would be taken by the ordinary man in the street who had been informed as we have been informed." (Clapham Omnibus No 2, so to speak.) P.S. Yes, a pringle is a potato crisp and is VATable 😊 [HMRC v Procter & Gamble UK [2009] EWCA Civ 407]

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Which accounting method should you use for your winery? 🤔 When managing a winery, one of the most crucial decisions you'll make is how to handle your accounting. It’s not just about keeping the IRS at bay; it's about gaining insights into your business to make strategic decisions that enhance your profitability and growth. In our recent blog post, we're diving into the core differences between accrual and cash accounting methods, and how choosing the right accounting method framework can significantly impact your winery’s management: https://lnkd.in/gaUcxfuW Which accounting method do you use? #accounting #wineries #cashvsaccrual

Are Walkers’ Sensations Poppadoms in fact potato crisps? Our VAT rules last week produced a worthy successor to the classic 1991 Jaffa Cakes VAT tribunal case (which ruled that Jaffa Cakes were cakes not biscuits), pitting HMRC against Walkers Snack Foods. Who won 👇 !? Walkers tried to claim that its Sensations Poppadoms were zero-exempted as they weren't crisps or savoury snacks. 🤔 The verdict is brilliantly described in the FT here (https://lnkd.in/eEPQk4fy). Walkers' (rejected) arguments included, using journo Louis Ashworth's words: - They are not ready for human consumption (needing to be combined with a dip before eating) - They are not a potato product - OK well they don’t *taste* like a potato product - They’re not like crisps   - They’re not like crisps because they’re part of a meal   - They’re not like crisps because they aren’t packaged like crisps   - They’re not like crisps because they are called poppadoms   - They’re not like crisps because they don’t look like crisps  - They’re not like crisps because they don’t work like crisps (being easier to pick up and dip!)  - They’re not like crisps because they don’t do the same things in your mouth that crisps do   - They’re not like crisps because the public doesn’t think of them like crisps ...and so on. HMRC won the case - despite the clear creative brilliance of its lawyers! The article is a great, tongue-in-cheek read. #vat #taxplanning #financialadvice