Karim Jivraj

Senior Manager

Karim has over 30 years of experience in the accountancy profession. His role at Johnsons is primarily to manage the accounting, audit and tax requirements our larger corporate clients. This includes public companies and Groups (some international).

He advises clients on significant regulatory and accounting changes. He has advised companies on financial, business, tax and VAT compliance and planning with particular emphasis in the film, media, construction and charity sectors.

His tax expertise extends to Creative Industries tax reliefs such as Film and Theatre tax relief, Research and Development tax reliefs, Patent Box tax relief and venture capital schemes such as Enterprise Investment Scheme and SEED Enterprise Investment Scheme. His role also includes implementation of accounting software and providing support for clients, directors and staff of Johnsons.

In his spare time, Karim constantly keeps up-to-date with technical changes in an ever-changing world of accountancy so as to best equipped to meet the needs of our clients on a timely basis and in a cost-efficient manner.

His interests out of work include volunteering for various charities because he passionately believes in helping others to help themselves. He likes to listen to world music and his hobbies include athletics, travelling and reading world affairs.

Achievements

CAPE – Charity

  • The charitable company had problem with fund accounting and particularly with control over restricted funds.
  • I helped and trained their Finance team regarding enhanced set up of their Sage 50 software to control charitable funds.
  • Charitable company is now able to report on the use of charitable funds and ensure there is no overspend on restricted funds.

Cape Shops Ltd – Charity retail shop

  • The company was set up with the intention of raising funds for its parent company, a charity called CAPE. It was not maximising the tax advantages available to charities.to the parent charity.
  • I advised their CEO to set up the retail gift aid scheme so as to reclaim gift aid tax on the sale of donated goods. I recently advise the client to register for VAT so as to reclaim VAT on their buying costs whilst not suffering VAT on the sale of donated goods.
  • Both recommendations resulted in a higher gift aid donation to the parent charity.

Questors – Arts charity

  • The charitable company were not compliant with Charities SORP and also needed help with transitioning from the Charities SORP (FRSSE 2015) to Charities SORP (FRS 102). Also, the company had not hitherto considered theatre tax relief available to theatrical productions staged by the charity.
  • I advised their Finance team on the requirements of the Charities SORP to ensure compliance. We advised the Finance Committee about the conditions to claim theatre tax relief.
  • The statutory financial statements now comply with the Charities SORP. The Trustees are reviewing the theatrical productions to establish whether there is scope for claiming theatre tax relief.

Riverside – Arts charity

  • The charitable company had staged loss making theatrical productions but required advise on whether these losses could be tax relieved.
  • We advised the charity about the availability of theatre tax f. We reviewed, prepared and filed claims for theatre tax with HMRC.
  • The charity received a t cash payment of £19K from HMRC in theatre tax credit following our review.

Soho Film Developments Ltd – Development of film projects

  • Despite HMRC having given advance assurance to a proposed investment in the company under the SEED Enterprise Investment Scheme, they challenged the compliance statement submitted by the company following the issue of shares. The basis Of HMRC’s challenge was that that the new requirements set out in the Finance Act 2018 concerning “risk to capital” and “growth and development” had to be satisfied before they could approve the issue of EIS3 tax certificates for investors in order for them to claim tax relief. The client appointed a tax barrister to put together case against HMRC’s challenge.
  • We helped the client by preparing a response to HMRC’s enquiries to include preparing projections which would then form the basis of the challenge.
  • The tax barrister was very complementary about our work and is confident that there is a chance of success which will then form the basis of other similar challenges posed by HMRC to our film and media clients.