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client has numerous properties making a small taxable loss

also receives managment fees from a company for managing a property

are these separately taxable or can they be offset against sch A losses

client has taken on one member of staff at national minimum wage £5.80 ph for 16 hours per week. So thats £92.80 pw. Since this is below the nic lower earning limit £95 for 0910), my client doesnt have to register with HMRC and make deductions.  If the member of staff wants a "payslip" is it ok for my client to basically use some format of their own preference e.g. just a word document with their own headed logo on it...just make up something?

is this right?

many thanks

A client who is employed full time has been asked by another company to appear as an expert witness.

His own Company has OK'd this but has also confirmed they do not cosider it to be anything to do with his employment by them and therefore not part of his employment income.

He has been offered a fee of around two hundred pounds a day.

He has never done this before, is not expecting to do this again and did not in any way advertise or suggest that he was looking for this sort of work.

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DIRECTORS LOAND OF >£200 were converted into capital   Losses >£200 to date

Company now generating good cash flow but will not be in accumulated profit for long time

If capital reduced are there any tax liaiblities which might arise 

My client is going to sell a foreign asset, which was gifted to him and his brother by their mother. Then mother passed away on 28 Dec 2008.

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Dear Colleagues,

I've taken on a new client, small ltd co. They are involved in collecting recyclable waste from small firms, often free of charge, cleaning and recycling the items, e.g. 1 ton tote bins and selling them on at a profit.  Due to the nature of their business, they have a number of sales were they are paid directly in cash, also, 2 of the clients they have which are repeat fee clients are currently imposing 60day payment terms on their invoices- so cashflow could be an issue.  Given this info, what VAT scheme would you advise this co. to sign up to?

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Does anyone have any comments on this scenario - Mr and Mrs are directors of their own company. No other employees. Mr is the main earning director and Mrs does a bit of admin work. Mr has a company car but is wanting to replace it with a leased car. Questions:

1. Can the company sell the company car to Mrs and for any amount they like? Balancing allowance/charge going through the tax comp of course.

2. Presumably such a sale will not have any effect on Mr or Mrs re BIK?

Many thanks

Matt

Summary is as follows:-

Client owns Limited Company with wife and is director of the company. The trade was sold as a going concern a few months ago - he did not transfer with it to the new owning company.

He has been collecting remaining debtors / paying creditors and we are now seeking to bring company down to a close, probably under ESC C16.

Can he claim that he is now redundant from the company, and receive redundancy pay under the £30,000 exemption?

Client is director of company and nearly higher rate tax payer (he has separate employment income from an unrelated

employer). His business partner is also director. They held 50 shares each.

My client, one of the directors, gifted 25 shares to his wife (lower rate tax payer). She has little active involvement in the

company.

All shares have equal voting rights and client is content with commercial implications of gift (eg of minority shareholding).

Dividends are paid to separate bank accounts. 

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Large Loss 09/10, whole lot carried back to 08/09 to set against profit of that year.

HMRC have given Free standing Tax credit (20%) but forgotten Class 4 NIC relief, which they often do and have written to HMRC

However, just noticed client is over 65  - 09/10

accounts y/e 30/04/08 - loss relief given and client not 65 until 5 May 2008, so Class 4 was charged correctly in 08/09 as his year end prior to reaching 65, so there should be Class 4 NIC relief also, unless HMRC are referencing it to 09/10.

Comments appreciated please.

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Have a new client that has not yet ceased self employment (paying Class 2) but has traded as a limited company throughout the year (no income via self employment - should have ceased last year but previous advisor - well least said..).  We are just about to take an annual salary at the NIC threshold.

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A client has been served with a Public Notice 160, the VAT man belives there may be an underdeclaration of VAT, and has been requested he attents a meeting at the Inspectors offices. We have writen to the Inspector and requetsed the meeting be held at our offices, this he has refused stating it must be held at there offices. Are they not obliged, as are HMIT inspectors with enquries into direct taxation, to attent at a locaation convenent for the client?

Client's one-man-band company net profit £100K. Makes a £50K contribution into her SIPP. She is sole director and shareholder. Is she taxed on this? What are the basic rules please?

Thanks

Have seen loads of posts on here as to whether a PILON is taxable or not.

If the PILON is taxable is it deductable as an expense for the Company?

Also if tax free on employee, is this deductable as an expense?

I was under the impression that it was deductable only on cessation of trade, can someone please clarify?

Thanks

My client is a UK company holding majority shares(75%) in another company which in turn is holding majority shares (80% each)  in two EU trading companies.

In this case am I right in saying that the number of associated companies for CT purpose is 3? Could anyone please confirm?

Many thanks for your comments

Turnover of an existing sole trader business is currently below the VAT threshold (always has been) - however he believes it will increase in coming months and exceed the trailing £68,000.

Before that happens he wants to incorporate into a new limited company - does the £68,000 start at zero on incorporation or as the company is buying the sole trader business do we have to take include the revenue from the previous sole trader months

Thanks 

Our client (Ltd Company 'A') is in the process of entering into a Joint Venture with another Company (B) who we do not act for.

The Joint Venture agreement is being drawn up by solicitors. The bones of the agreement are

Company B purchases the freehold. This is funded by a bank with a first charge and company A loan with a second charge over the freehold.

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I am getting conflicting information on this so hopefully you guys can help:

What are the contributions restrictions a limited company can make towards a director's personal pension plan and still get tax relief? Some say they can pay up to 100% of the salary and P11d and others say up to £245k providing the whole remuneration package is reasonable. Who is right and can someone give me an HMRC citation should I need to quote it?

Thanks y'all.

Prospective client came to see me recently about starting a business but has for many years been a street hustler at footbal grounds, race tracks etc generally working as part of a team to hustle punters with slight of hand games like find the picture card etc. Therefore no proper tax record for many years.

Now wanting to go legitimate with HMRC but before notifying HMRC wanted to know what the tax position is on the many years he has been street hustling. Would this been seen to be a trade where chargeability to income tax existed?

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I have a client  construction company who provided a van for an employee.  The contract of employment clearly states that the van is not available for private use i.e. it can be used for "home to office" but all other private use is prohibited.  HMRC on a CIS visit have stated a Van BiK applies as there is no mileage log for the van use.  Despite my providing a copy of the contract HMRC insist tax and NICs are payable on a van benefit but I feel strongly that this is heavy handed.  Does anyone have a similar experience?