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The first property is rented out but the tenants have just given notice, the client wants to sell that property and purchase anouther in a different area and again rent it out.  All the money will be used for the second property and he wants to know is there a way of not paying capital gains on the first property?

if some one (business) is not vat registered than how can that business reclaim VAT on imports outside the EU?

thanks

Material prior year adjustment required to limited company accounts due to overstated WIP.  Can someone confirm that this should be taxed in current year?

Cheers

Client has an American Classic Car showroom importing vehicles from the US.

VAT is paid at the docks on import at 17.5% plus duty or where they are "historical" collectors items only 5% with no duty. The VAT is then reclaimed via the C79.

The margin scheme cannot be used as the vehicles are purchased from outside the EU and therefore the sale includes output tax at the full rate.

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A client has sold her uk house and is renting in spain.  She wishes now to purchase a house in the Uk and to let it out .  She is worried that if things go wrong in Spain that she will have a house to live in back in the UK when she comes home.  Can she elect for PPR on the Uk house, she is hoping to buy from the date of her purchase even if she is not living in it now.

This question was raised by someone else last year. The answer seemed to be that University validated courses run by a private company, not receiving government funding,  could not be exempt as they would not meet the eligibility criteria. Having looked through VAT notice 701/30 I had reached the same conclusion. 

However, it was mentioned that a School of Finance and Management did manage to get exemption.  Can anyone tell me how I find details of that case, or tell me if anything has changed that would make exemption possible?

Have a new client who I've put on the flat rate scheme. First return due and he tells me that he has a number of invoices for the period that have not been paid. HMRC website says that cash based VAT is not allowable for those on the flat rate scheme - and that it has its own cash based turnover "method". 

The only guidance there is under the flat rate scheme is this:

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I am looking for two checklists that can be added to our existing accounts and tax return preparation work prgrammes that can be used to spot financial services opportunities during the course of our work. I am thinking of the Mercia checklists for accounts, but saying things like " does the client have a pension?" etc.

Do any of you kind souls on here have such a thong or know where o can get one, before I try and write one myself?

Many thanks

What will happen for HR TPs losing their PA above £100K, would HMRC issue K codes to all individuals to collect unpaid taxes from earlier years OR stop this option of paying tax less than £2K via adjustment in PAYE code?

Ceased trading last month, just 14 months after commencement. We'd like to do one set of accounts for the whole period.

The details : inc January 2009; commenced trading July 2009; ceased trading August 2010; ARD 31 March; not insolvent (the guy got a better offer).

Companies House won't care about the accounts if they get their £10. The Revenue will get their corporation tax. I could change the ARD to 31 August I suppose. But is it necessary?

What would you do?

What is the definition of 'permanently' on form P85, for the question 'do you intend to live outside the uk permanently'?

Does permanently mean never come back? ie I intend to die abroad?

Or does permanently mean for the next 20 years but I do intend to come back to the uk at some point and probably intend to live my final years here?

Thanks for any help.

Dave is the only director and shareholder of a limited company and is likely to retire in a year or two.   He says he will be entitled to redundancy pay at that time from the company.   Is he entitled under regulations to claim in these circumstances?

If so then if the normal route of a small salary and larger dividends is followed, any redundancy would be small as it is based upon wages.   Redundancy is calculated on the wages of the last 12 weeks and so could any salary be substantially increased for the last 3-4 months to increase any claim?

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 A company director and shareholder has developed a computer game and then sold outright it to his company. The game is sold online and is profitable. The game cost only minimal amounts to develop. Is the transfer to the company treated as capital gain (as opposed to income) assessed on the director and how can it be valued (e.g. a multiple of turnover or profits acceptable)? Thanks.

It looks as if my question earlier this morning was too bland as the badges of trade are not in doubt.  It is the taxpayers only source of income.  My task will be to prepare a profit and loss account, balance sheet and an SA Tax Return.  My discussions with him dictate that all the transactions are of a revenue nature and capital gains tax treatment will not apply.  He has a large volume of low value transactions amounting to turnover of 2 million pounds per year.  In these circumstances, are there any trip-ups and tips to look out for please?

I am a Sole Practitioner and I have been asked to act for someone who just deals in shares on the stock market.  I normally look after corner shopkeepers and sub contractors but I would really like to advise this chap.  My problem is that I wonder if there are any special issues to deal with when preparing the accounts and SA Tax Return.  My client's turnover in the first year was about 2 million pounds.  For instance I presumably have to account for the sales and purchase prices to arrive at a gross profit - as you would expect.  Anyway i am just looking for all of

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I potentially have an intern starting to do 2-3 weeks work experience.  He won't be salaried but we want to pay out of pocket expenses.  Is there any PAYE implications of doing this or is it as simple as just getting him to fill in a form and attach receipts.

Any advice people can offer would be appreciated.

Thanks

Client is a UK recording artist who has just signed a deal with a Japanese co. to distribute his songs in that country.  I advised that an invoice has to be issued carrying VAT as client is VAT registered but the Japanese are objecting and asking for an invoice without VAT.  Am I missing something here - the deal is to distribute the songs that were recorded in the UK.

Any help gratefully received

I have two rental queries and would be very grateful for some opinions on the best way to proceed.

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Will anyone from this forum be attending HMRC's iXBRL Solutions event in Glasgow on September 15th? I am curious to know what you will be looking for during the event. I will be there attending as part of my company's team and look forward to meeting everyone, if possible!

We are a small 2 partner firm started up in April this year, we have done very well in signing up new clients & are working closely with these & now finding we are getting referrals from these clients. What we do lack is the expert touch when it comes to tax knowledge, I did some tax exams a couple of years back but tax legislation changes year on year & we dont want to come unstuck when it comes to tax affairs. Can anybody who faced a similar situation tell us what they did & are there any good tax outsourcing specialists out there who dont charge a fortune for advise.