Accounting Web
Relief on qualifying loan to acquire shares in a close company
Is tax relief still available on interest paid on a qualifying loan to acquire shares in a close company, if the shares are acquired from an existing shareholder, rather than an allotment?
Company mergers
Two companies under common control in same trade.
One has losses and the other has profits. The one with losses is likely to never make a profit.
Can the two companies merge to preserve the losses and utilise them against the profits, or can they somehow make themselves a group?
If so what would be the procedure?
Thanks in advance to anyone who can help or point me in the right direction
Are signed accounts required by HMRC?
I've just started filing CT600's online using Digita. Part of the filing process requires me to attach a copy of the accounts relating to the return. Normally I email accounts to clients for approval so I have a PDF of unsigned accounts ready in my filing cabinet. The client doesn't always email a copy of the signed accounts but will post them or hand them in to the office. Its a PITA to scan the signed copies and my question is do I have to or can I attache an unsigned copy and put in the other info box on the CT600 confirmation that the cleint has signed a paper copy?
out of time for 05/06 SA
I don't think anything can be done about this but if you know any different??
Client hadn't prepared tax returns from 05/06 onwards, they knew they were nearly always owed refunds due to mileage claims but never bothered to do the paperwork. They only started moving on it when a determination was issued (for 05/06) and the baliffs were knocking on the door to collect outstanding payments.
Avoiding raising gains on a 1 man group restructure
Hello all
I have a client who owns 100% of two companies. We are looking to transfer his holding in one company to the other, thus forming a group structure. As he is disposing of shares in a business which has a Net Assets value of £90k, I assume there is a triggered gain. But is there any holdover relief available, as he still owns 100% of both companies, just now in a group structure.
Private car expenses
Hi,
Hoping someone can confirm whether I'm right on this.
If an employed personal uses their own car for business use but does not receive any compensation from their employer they can claim the 40p/25p a mile approved rates in box 17 of the employment pages but cannot claim either actual motor expenses or CA's.
How do I register an LLP, owned by two Ltd companies, with HMRC?
I have established an LLP which is owned by two Ltd companies. It is registered at Companies House and has a VAT number. I assumed this would be enough.
However, HMRC needs to be informed of the LLP so it can allocate a UTR and send out a Partnership Return.
According to the HMRC's confusing website, and after several phone calls, I have been told to complete a CFW1 form - even though this appears to be aimed at registering individuals as self-employed, which is not what I want.
Is there a more logical, appropriate way to inform HMRC?
Thanks.
Limited Liability Partnerships
Does anyone know a good book relating to tax and LLP's?
Thanks
Paul
Very late self assessment
I took on a new client last year & submitted a 64-8 in November 2009.
I was talking to HMRC approx 3 weeks ago, to make a payment arrangement for my client, when the person I was talking with, mentioned that the 2003/04 tax return had never been submitted. She agreed I had never been made aware of this, but said HMRC had spoken to my client on a couple of occasions. She also said, if it is not sorted out soon, then my client will receive penalties of £100 per day until the return is received.
Capital loss on repossession...
Good afternoon all,
A client of mine had one of his properties repossessed by his lender and I'm trying to assess the gains tax position.
The property in question was acquired at a cost of, say, £500k by way of a 100% mortgage, but its value fell massively to the extent my client decided to hand the deeds over to his lender and effectively suffer a repossession.
Tribunal costs
I have an appeal that is going before the 1st tier tribunal. In my opinion (1) HMRC has no case and (2) it should never have got that far. Both of these are of course subjective opinions, and there is always a chance that we might lose the case if my judgement is way off base.
My questions are:
1) Am I right in saying that both parties normally bear their own costs?
2) If yes, can there be any exceptions to the above? For example, if the Tribunal agrees that it is perverse that the matter should have been referred to them?
One in five businesses consider relocation over punishing tax regime
One in five large UK businesses would consider relocating abroad because of the tax system in this country, according to a study commissioned by HMRC.
TNS-BMRB’s research also showed that 64% of large companies felt that the red tape burden had increased over the past 12 months.
Tax relief on personal payments
I have just paid about £5000 to enable a Tanzania lad I know to start a medical degree in Dar Es Salaam. If he is successful this year there could be 5 more years of payments of at least £5000 per year. All these payments are direct to the student because the university doesn't accept direct transfers.
Payroll update: New NICs guidance
Diana Bruce summarises the main regulatory changes affecting payroll and employee benefits this month.
The last month has seen the publication of many consultations and reviews. One of the key publications is the discussion document on improving the operation of PAYE which has provoked many interesting discussions.
Any CT loss relief available?
If someone is a 100% shareholder of 2 seperate companies, one making profits and one making losses, are there any reliefs available to set them off?
Thanks.
Tax facts for your summer holidays
Some handy tax tips to bear in mind when travelling abroad this summer.
Heading off for your holidays this month? You’ll be pleased to hear that you’re now entitled to bring back more VAT and duty-free goods than ever before.
As of this year, travellers are permitted to bring back VAT and duty free goods to the value of almost £400 if travelling by air or sea. This is a modest increase on the prior £340 limit in place but a far cry from the £145 limit that prevailed for many years prior to December 2008.
Interaction of time to pay and self assesment surcharges
Before I fire one off to HMRC, I would just like to check with fellow professionals my understanding of the interaction of time to pay arrangements and surcharges under self assessment.
My understanding is that if you put a time to pay arrangement in place prior to the relevant surcharge date (28 Feb/31 July) you can effectively avoid the surcharge (provided of course the taxpayer sticks to the terms of the time to pay arrangement).
How to become a tax agent?
I have been asked to be a tax agent for a client and was wondering what i need to do/have for this.
I am aware of the 64-8 form and can get that completed. Do i need specialist software to allow me to do their tax return or do i simply complete what HMRC send me. How can I become registered online with HMRC and does this just mean i can use their online systems?
Thanks
Car finance reclaimable in 40 pence per mile ??
Hi
I have a client who wants to use the 40 pence per mile as a basis to claim his business mileage. He has funded the car by taking out a bank loan. Is the finance element of this bank loan to be included within the 40 pence per mile ? Or, can it be claimed in addition ? I THINK IR222 used to say you could claim in addition, but I'd like to check this out !!
Thanks !!
