Accounting Web
PPR and extra costs
client has has a house which has time apportioned gains (part PPR) and has incurred planning and architects fees - i iformed them that these were not allowable additions to he cost of the property - am i correct
HMRC Manuals
HMRC's guidance on group profit motive has been deleted (BIM 20225). I am handling an enquiry at a time when tehguidance was relevant but am not able to access the data. Does anyone have a copy please?
Money laundering dilemma
I am retired, but my ex-partner has posed the following question. He recently took on a new client who is under HMRC investigation. He has spent 8 hours compiling a letter to SOCA plus the usual marker letter to HMRC in Llanishen. He has sent her an invoice for £1600 plus VAT in respect of this work. The invoice simply refers to 'tax work to date'. Sadly, the client has now asked for an analysis of the invoice. How should my ex-partner respond without tipping her off?
PPR and Entrepreneurs Relief
I have recently had a Local Compliance Capital Gains Tax check on one of my clients.
He sold his guest house in June 2008 and made a gain of £ 250,000. As part of the guest house was private accomodation, HMRC have agreed he is entitled to 20% PPR.
I sent in my CGT comp as follows:
Employment expenses - ordinary commuting
A man is employed by a UK provider of rail maintenance. The employer sends our man to attend and make good repairs and resolve incidents at site; invariably all over the place. The employee uses his own car, and has to pay all tolls, parking etc etc. he receives no benefits from the employer. He makes no claim for mileage to his employer. He drives directly from his home to site, wherever that may be.
Is our guy allowed to claim his mileage as employment expenses against his Sch E income?
payment of VAT by direct debit
Are you or your clients having proplems with the payment of their VAT liabilities by direct debit under the new regime?
Furnished holiday let losses allowable against Class 4 NIC?
Client has losses on FHL and I offset against Self employment
Are they offsetable against Class 4 NIC as well?
VAT online filing to be compulsory from 2012
Government ministers have advised professional representatives that they will make online filing of VAT returns compulsory for all businesses from 2012.
The move follows the introduction of mandatory online filing for newly registered businesses and those turning over more than £100,000 from 1 April 2010. According to the CIOT, the transition worked smoothly during the period up to 31 July with generally positive feedback from institute members, but some residual concerns about small business.
Making tax policy: Why the rush?
The government says it wants to create stability and predictability in the tax system, but is the way tax law is made conducive to this? Simon Sweetman offers his assessment.
In June HM Treasury produced a discussion document called Tax policy making: A new approach.
If the end of tax policy is legislation, which it normally is but does not have to be (an aim could be, for instance, the removal of legislation), then the usual complaints are:
Help for novice and Ltd company corporation tax pickle please.
Hi there,
I am in a bit of a pickle regarding a ltd company that i set up. The story starts when i wanted to work for this online company called Arise.com, working from home as a customer service adviser for shopdirect group. Arise only let you work for them as a ltd company or under an umberella company as self employed.
So i was ill advised about the ltd situation by Arise who made it sound really easy. I was previously self employed and have treated the ltd company in the same way, by taking a wage from my monthly payment from Arise.com.
HMRC researches offshore market
The tax department raised a few professional eyebrows last week when it sent out letters to around 600 taxpayers who had taken advantage of the Offshore Disclosure Facility asking for their insights.
The HMRC letter explained, “‘To help our understanding we would like to ask you a few short questions about how you opened, operated and maintained your accounts.”
VAT and EU jurisdictions
uk vat registered business, which does work in the uk and abroad. [ services are expenses reimbursement, reports commissioned+ recharged plus time and materials ]
Official error?
Client became of retirement age during 2008/9. Revised PAYE code issued to client incuding state pension details but HMRC have advised me that they failed to send revised code to personal pension company. Resultant underpayment is being collected through 2010/11 tax code. Can client claim remission of tax due to HMRC failure to notify pension company? Does not strictly fall within the conditions set out in ESC A19 but the restriction in current coding is causing client financial hardship. Any views would be most appreciated.
CGT and PPR
Briefly,
Client purchased a property in 1990 which was mainly let until disposed of in 2009 (let for appox 15 years total).
No PPR election was made within the 1st 2 years of purchase of the property.
Client was not resident in the property until July 2008, at which time the client was resident in the second property for a period of 3 weeks while attending daily hospital appointments. The second property is approx. 2 hours drive from the main residence but 5 mins from the hospital. Revenue was informed of a change in PPR in relation to this period of residence.
HOW DO I CARRY OVER LOSSES?
I am completely stuck here. I began trading july 2006. my tax year is 1st april to 31st march each year.I am looking at my self assessment and something doesn't seem right. I had losses every year except this year, which is good yes, but I am still in teh red. When I look at the accounts in total from 2006 I have a minus balance but how do I carry each years losses over? I have used loans, credit cards, overdrafts and took money out of our flexible mortgae to support business.
Landscape Gardener using subcontractors - CIS Scheme?
A client of mine is a Landscape Gardener who carries out Estate & gardens management. He uses subcontractors for any HARD landscaping work.
Lease Treatment
Hi
Getting nowhere on this!
Client Company has lease. Lease is an operating lease however the asset risk and reward is with the client so should be reclassified as a finance lease according to accounting standards.
Lease contract states no Capital Allowances to be claimed by client.
So if it goes in the accounts as a Finance Lease client will only get tax benefit of the interest payments, whereas they should get full relief for the whole lease payments.
Our accounts people adamant that the asset should go on the balance sheet?!
NIC Query
A client has set up a UK company with a view to supplying specialist staff to Middle Eastern countries. The initial tranche of specialists being supplied are all from the USA, they pay US tax and are normally US resident. They will at no time be resident in the UK or have any duties arising in the UK. All duties will be carried out in the Middle East.
Update: VAT exemptions for online insurance agents
HMRC has issued a clarification on its position with regards to VAT charges for insurance introductory services. Shimon Shaw outlines the key details.
Earlier this year HMRC lost a VAT case against Trader Media Group and Insurancewide.com at the Court of Appeal. In Revenue & Customs Brief 31/10, HMRC confirmed it would not appeal the case further and has set out its approach going forward.
Associated companies
Hello
Could someone confirm if these two companies are associated based purely on shareholdings
Company 1
A 34 Shares
B 33 Shares
C 33 Shares
Total 100 Shares
Company 2
A 102 Shares
B 49 Shares
C 20 Shares
D 49 Shares
Total 220 Shares
As B and C Combined holding can give control in copmany 1 but not company 2 I am unclear
Thanks in advance
