This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Search found 72 matches

Go to advanced search

by Tom7000
Wed Jan 15, 2020 3:18 pm
Forum: Income Tax
Topic: DPS penalty
Replies: 5
Views: 783

Re: DPS penalty

The deposit was £5k. London Flat.
The lawyer said if it ends up in court the judge can do 3x 5k = 15.
Offer 8k because even if you win and get 1x you will have to pay £3k+ legal fees anyway...

So it was the compensation paid to the tenant under DPS rules
by Tom7000
Thu Jan 09, 2020 5:09 pm
Forum: Income Tax
Topic: Help
Replies: 1
Views: 538

Re: Help

Its probably a 45 minute discussion to plan this all out. Your accountant should help. If the company doesn't make a profit well, there's no money to pay you... so being paid the best way doesnt become an issue. Dividends cause lower deductions to HMRC than salary overall. But as a 20% shareholder t...
by Tom7000
Thu Jan 09, 2020 5:04 pm
Forum: Income Tax
Topic: DPS penalty
Replies: 5
Views: 783

DPS penalty

A landlord paid the deposit to the DPS 3 days late. Tenant found out and appointed lawyers that came after the landlord. He settled with the tenant by paying £8k and had to pay his own lawyers £2.5k. ( Not happy as they trashed his flat when they moved out too) When I do his rental accounts to go in...
by Tom7000
Fri Oct 04, 2019 12:26 pm
Forum: VAT & Excise Duties
Topic: VAT on new commercial building
Replies: 1
Views: 6819

VAT on new commercial building

I know the answer to this. But the numbers are so big I just need someone to agree with me....help! Question A regular UK trading Ltd company which is standard vat registered with no exempt or even zero rated supplies is going to move out of its rented premises and buy a new empty building and trade...
by Tom7000
Wed Jan 09, 2019 6:14 pm
Forum: Income Tax
Topic: Van purchase on cash basis accounting
Replies: 8
Views: 1674

Re: Van purchase on cash basis accounting

You put it in the AIA box. Why do you think you do not?

Yep you can still treat running costs as either mileage or the business % of actuals. Once yo choose a method you stick with it until you get a new vehicle.

tom
www.ttca.co.uk
by Tom7000
Wed Jan 09, 2019 6:11 pm
Forum: Property Taxation
Topic: Avoiding loss of NRCGT relief to Apr/15 on return to UK
Replies: 4
Views: 829

Re: Avoiding loss of NRCGT relief to Apr/15 on return to UK

You do it 2 ways under the 2015 rules and regular rules and choose best option :) You cant pay in advance. You only pay the tax when you actually sell. You have to notify them in 30 days of selling or you get huge fines. THESE ARE THE KEY POINTS TO REMEMBER Keep my contact details for when you sell ...
by Tom7000
Wed Jan 09, 2019 6:08 pm
Forum: General
Topic: Fuel card and Mileage Allowance Relief for a private car
Replies: 1
Views: 635

Re: Fuel card and Mileage Allowance Relief for a private car

yes you can employment expenses part
by Tom7000
Wed Jan 09, 2019 6:07 pm
Forum: Professionals in Practice & Industry
Topic: Diretors loan conversion to equity
Replies: 1
Views: 11651

Re: Diretors loan conversion to equity

You need to know what % they get for the investment and then make sure the share structure is right and the balance goes to a share premium account. Say they get 10% You issue them with 10 new £1 shares for £250k and the existing chap has 1 share so he gets another 89shares so then its 90 10 share p...
by Tom7000
Wed Jan 09, 2019 6:01 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Non.Domiciled
Replies: 10
Views: 1513

Re: Non.Domiciled

Possibly, but is it his intention to return to the land of his birth one day. That may be the deciding question. If yes probably non dom. If no probably not.

But this area is complicated.
by Tom7000
Wed Jan 09, 2019 5:59 pm
Forum: Company Taxation
Topic: CIC corporation Tax
Replies: 1
Views: 2668

Re: CIC corporation Tax

Hi I am a practicing accountant and treasurer of our local civic society. What I did for our civic society was... Set up a company limited by guarantee. That way the people involved are protected. I Registered it as a small charity with HMRC as it was below the charity commission limit. If you excee...

Go to advanced search