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Where Taxpayers and Advisers Meet

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by Tom7000
Wed Jan 09, 2019 6:14 pm
Forum: Income Tax
Topic: Van purchase on cash basis accounting
Replies: 8
Views: 511

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: 241

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: 201

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: 278

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: 520

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: 553

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...
by Tom7000
Wed Jan 09, 2019 5:55 pm
Forum: Company Taxation
Topic: HMRC Online Corporation Tax Return
Replies: 1
Views: 550

Re: HMRC Online Corporation Tax Return

You have entered the £2000 twice

You have 1000 profit and your tax is £190

if you get this as a result you are not doing too bad
by Tom7000
Wed Jan 09, 2019 5:53 pm
Forum: Company Taxation
Topic: Drawing money from Ltd company as interest
Replies: 3
Views: 611

Re: Drawing money from Ltd company as interest

Nothing. The funds are surplus to requirements so are not needed and it will be seen as simple tax avoidance. IF only you could do this :) :) :)

CT fines etc -easy - google it
by Tom7000
Wed Jan 09, 2019 5:50 pm
Forum: Company Taxation
Topic: US LLC corporate partner in UK
Replies: 0
Views: 160

US LLC corporate partner in UK

The US LLC has a UK corporate partner. The LLCis taxed in US as a partnership - so no tax The UK treats the LLC like a company not a partnership and only taxes uk ‘’partners’ when the profits are distributed. What we need to know is 1. What is the definition of distributed ie a. when the profits are...
by Tom7000
Mon Sep 10, 2018 4:30 pm
Forum: International Tax
Topic: Assurance Vie payout to UK tax resident: Help!
Replies: 1
Views: 382

Re: Assurance Vie payout to UK tax resident: Help!

I would have thought at the point you receive it, its an inheritance and that's tax free.
You then pay tax on whatever income and gains your new investment throw up from the date of acquisition.

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