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Where Taxpayers and Advisers Meet

Search found 1151 matches

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by AvocadoK
Mon Mar 27, 2017 7:18 pm
Forum: Business Tax
Topic: Interest on directors loan account
Replies: 5
Views: 1717

Re: Interest on directors loan account

Hi Happy to confirm that the savings allowance does apply here. Section 12B Income Tax Act 2007 says the savings allowance refers to savings income, and section 18 defines savings income to include all interest taxable under Ch 2 Part 4 ITTOIA 2005. This includes interest from your own limited compa...
by AvocadoK
Sun Mar 26, 2017 7:42 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Laptop for Employees
Replies: 5
Views: 1323

Re: Laptop for Employees

Also watch out for the Consumer Credit Act. If you make loans of more than £1,000, you need a licence. Otherwise, the loans are unenforeceable against staff.
AK
by AvocadoK
Sun Mar 26, 2017 8:28 am
Forum: Company Taxation
Topic: What action is required when company is struck off
Replies: 1
Views: 997

Re: What action is required when company is struck off

This would appear to be a deliberate series of actions to avoid tax, and would therefore consititute a money laundering offence. As accountants, we are legally required to notify the MLRO in the firm, and the MLRO should report to the National Crime Agency.
AK
by AvocadoK
Sat Mar 25, 2017 7:30 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Pre 2003 transfer
Replies: 2
Views: 787

Re: Pre 2003 transfer

Thank you maths.
And my tax tables don't go back quite that far! (I do have a 1962 Yellow Butterworths tho).
by AvocadoK
Sat Mar 25, 2017 11:34 am
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Pre 2003 transfer
Replies: 2
Views: 787

Pre 2003 transfer

Grateful to anyone who can comment on a question about stamp duty on pre SDLT transactions... A trust contracted to transfer freehold property into a limited company in the 1930s. Contracts were signed, but not completed. Under pre SDLT, stamp duty rules, no duty was payable until completion. It is ...
by AvocadoK
Sun Mar 01, 2015 7:14 pm
Forum: Capital Gains Tax, CGT
Topic: EIS shares given to charity
Replies: 8
Views: 1435

Re: EIS shares given to charity

Thanks, yes, you're right.
I suppose the EIS company could float, and then he could give the shares!!!
by AvocadoK
Sun Mar 01, 2015 10:15 am
Forum: Capital Gains Tax, CGT
Topic: EIS shares given to charity
Replies: 8
Views: 1435

Re: EIS shares given to charity

I know giving shares to charity with a large capital gain is very tax effective as you get tax relief at your marginal rate on your income and pay no CGT at all. To get income tax relief on a donation to charity, the gift has to be a cash gift. It cannot be in the form on an investment or property....
by AvocadoK
Fri Dec 26, 2014 9:26 pm
Forum: Income Tax
Topic: Income limit re Personal allowance transfer.
Replies: 6
Views: 1696

Re: Income limit re Personal allowance transfer.

The relief is not available at all if you are a higher rate tax payer.
Can't answer your second question!
by AvocadoK
Fri Dec 26, 2014 10:06 am
Forum: Income Tax
Topic: Income limit re Personal allowance transfer.
Replies: 6
Views: 1696

Re: Income limit re Personal allowance transfer.

My question is: Does the Income limit for those born before 06/04/1948 apply to their original personal allowance, or does it apply to their enhanced personal allowance? The (understandable) mistake you are making is to think of the transfer of the personal allowance as an enhancement of the person...
by AvocadoK
Sat Jun 28, 2014 9:00 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Transfer of Land to LLP controlled by Children
Replies: 6
Views: 1392

Re: Transfer of Land to LLP controlled by Children

The reason for the query around PETs and LLP is that in the HMRC website it notes that a PET •"is a gift to another individual or to a specified trust," hence the reason for my query as to whether it is treated as a PET. What HMRC is true as far as it goes. But then sction 267A of the Inheritance T...

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