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Where Taxpayers and Advisers Meet

Search found 2744 matches

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by robbob
Wed Jul 17, 2019 9:15 am
Forum: Property Taxation
Topic: VAT on shared FHL portfolio
Replies: 3
Views: 52

Re: VAT on shared FHL portfolio

Property 2 qualifies as FHL and earns say £2000 from lets longer than 31 days and £8000 from lets 31 days or less Property 3 does not qualify as FHL (*) and earns say £3000 from lets longer than 31 days and £6000 from lets 31 days or less (*) failing pattern of occupation condition i) Total rent fr...
by robbob
Tue Jul 16, 2019 6:28 pm
Forum: Company Taxation
Topic: CT tax and returns
Replies: 12
Views: 84

Re: CT tax and returns

My Turnover for last year was X amount, and I invoiced for 4900 to an client during my last year. But the client paid 2 months after year end date of 30/11/18. Now when I am going to submit my returns next month, will my turnover be X + 4900 ? or when this current year which is going to end on 30/1...
by robbob
Tue Jul 16, 2019 5:57 pm
Forum: Company Taxation
Topic: CT tax and returns
Replies: 12
Views: 84

Re: CT tax and returns

Your absolutely correct, only way figures add if I enter 4900 in turnover and show it as trade debtors on balance sheet. Now that clarifies that part. Now the real question, does this 4900 goes under previous year's account or this year's account ? Your question is somewhat confusing in that i woul...
by robbob
Tue Jul 16, 2019 12:28 pm
Forum: Company Taxation
Topic: CT tax and returns
Replies: 12
Views: 84

Re: CT tax and returns

Ok, but my turnover figures don't reflect this amount, shall I update my turnover figures with this amount ? Yes the sales total must be included BUT What you have said doesn't really make much sense for us accountants as we are used to proper double entry system where both parts of any transaction...
by robbob
Tue Jul 16, 2019 8:08 am
Forum: Property Taxation
Topic: VAT on shared FHL portfolio
Replies: 3
Views: 52

Re: VAT on shared FHL portfolio

Each separate legal entity is normally treated on its own merits unless artificial separation comes into play (possible here potentially i guess) - note non FHL would be grouped with FHL for a sole owner (or partnership) but any residential letting would be exempt for vat purposes and ignored when c...
by robbob
Mon Jul 15, 2019 12:56 pm
Forum: Income Tax
Topic: transaction fee cashback, query
Replies: 1
Views: 75

Re: transaction fee cashback, query

Yes this income will be taxable in exactly the same manner that the original transaction fee was tax deductible- i would treat this income as a direct credit against the original transaction fee that you have paid.
by robbob
Thu Jul 11, 2019 8:16 am
Forum: VAT & Excise Duties
Topic: Import Duties on Competition Prize
Replies: 3
Views: 139

Re: Import Duties on Competition Prize

Ah the days of dial up internet - yahoo towers (fortnite of its day i kid you not) and chatting to bods in san fransisco - just so happens one of those bods mentioned they have a monthly palm pilot competition at their work each month and not many bods entered. I entered - won the first month (hones...
by robbob
Thu Jul 11, 2019 8:12 am
Forum: Property Taxation
Topic: Purchasing property as limited company
Replies: 7
Views: 201

Re: Purchasing property as limited company

Set against other profits?? It could only be deducted from the sale price when sold? Do you mean the tax can only be deducted when sold?? Until sold it remains an untaxable asset?? Generally spekaing Its pretty simple if you have other income that is taxable you cannot set cost of purchase of prope...
by robbob
Wed Jul 03, 2019 8:56 am
Forum: Income Tax
Topic: Advice please on tax refund via re-coding and sipp
Replies: 2
Views: 171

Re: Advice please on tax refund via re-coding and sipp

WHY so they do this? it just creates confusion for amateurs like me. Also,, If you are a higher rate taxpayer is the means by which HMRC refund you the additional HR TR by increasing your basic rate band on the SA form when you input the gross pension contribution..? Thanks all HMRC really should a...
by robbob
Tue Jul 02, 2019 4:50 pm
Forum: VAT & Excise Duties
Topic: Getting authorised by a new client in new agent services account
Replies: 3
Views: 113

Re: Getting authorised by a new client in new agent services account

This is not a client that existed in my original account, but a new client so they did not come over with my other clients when I did the link doh Personally i am following old authorisation process for vat pincodes to load new clients into old system - i feel happier that i can actually see that t...

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