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 18 matches

Go to advanced search

by amingram
Fri Jul 21, 2017 8:52 pm
Forum: Company Taxation
Topic: Is FX and CFD trading classed as trading income
Replies: 2
Views: 1636

Re: Is FX and CFD trading classed as trading income

For a company the rate of corporation tax is the same on trading profits and capital gains
by amingram
Fri Jul 21, 2017 8:21 pm
Forum: Company Taxation
Topic: tax on assets
Replies: 1
Views: 1053

Re: tax on assets

Your accountant is right in that you don't get tax relief against profits for land and buildings (Until you come to sell them atleast) However if your building contains any plant and machinery (HMRC have a list of what qualifies) - but things like electricity, water, security systems, etc- you can g...
by amingram
Fri Jul 21, 2017 7:28 pm
Forum: Business Tax
Topic: Trade commencement
Replies: 5
Views: 1790

Re: Trade commencement

HMRC are wrong.

You set sail with the intention of catching fish for you to sell. That is when your trade commenced. The fact you had mechanical mishap duri g the voyage is neither here nor there
by amingram
Fri Jul 21, 2017 7:09 pm
Forum: Company Taxation
Topic: Loss from R D Claim
Replies: 1
Views: 1018

Re: Loss from R D Claim

Yes the loss generated via an R&D claim may be carried back against prior year taxable profits (assuming there are sufficient)

Any surplus R&D losses can be either carried forward against future years or alternatively surrendered in the current year for a cash refund.
by amingram
Thu Feb 02, 2017 10:30 am
Forum: Company Taxation
Topic: Obligation to pay. Scam?
Replies: 3
Views: 1319

Re: Obligation to pay. Scam?

Total scam
by amingram
Thu Feb 02, 2017 10:28 am
Forum: Company Taxation
Topic: Claiming wind tunnel expenses?!
Replies: 1
Views: 932

Re: Claiming wind tunnel expenses?!

Hi I can see no reason why the wind tunnel expenses would not be tax deductible in your case (I am assuming these costs relate to you hireing time in a wind tunnl as opposed to having your own wind tunnel). On a side note, have you looked into the R&D tax credits regime? You may well be able to obta...
by amingram
Wed Mar 02, 2016 3:02 pm
Forum: Company Taxation
Topic: Delivery of first Company Tax Return
Replies: 2
Views: 907

Re: Delivery of first Company Tax Return

Hi You are correct that where your accounts extand beyond 12 months you need to file two corporation tax returns, the first covering the first 2 months and the second the remainer of the period. I think the trouble you may be having is that as your first set of accounts are drawn up to 31 March 2016...
by amingram
Tue Feb 16, 2016 1:58 pm
Forum: Property Taxation
Topic: Private residence relief
Replies: 2
Views: 604

Re: Private residence relief

Simply owning a single property, does not mean tht property will automatically be your principal prvate residence. Along with the intention to reside there, you need to be able to show that a) it was inhabitable (basic furnishing at least) and b) you did actually sepnd at least one night there. Give...
by amingram
Tue Feb 02, 2016 1:39 pm
Forum: Company Taxation
Topic: Varying Salary / Dividends splits for different share holders
Replies: 3
Views: 956

Re: Varying Salary / Dividends splits for different share holders

Nicko A better solution than waivng dividends is to have the shares reclassified 'A' and 'B' shares with each of the shareholders having one of the classes of shares. This enables you to vote different levels of dividends and the A and B without the need for anyone to waive dividends. Simple to do, ...
by amingram
Wed Dec 16, 2015 11:55 am
Forum: Company Taxation
Topic: Corporation Tax On Reserves
Replies: 2
Views: 1035

Re: Corporation Tax On Reserves

Hi Tom

Prior year P&L reserves are not taken into account when calculating the corporation tax for the current year - it is only the current year profit (as adjusted for tax items) that are subject to corporation tax.

Regards

Mark
Director
Wesram Ltd

Go to advanced search