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Where Taxpayers and Advisers Meet

Search found 6 matches

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by taxwize
Thu Nov 22, 2018 4:10 pm
Forum: Company Taxation
Topic: Have your cake and eat it?
Replies: 6
Views: 1104

Re: Have your cake and eat it?

We inherited the case from a practitioner out of his depth (to put it kindly) and both of the Inspectors handling this case over 4 years have repeatedly refused to consider other avenues of enquiry such as sampling of costs of meals ( fast food outlet) and personal means/capital statements, all sugg...
by taxwize
Thu Nov 15, 2018 5:07 pm
Forum: Company Taxation
Topic: Have your cake and eat it?
Replies: 6
Views: 1104

Have your cake and eat it?

I'm an ex Collector of Taxes and then an ex HMIT Investigator but I left the Revenue a long time ago and a lot has changed !....we have a CT enquiry with omissions agreed. No dispute now about taxable profits.The company ceased trading 18 months ago with no assets.HMRC has been told by me if they wa...
by taxwize
Fri Apr 07, 2017 6:22 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT 400-Joint Life Policies-Deceased was not the owner
Replies: 1
Views: 530

IHT 400-Joint Life Policies-Deceased was not the owner

Hello-I am reviewing an IHT 400 realting to a late wife-she passed after the husband had passed.Her IHT400 includes the values of two Joint Life Assured Bonds.The lady was not the owner of the Bonds, her husband was the single owner, as advised by the Life Assurance company.The lives assured were th...
by taxwize
Thu May 12, 2016 10:17 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Share sold at overvalue
Replies: 3
Views: 998

Re: Share sold at overvalue

I would be interested to receive more comment from Loza and/or others as I may not have explained the situation clearly. Using hypothetical figures (the actual numbers are bigger, our transferor originally pays say £10 for a share with a nominal value of say £1.So to me that's £1 nominal, £9 share p...
by taxwize
Wed May 11, 2016 8:44 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Share sold at overvalue
Replies: 3
Views: 998

Share sold at overvalue

Hello all-a new client company has presented with a director/shareholder recently transferring his one share to a fellow director/shareholder.The consideration is the same as was when the share was subscribed for by the now transferor.The consideration materially exceeds market value not just when a...
by taxwize
Fri Apr 22, 2016 11:34 am
Forum: Company Taxation
Topic: Corp Tax Computation-FRS102-Ord Listed Shs held
Replies: 0
Views: 813

Corp Tax Computation-FRS102-Ord Listed Shs held

A singleton company holds a portfolio of ordinary shares and may want to adopt FRS102-The company does not trade shares for any clientele. Provided these shares are deemed to be Basic Financial Instruments is it safe to say that any movements in P&L to arrive at fair value (necessary because they ar...

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