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Where Taxpayers and Advisers Meet

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by jpcentral
Tue Jul 05, 2016 12:21 pm
Forum: VAT & Excise Duties
Topic: Receipt for Payment of VAT Invoice
Replies: 7
Views: 1157

Re: Receipt for Payment of VAT Invoice

This could depend on how integrated your till and your accounting software is, if at all. If your till fully integrates with your accounting software, presumably, it can pull through the invoice onto the screen and you can add items to it. It doesn't sound as if that is the case. There are a lot of ...
by jpcentral
Mon Jul 04, 2016 8:31 am
Forum: Capital Gains Tax, CGT
Topic: CGT if you only own 1 Buy to Let and rent yourself
Replies: 2
Views: 611

Re: CGT if you only own 1 Buy to Let and rent yourself

I query the contradiction in the statements: "My wife and I own ........" and "...... we declare the rent against my wife's income". For a property owned by husband & wife the income is shared equally unless an election is made to share the profits in a different ratio and the only other option is t...
by jpcentral
Mon Jul 04, 2016 8:08 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT planning Yorkshire
Replies: 2
Views: 787

Re: IHT planning Yorkshire

I think Yorkshire is still the largest county in the UK so it might help to narrow it down a bit.

I imagine there are quite a few IHT specialists scattered around the far flung reaches of Yorkshire - Leeds, York, Doncaster, Scarborough, Halifax, Richmond etc.
by jpcentral
Thu Jun 30, 2016 8:41 am
Forum: Business Tax
Topic: Self employed paying partner below the LEL
Replies: 1
Views: 1031

Re: Self employed paying partner below the LEL

They are classed as normal business expenses. Just because she is your only employee and earns below the LEL doesn't necessarily mean that you don't have to operate a PAYE scheme. The additional requirement is that you must be satisfied (and be able to prove) that the employee isn't employed elsewhe...
by jpcentral
Thu Jun 30, 2016 8:28 am
Forum: VAT & Excise Duties
Topic: Receipt for Payment of VAT Invoice
Replies: 7
Views: 1157

Re: Receipt for Payment of VAT Invoice

Maybe I'm missing something, but, surely, you issue another VAT invoice for the additional goods purchased and the receipt can cover both.
by jpcentral
Tue Jun 28, 2016 6:04 pm
Forum: VAT & Excise Duties
Topic: How to invoice for a disbursement
Replies: 5
Views: 1239

Re: How to invoice for a disbursement

This is what HMRC say about disbursements: "When you make payments on behalf of your customers, for goods or services received and used by them, you might be able to treat these payments as ‘disbursements’ for VAT purposes. " The critical wording in that is, "..... used by them". In the description ...
by jpcentral
Tue Jun 28, 2016 11:58 am
Forum: VAT & Excise Duties
Topic: How to invoice for a disbursement
Replies: 5
Views: 1239

Re: How to invoice for a disbursement

Maybe a more detailed explanation would help to determine whether the amounts being claimed are actually disbursements.

I tend to agree with Section 44 that your description doesn't sound as if they are disbursements.
by jpcentral
Tue Jun 28, 2016 11:53 am
Forum: Income Tax
Topic: Getting paid in HKD, declare in GBP?
Replies: 1
Views: 597

Re: Getting paid in HKD, declare in GBP?

There's no real problem. Many importers/exporters maintain accounts in different currencies. You have to apply an exchange rate to the income. Normally this is done at the date of invoice then again at the date of payment with any difference being allocated to an "exchange rate gain/loss" account. T...
by jpcentral
Tue Jun 28, 2016 8:08 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: I have 2 jobs both casual/PAYE , I think I am being taxed too much but not sure?
Replies: 1
Views: 762

Re: I have 2 jobs both casual/PAYE , I think I am being taxed too much but not sure?

Ultimately it should sort itself out but that is likely to take some considerable time, certainly well into next year. HMRC will ultimately receive the PAYE information from all three employers, put them together, recalculate the tax and send you back any overpayment. HMRC don't know what your work ...
by jpcentral
Fri Jun 24, 2016 6:28 pm
Forum: Business Tax
Topic: U.K. Partnership - no income tax return
Replies: 1
Views: 998

Re: U.K. Partnership - no income tax return

You still need to complete and submit a partnership tax return (SA800) and individual tax returns. The figures may be zero but you have to go through the process. One of the questions on the form is "Date of Cessation". Another question is "Date of Commencement". In the "Commencement" box you put th...

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