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Where Taxpayers and Advisers Meet

Search found 48 matches

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by Milbo
Tue Jun 27, 2017 8:36 am
Forum: Business Tax
Topic: Trade commencement
Replies: 5
Views: 2087

Trade commencement

The simple question is when did trade commence. A fishing boat is acquired, improvements and modifications are made to the boat, tests completed, licences obtained and crew engaged. The first commercial voyage is undetaken, they reach fishing waters, cast the nets, suffer mechanical problems and do ...
by Milbo
Mon Apr 24, 2017 10:00 am
Forum: Capital Gains Tax, CGT
Topic: Damages & compensation
Replies: 3
Views: 729

Re: Damages & compensation

Thank you both. The land and building will be sold in its entirety with nothing retained in the vicinity. I have been further informed that the client's property will be subjected to actionable infringement by an adjoining development that would give rise to a claim to damages had he retained owners...
by Milbo
Thu Apr 20, 2017 1:09 pm
Forum: Capital Gains Tax, CGT
Topic: Damages & compensation
Replies: 3
Views: 729

Damages & compensation

My client owns a house which is neither his PPR or rented out. A developer has offered £750,000 for the house which will be demolished and for the development. The offer has been accepted and it has been suggested by the Chartered Surveyors that it may be necessary to split the consideration into (a...
by Milbo
Fri Sep 25, 2015 9:44 am
Forum: Tax Investigations and Enquiries
Topic: Mileage records & S386 CA06
Replies: 4
Views: 2302

Re: Mileage records & S386 CA06

many thanks for your comments. The mileage allowance is an under-estimate of the actual business miles travelled by the Director and whilst mileage has not been recorded, we have advised HMRC of trade shows etc attended which more than justify the amount claimed. We will be referring HMRC to EIM3121...
by Milbo
Thu Sep 24, 2015 3:46 pm
Forum: Tax Investigations and Enquiries
Topic: Mileage records & S386 CA06
Replies: 4
Views: 2302

Mileage records & S386 CA06

We have a CT enquiry where HMRC have said that they are going to disallow a Director's mileage claim of £1,200 as records have not been kept in accordance with section 386 Companies Act 2006. http://legislation.data.gov.uk/ukpga/2006/46/section/386/data.htm?wrap=true This is the first time I have be...
by Milbo
Tue Sep 08, 2015 3:42 pm
Forum: Company Taxation
Topic: Company hosting Charity Golf Day
Replies: 0
Views: 794

Company hosting Charity Golf Day

A company client is hosting a fundraising golf day on behalf of a charity which it supports. The day may include a round of golf, refreshments, evening dinner, guest speaker etc and is open to customers who will purchase a table and senior employees. All proceeds raised will go to the charity with t...
by Milbo
Wed Oct 22, 2014 2:08 pm
Forum: Company Taxation
Topic: Transfer Pricing
Replies: 1
Views: 814

Transfer Pricing

A group company (large for T.P. purposes) has provided funds to other group members or paid liabilities on their behalf. The amounts are declared in the accounts of the companies as inter company balances and have accumulated over a number of years. There are no interest payments, repayment terms or...
by Milbo
Thu Jul 31, 2014 3:25 pm
Forum: Business Tax
Topic: Fee received for premises used as a film location
Replies: 3
Views: 1147

Fee received for premises used as a film location

The client has received £2,000 from a film production company for using part of the access to his home.

Can anyone advise whether the "fee" is taxable.

Would it make any difference to the tax position if the payment related to the business premises?

Many thanks,

Mark
by Milbo
Wed May 28, 2014 8:09 am
Forum: Tax Investigations and Enquiries
Topic: "Effective rate of tax" enquiry letter from HMRC
Replies: 6
Views: 2689

Re: "Effective rate of tax" enquiry letter from HMRC

Our reply was:- "We refer to your letter dated 14 May 2014. We note that your letter has been issued both outside the enquiry window and the date by which we are able to amend the 2012 tax return. We have reviewed the 2012 tax calculation and believe that the reason the “effective rate of tax is low...
by Milbo
Mon May 19, 2014 3:00 pm
Forum: Tax Investigations and Enquiries
Topic: "Effective rate of tax" enquiry letter from HMRC
Replies: 6
Views: 2689

"Effective rate of tax" enquiry letter from HMRC

We have received correspondence from HMRC enclosing a copy of a letter they have sent to a client regarding his effective rate of tax for the year ended 5 April 2012. The letter states "we can see that your effective rate of tax is lower than the average for people with a similar amount of income to...

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