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Where Taxpayers and Advisers Meet

Search found 45 matches

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by Milbo
Fri Sep 25, 2015 9:44 am
Forum: Tax Investigations and Enquiries
Topic: Mileage records & S386 CA06
Replies: 4
Views: 2051

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: 2051

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: 763

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: 778

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: 1095

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: 2374

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: 2374

"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...
by Milbo
Thu Dec 12, 2013 11:20 am
Forum: International Tax
Topic: EFRB loan to Eire resident company
Replies: 0
Views: 367

EFRB loan to Eire resident company

A substantial loan has been made by the Director's UK EFRB to an Eire resident company. The purpose of the loan is to assist with the purchase a property in the UK which is let out on a commercial basis to a UK company. Loan interest is paid quarterly to the EFRB by the Irish company. Does anyone kn...
by Milbo
Wed Jun 12, 2013 11:39 am
Forum: Tax Investigations and Enquiries
Topic: Visit by Data Handling Experts
Replies: 6
Views: 1704

Re: Visit by Data Handling Experts

No problem wamstax, I appreciated your offer to discuss the visit.
by Milbo
Wed Jun 12, 2013 10:46 am
Forum: Tax Investigations and Enquiries
Topic: Visit by Data Handling Experts
Replies: 6
Views: 1704

Re: Visit by Data Handling Experts

Thanks all, the visit took place last week. In advance of the visit I was able to agree with HMRC, via e-mail therefore documented, the information which they were going to extract from the systems. HMRC have not at any time suggested that there are unrecorded takings, just confusion how the client ...

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