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Where Taxpayers and Advisers Meet

Search found 48 matches

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by Milbo
Tue Mar 20, 2012 11:00 am
Forum: Company Taxation
Topic: Company Restructure/Demerger
Replies: 9
Views: 1944

Company Restructure/Demerger

I have an individual who is the sole director/shareholder in a holding company which in turn owns 100% of the share capital in the trading company. The holding company has a substantial liability to a former shareholder and repays capital & interest with monies provided by the trading company. Both ...
by Milbo
Thu Dec 01, 2011 11:08 am
Forum: Company Taxation
Topic: Mutual Trade company - Associated?
Replies: 0
Views: 529

Mutual Trade company - Associated?

I have two companies, one which is limited by guarantee and accepted as carrying on a mutual trade, the other is a trading company. Both are associated however with one being outside the charge to CT, are they still treated as associated for CT600 declaration purposes and therefore splitting the CT ...
by Milbo
Thu Sep 29, 2011 4:19 pm
Forum: Capital Gains Tax, CGT
Topic: Company Secretary and Entrepreneurs' Relief
Replies: 4
Views: 1188

Re: Company Secretary and Entrepreneurs' Relief

My question was posed because the appointment of a company secretary is no longer a legal requirement and may be open to challenge. So Section 44, I think the answer to your question is probably yes. Many small companies used to appoint the spouse as a company secretary to keep them out of the SA re...
by Milbo
Thu Sep 29, 2011 3:43 pm
Forum: Capital Gains Tax, CGT
Topic: Company Secretary and Entrepreneurs' Relief
Replies: 4
Views: 1188

Company Secretary and Entrepreneurs' Relief

Just one to throw out there and I'm sure(ish) that the answer will be yes. Given that there is no longer a legal requirement for a company to appoint a company secretary, can we still rely on that post to be treated as an 'office' for the purposes of Entrepreneurs' Relief? To quote ESM2503: The foll...
by Milbo
Fri Mar 25, 2011 10:29 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Class 1 NIC & Employers credit card
Replies: 5
Views: 1457

Re: Class 1 NIC & Employers credit card

Again thank you Matt,

Goodness knows what will happen when the Coalition plans to merge the two taxes have been finalised.

The taxpayer will not be the one to benefit for sure!

regards,

Mark
by Milbo
Mon Mar 21, 2011 9:46 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Class 1 NIC & Employers credit card
Replies: 5
Views: 1457

Re: Class 1 NIC & Employers credit card

Many thanks Matt.

The paragraph at the foot of NIM02195 appears to advise employers indirectly how it is possible to make arrangements with a retailer to ensure that a liability to Class 1 NIC is avoided on purchases of a personal nature.

Or am I misinterpreting this!
by Milbo
Thu Mar 17, 2011 5:01 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Class 1 NIC & Employers credit card
Replies: 5
Views: 1457

Class 1 NIC & Employers credit card

A company has suggested giving a key employee a company credit card on which he can purchase private items. Clearly there is a taxable benefit however the NIC position has me confused. The guidance at the NIC manual (NIM02090) suggests that so long as the rules therein are applied then no Class 1 NI...
by Milbo
Tue Jan 11, 2011 4:31 pm
Forum: Income Tax
Topic: Overlap relief
Replies: 1
Views: 594

Overlap relief

More of a comment than a query. Overlap relief is given where there is a permanent discontinuance or change of accounting date. I have a client, a partner in a profeesional practice, who has sold 30% of his holding to his fellow partners so instead of receiving 40% of profits he will receive 10%. A ...

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