This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Search found 103 matches

Go to advanced search

by simpsonite
Fri Oct 21, 2016 3:46 pm
Forum: Income Tax
Topic: Emoluments exempt from income tax received from United Nations
Replies: 1
Views: 1918

Emoluments exempt from income tax received from United Nations

Hi All, I am aware that there is an exemption from income tax in respect of emoluments received by individuals as officers of the United Nations. My query is whether the same exemption might apply for a self employed individual supplying exactly the same services as an officer of the United Nations?...
by simpsonite
Wed Aug 03, 2016 12:17 pm
Forum: Tax Investigations and Enquiries
Topic: Failure to notify Sch 41 Finance act 2008
Replies: 1
Views: 2089

Failure to notify Sch 41 Finance act 2008

Hi All, My client has an ongoing investigation into 6 tax years to 2014 that were not submitted. I have now completed the 6 years in question & HMRC have agreed the tax liability for the two years to 2014. The enquiry regarding the earlier 4 years will commence as soon as I agree or not the penalty ...
by simpsonite
Tue Feb 23, 2016 12:15 pm
Forum: Property Taxation
Topic: Acquisition at probate & property developer trading
Replies: 6
Views: 1123

Re: Acquisition at probate & property developer trading

Yep thanks for that. One final point. If he decides to just obtain planning permission and sell the plot as it stands (house & large garden). Say he doesn't live there then a gain will arise based on sale proceeds less probate value (with an element of hope value attached) My query is whether HMRC w...
by simpsonite
Mon Feb 22, 2016 5:51 pm
Forum: Property Taxation
Topic: Acquisition at probate & property developer trading
Replies: 6
Views: 1123

Re: Acquisition at probate & property developer trading

It appears its based at m.v at time he becomes a property developer under the Sharkey V Wherner principal.
A gain is crystalised at that point is my understanding & the plot would be appropriated to trading stock at that time.
by simpsonite
Mon Feb 22, 2016 5:08 pm
Forum: Property Taxation
Topic: Acquisition at probate & property developer trading
Replies: 6
Views: 1123

Re: Acquisition at probate & property developer trading

Hi Maths, Yep I concur with your points. What about the market value of the land to be introduced into the property building business. Is it the mv of the levelled site with planning permission which is valued at over £1 million. Or is it the lower probate value of the plot (current house and garden...
by simpsonite
Mon Feb 22, 2016 3:52 pm
Forum: Property Taxation
Topic: Acquisition at probate & property developer trading
Replies: 6
Views: 1123

Acquisition at probate & property developer trading

Hi All, My client has acquired his late father's home at probate. He is currently residing at the property. In the next few years he is looking to develop the plot and either sell it as it is with planning permission to a property developer or demolish the site & self build 4 new homes. The base cos...
by simpsonite
Mon Jun 08, 2015 9:39 am
Forum: Company Taxation
Topic: Dividend waiver & section 620 ITTOIA
Replies: 6
Views: 1889

Re: Dividend waiver & section 620 ITTOIA

bd6759, The extra 499 shares were issued to Mr on advice of prior accountant. As already stated earlier, it is my understanding that Mr was trying to protect his share of the company In the event of him & his wife splitting up. But in doing so it would appear that the divs should also have been spli...
by simpsonite
Fri Jun 05, 2015 11:01 am
Forum: Company Taxation
Topic: Dividend waiver & section 620 ITTOIA
Replies: 6
Views: 1889

Re: Dividend waiver & section 620 ITTOIA

the authorised was 500 A & 500 B

the issued and fully paid was £1 A & £1B

in 2003 Mr 499 A shares were issued to him and paid
by simpsonite
Thu Jun 04, 2015 3:40 pm
Forum: Company Taxation
Topic: Dividend waiver & section 620 ITTOIA
Replies: 6
Views: 1889

Re: Dividend waiver & section 620 ITTOIA

HI CGA, The company was incorporated in 1998. The authorised share capital was £1000 shares divided into 500 'A' ord of £1 ea & 500 'B' ord shares of £1ea. It wasn't until in or around 2003 that the share capital was altered to 500/1 The A & B shares have the right to receive out of the profits of t...
by simpsonite
Tue Jun 02, 2015 4:29 pm
Forum: Company Taxation
Topic: Dividend waiver & section 620 ITTOIA
Replies: 6
Views: 1889

Dividend waiver & section 620 ITTOIA

Hi all, I recently have taken on an a new company client The share capital was split 500 'A' ordinary shares to Mr & 1 'B' ordinary share to Mrs. I understand that the share capital was split in this way because Mr wanted protection in the event that he split up with his wife! In previous years the ...

Go to advanced search