A limited company has bought some Wimbledon Debentures on the open market. and thus they cost more than their nominal value. These last for five years at the end of which the company will be entitled to buy debentures for the next five year at the nominal value.
If at some stage they do not want to continue to hold them they will be able to sell them on the open market.
VAT was charged on the purchase (I am not quite sure why) and it has been reclaimed. Is this correct?
The debentures will be written off over their remaining life. Presumably this is not allowable. And presumably when (if) the debentures are sold the base cost will be the nominal cost of those debentures that are sold rather than the original cost of the original debentures purchased.
The debentures entitle the company to a number of seats at the championship matches. These are used by the directors and staff and are given to customers etc (thus they are an entertaining cost).
What amounts should be put on the directors and staff P11Ds?
Any thoughts and experiences will be welcome!
- Separate companies same Director buy from each other 261 4
- Entrepreneur - want to submit accounts by myself 374 7
- Accountant won't release working papers 2,864 53
- What's the best software for this? 418 4
- Email encryption 1,404 15
- Auto enrolment confusion 1,210 22
- Next Move 745 21
- Zoho Books 172 1
- Self-assessment statistics 2,501 59
- Transmission of ISA 146 2
- Bench-marking software, any ideas? 223 2
- Not renewing AAT 698 9
- CGT of shares gifted 389 6
- New dividend taxation 545 3
- Co purchase printed materials from EU - VAT 191 1
- Company car v company allowance 320 1
- Furnished Lettings - expenses normally bourne by tenant 445 9
- Company formation and bank account 471 9
- Owning overseas property 375 2
- MLR and benefitting from the disclosure 296 1
- Self employed and HMRC Worldwide Subsistence Rates 674
- Acrobat Checkbox Help for New 64-8 413
- Property letting & CAs 406
- 2015 tax year end 401
- Interest paid - do new rules affect Tax Credits? 399
- FCA regulated company in a small group 349
- Self employed consultant working in Ireland 324
- Market Invoice (P2P invoice discounting) tax treatment 244
- Costly Accounting Software contract 233
- DTA tie-breaker issue 221