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!
- Welcome to the Saturday Club 1,134 52
- Window Comb Binder Cover 146 3
- Help needed- Unable to fill CT600 form using HMRC software- service issue 80 1
- client can't/won't pay 383 13
- Help - Capital Allowance 146 6
- AIA 140 4
- Splitting income from property rental or not? 242 6
- Is it possible to offset part Class 4 losses for year from one business against part profits of second business 252 9
- Non-SA client with large capital gain 279 9
- RTI Annual Scheme 1,179 18
- 5% penalty on late payment 241 3
- Sole trade and vehicle leasing 190 5
- Taxcalc , the hub of the problem 544 26
- HMRC SA software error? 144 2
- Plant & Machinery for commercial property 168 2
- Tax deduction for Partners for items outside of accounts 265 14
- Drive off and Wastage expenses - No supp doc 200 6
- Treatment of income for sole trader 170 2
- wave software 130 1
- Freelance software consultant 340 5
- Form MR01 (Particulars of a charge) - does this need to be filed if you remortgage with the same lender? 786
- Copy Wanted 500
- Underpaid VAT assessment and relation to SATR 456
- Did you realise Google will not patch android exploit ... 453
- Latest phishing scam 287
- Entrepreneurs' relief 271
- Limited Company Garden Office - Minor Personal Use - BIK 269
- Corporate LLP with 30 June Year end - How to record on SA800? 250
- Supply teachers and Ltd Companies 240
- Cashback for opening business bank acct = trading income? 235