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!
- Disengaging a client who uses our office as a registered office address 762 19
- Scottish independence - what happens to HMRC? 915 53
- Go Cardless 239 8
- business entertaining deductibility 93 1
- Self assessment tax arrears 89 2
- R & D 93 3
- Are HMRC cutting out Agents in tax investigations? 212 1
- Shareholder/Directors termination payments 60 1
- Childcare vouchers and final month payroll Qs 99 2
- Can anybody help withe the RTI end of year process? 129 3
- Payroll software with annual pay period? 116 1
- New Business Registration 205 5
- Audit rules 132 3
- Hosted email exchange 117 4
- Excel formula for UK corporation tax including losses 134 1
- G P life time allowance 105 3
- Why will HMRC not code out my client's £1,730 underpayment for 12/13 364 11
- Bringing money to Uk 206 3
- How can I tell what returns are outstanding on HMRC online? 121 1
- Accounting for investment club gains 106 2
- Xtuple 498
- Qtac payroll for bureau 332
- Confused - Professional Association a Mutual trader, or not? 276
- Industrial & Provident Societies 273
- Mehjoo 217
- Data transfer from Sage Line 50 to VT Transaction+ 215
- New strategic report 168
- Domain name sale and limited company 154
- South African Government Pension 148
- CIS schemes 143