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!
- Partnership returns software 107 2
- ICAEW student, Dilema with client & boss 810 18
- Tasks for new trainees 164 4
- Capital Gains on Inherited Property 279 10
- VAT on garage rent 144 9
- Error or mistake claims (as was) 95 1
- Partnership profit share - tax efficient for husband and wife 167 3
- Property scam victim 320 5
- Has anyone been told of the extra Sage Payroll fees for auto enrolment? 247 6
- How to use importing procedure for Transfers between the bank accounts 60 1
- Have i messed up? 757 11
- Are HMRC getting it right? 425 8
- 10 year debentures and CT 61 1
- Is there a legal obligation for the Inspector to hand over minutes of a meeting 115 2
- Obvious Question but if NOT registered for VAT EU refunds as under minimum amounts, what does an expense get recorded as for UK VAT return? 76 1
- COMPANY DIRECTOR 82 1
- Client using boyfriend's personal account 575 15
- Offshore insurance bonds 108 2
- Playstation 4 - Allowable expense or not? 2,657 46
- Tax Returns, 2011-2012 272 6
- Desperately seeking Susan, Sam or anyone with any other name 1,096
- Experience with Islamic investor following Sharia-compliant rules? 578
- Darwinpay Partnership Assessment 384
- S464A Charge to tax: conferring benefit & BIK 290
- Charge out rates in London? 246
- Interest on Loan to a Company 190
- Bank interest in 'near' facility recall situation 175
- Agent fees to sell business 166
- Alphabet shares 163
- ACCA continuity of practice arrangement needed 156