Wimbledon Debentures
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!
Jambo
- Suitable software 276
- SAP Refresher Course 211
- SMP advanced funding 201
- HR / Payroll 190
- Expenses 166
- Rebate commission & professional fees? 156
- RTI doubling up Employees NI! 123
- IHT and settlor interested trust 119
- List of international shareholders 117
- Business Premises Renovation Allowances 89
- LLP V's Normal Partnership 85
- Sample subcontract agreement 84
- Group accounts template wanted 74
- Resign from Job and Left UK 72
- Rental on termination of long term lease 56
- tax on gain of foriegn currency 42
- Personal car 6
- Sage difference between TB. Figures and accounts 5
VAT treatment