Claiming NRM's suggested £75 from HMRC for duplicate UTR

Sun, 14 Mar 2010 10:41:45 +0000

They did so last year and chased for penalties, since we did not send in TWO SATRs for the same person for 07-08 !

We did ask for reimbursement of £25 to cover phone calls, time, postage and photocopying but got nothing.

Now it's started all over again for 08-09 ...

Sole trader to limited company

Sun, 14 Mar 2010 08:42:44 +0000

When a sole trader transfers his business to a limited company in which he is the sole director / shareholder, must the value of his ST capital account be the deemed equity value in the company ?

Is it possible to introduce all or part of the ST capital account as a directors loan account in the new company, if not in full, then up to an amount equivalent to the personal CGT annual exempt amount ?

Any comments appreciated.

New HMRC CT600 On line Filing

Sat, 13 Mar 2010 14:53:19 +0000

Having only 8 small companies I do not need to use external software for producing statutory accounts. Excel/Word work well enough for me providing I keep the templates up to date.

A cost-effective XBRL solution for small practices

Sat, 13 Mar 2010 08:07:17 +0000

For several years now I have been using my own accounts preparation and corporation tax return application in Excel. I first started using spreadsheets for accounts prep in 1981 (Visicalc) then moved through Lotus 1-2-3 and onto Excel. My applications have more hours invested in them than it took to build the pyramids so I was slightly miffed when I realised that next year I would no longer be able to submit the accounts, computations and CT returns that print automatically from Excel. I'm afraid that the thought of paying for some of the excellent, but expensive, commerci

Gifting Rental Property

Fri, 12 Mar 2010 21:39:31 +0000

My client has a portfolio of rental properties and wishes to gift one of these to his grandchildren. I'm not too experienced in this area and wasnt sure if this would be a chargeable event subject to Capital Gains Tax or if it would simply be a PET? Also, are the any implications for SDLT etc?

Any advice would be appreciated. I have a friend who is a Chartered Tax advisor who I will speak to regarding this next week but I thought it would also be good to go armed with some knowledge at least.

Thanks in advance.

Beneficial loan to Directors wife

Fri, 12 Mar 2010 20:19:14 +0000

We have a client, a Limited Company which has loaned money to a partnership which is between the Director and his wife.

We reported the loan, equally between husband and wife. However, the total loan benefit comes to just under £8,000 each and the wife is not an employee of the company. Should the loan benefit have been disclosed or can you get round it because her total pay, including benefit is less that £8,500?

CIS Query

Fri, 12 Mar 2010 16:56:21 +0000

I have a client who has never sub-contracted any work before, he is an electrician. I have just discovered he did some work for one of his clients which involved re-plastering an area of ceiling. So he organised a plasterer. The plasterer sent his invoice to my electrician and he has paid him.

Dyson sets out Tory innovation plan

Fri, 12 Mar 2010 16:24:03 +0000

A fortnight ahead of the 2010 Budget, inventor and vacuum cleaner magnate Sir James Dyson raised the political profile of R&D tax credits by including them in a package of reform proposals to stimulate manufacturing and innovation.

RIP Chester City: bad news for football debtors

Fri, 12 Mar 2010 15:52:17 +0000

Forget the suspense surrounding the Premier League title and relegation battles, several football clubs this month are fighting for their very survival. And having lost its big play-off in the High Court against HMRC, Chester City has been put out of business.

Pension funds attack allowance changes

Fri, 12 Mar 2010 15:21:45 +0000

The National Association for Pension Funds (NAPF) has called on the government to review its plans to reduce the amount of tax relief available for those with income of more than £150,000 a year, arguing that the changes would be expensive to implement and undermine pension provision for less well off employees.

Capital or revenue - or neither?

Fri, 12 Mar 2010 15:04:44 +0000

My client bought a 20 year old house for letting 4 years ago for £400k. He duly let it. He then put it on the market a year ago. He quickly got a buyer,and the buyer applied for a loan from one of the banks which was recently rescued by the Government. The bank's survey report said that the house had some small cracks in a few bricks, and £30k needed to be spent on rectifications. NOT subsidence, but extra beams were needed in the roof space etc. They would not lend until the work was done. The client duly got the work done, and sold for £360k.

How do I prepare my business accounts?

Fri, 12 Mar 2010 14:45:15 +0000

I'm a new smalll limited company using the flat rate VAT scheme. How do I prepare my accounts? Until now, I have been preparing my profit and loss report by looking at my sales(net) - my purchases (net). Do I need to change this?

HMRC web says..

It is expected that accounts for businesses who are using the scheme will be prepared using gross receipts, less the flat rate VAT percentage, for turnover and that expenses will include the irrecoverable input VAT.

What does this mean?

Thanks for your help

Greek Tax Headache

Fri, 12 Mar 2010 12:34:57 +0000

I run a private physiotherapy company in the UK, we have recently won a contract to provide our service to holiday guests of a UK holiday company operating in Greece. We will be working out in Greece for a 6 monhs period. The holiday company say that they require us to have a Greek tax number before they will allow us begin operating in thier hotel.

My question is; Can a UK company register to pay Greek Corporation tax? And if not, how do we best go about this problem?

Thanks,

Tim

Rebecca Benneyworth’s Budget lecture live on AccountingWEB in association with Lexis Nexis

Fri, 12 Mar 2010 12:33:07 +0000

Watch the UK’s first Budget lecture by Rebecca Benneyworth live on AccountingWEB on 24 March and be the first to advise your clients on the changes that will affect them.

Want to know what the Chancellor’s Budget means for your clients? Tune in to AccountingWEB’s live stream from 2 – 4pm on Wednesday 24 March – right after Darling’s speech – for Rebecca Benneyworth’s Budget Summary lecture in association with Lexis Nexis.

Centre for Non Residents

Fri, 12 Mar 2010 11:55:44 +0000

Has anyone actually spoken to anybody at the CNR recently?

I have been trying all week and just get put on hold or told the office is closed when it is within working hours. I even get told it is possible to email an enquiry from the HMRC website CNR page but there is no link.

I requested a repayment for a client, using the Agent's On Line system, on 22 February but it wasn't actioned. I requested it again on 8 March, still no action.

Any ideas anyone?

CGT and Substantial Shareholdings Exemption

Fri, 12 Mar 2010 11:48:00 +0000

Company A (trading) owns 100% of company B (investment company - owns a property).

Company A sells company B to unrelated 3rd party for a big capital loss.

Will the loss be denied under the Substantial Shareholdings Exemption rules, or will the fact that the subsidiary is non-trading mean that the loss WILL be allowable?

Thanks v much.

CAPITAL ALLOWANCES

Fri, 12 Mar 2010 09:54:39 +0000

Goodwill from EMPLOYMENT to limited company

Fri, 12 Mar 2010 09:32:54 +0000

Individual has 30 years service in the police (employed), is now starting a limited company to offer security services. He has substantial contacts built up over many years in the police. He has asked if he can transfer this "goodwill" into the company.

How do you get Self Assessment Agent Reference Number

Thu, 11 Mar 2010 23:17:48 +0000

I am trying to register as an agent for Corporation Tax online services. However the HMRC site asks for a Agent Reference Number. It says I should have already been given this number! But how??? I am just trying to register now.

So how can I get this number? What do I need to do?

Thanks for advice

UK income - German Resident

Thu, 11 Mar 2010 17:31:31 +0000

I have a client, who is German and resides inGermany with his family. Back in 2006 he worked in the UK at a subsidiary company of the German parent company from February 2006 until November 2006. He was paid from the German parent company. The parent company treated him as an german employee. From my point of view this is not correct.