i have taken on a client who is the mother of an existing client. her tax affairs are in arrears for various reasons and her som has an old style PofAttorney.
Scenario: a Ltd company has been set up with 10 shareholders and one director (who is one of the 10 shareholders). 10 shares have been issued to each share holder valued at £10 each.
Colleague of mine saw this article in yesterday's Telegraph.
Client works for an employer in Malaysia 5 weeks on 5 weeks off so is UK tax resident.
I have a client who wants to sell products to the USA.
There would be no VAT on such sales. The products would however incur VAT when purchased by him.
When a client submits VAT returns under the Flat Rate Scheme is the extra income received from VAT teated as taxable income?
There was a certain amount in the press about the proposed removal of the renewals basis, and some concern about the impact on people with residential lettings.
Company 1 is owned by director A (49%) his wife (21%), his son who is also director B (20%) and two further children who own 5% each.
Any thoughts greatly appreciated:
Mr A wishes to incorporate a Ltd company to provide Web development services, with Mr A as sole director.