I know this is a bit old now, but just to add that if the tiny room has a commercial rent value of under £1,000 then it would be covered on the Directors SA by the Trading Allowance, and no cost calculation needed, I think.
But surely FSCS protection extends to small businesses nowadays?
Just seen they are paying up to £750 in some cases. Quite a lot!
Many thanks. Sorry, slightly sloppy: I meant the simplified expenses option, which is also 45p/25p. Stand to be corrected, but I understood that this is still an option (yet to calculate the balance) even though a modified driving instructors car is not a car for CA purposes.
Marvellous, thanks both for your help.
On process, there doesn't seem to be anywhere on the CT600 to allocate the loss between carried back and carried forward.Have I missed anything? Or do I just tick box 45 ("Claim or relief affecting an earlier period"). On previous posts there seems to be some disagreement about whether it is then necessary (after this return has been accepted) to submit an amended return for the previous AP?
Thanks, but don't need to PAYE or VAT - only SA
She want's the money! Is now going to sell them but the CGT would be much less if the date of acquisition was wthe date of the recent transfer into her name.
No, I'm afraid I didn't get a definitive view on this. But as I couldn't see a specific requirement in FRS105 I decided to (a) put the words "The company is a private company limited by guarantee and incorporated in England. Its registered office is . . ." on the balance sheet and (b) rely on the CA presumption that accounts based on FRS105 are true and fair regardless, and leave it at that.
Para 4.6 of the SORP (FRESSE) provides the concession not to report on an activity basis where the entity is below the charity audit threshold