Member Since: 6th Jan 2011
9th Feb 2016
The online replaces the paper version and yes, you do get a code the same as PAYE and VAT. I also get the client to signt he 64-8 anyway and I just keep that in the file - HMRC do have a habit of removing clients from the online service without you knowing :-)
5th Jan 2016
The rule says that all tax owed must be paid by 31st January - nowhere does it say how to pay that. I do recommend to clients (those who have large tax bills) that if they wish to make monthly payments, do so but ensure that their UTR number is used as the reference. Have not had any adverse reaction from HMRC yet.
23rd Oct 2015
Howard Marks wrote:
How many have you had in the last 45 mins @AndersonAccountancy??!
16th Sep 2015
Tim Vane wrote:
There is no point in waiting for HMRC technical to come back to you on the CA - it is not P&M plain and simple, so no CAs if no integral features. So yes you add back the depreciation and the client pays CT on the full taxable income.
Many thanks Tim - and everyone else; knew I could rely on the AW community :)
16th Sep 2015
Thanks for your replies guys. Like I said, this is the first time I have come across properties and with 2 clients as well - great fun and useful learning curve.
I was thinking along the lines that the properties were assets like P&M and will therefore depreciate them in the accounts (depreciation is about allocating the cost of the asset over useful life, @JCresswellTax, not assessing it's value - naturally, the client is at liberty to revalue the asset at a later stage and this can be written into the accounts) as I would any other asset and both FRS102 & 105 seem to support this. Re: investment; it doesn't look like either building can fall into this category - 1 is residential let out to students and the other is owner occupied commercial.
My confusion was not so much the accounts but more the CT return. When entering the purchase, I initially put it into long life assets but the software moved it to integral features which is obviously not the right place. But, if Marsh1 is correct and you cannot claim CA's on the purchase of properties, then I will need to remove it from the CT - I am waiting for HMRC technical to come back to me on this one.
So that would then present another problem; if you charge Depn in accounts, this needs to be written back on CT tax comp which could result in the client paying CT as there is no off-set.
Does this make sense?
11th Sep 2015
guys - is as I thought. I guess they just created something to do this event but have never had the proper advice.
25th Jul 2014
Some very good points raised and thank you all for your time.
I will definitely get some specific advice in this area - we all have to start somewhere and whilst I thought this would be an easy thing, the potential for problems is very evident.
Once again, many thanks guys.
24th Jul 2014
The valuation of £60k is
The valuation of £60k is based on £4k year 1, £16k year 2 and £40k last year. Profits are likely to be much higher this and next year as the company has been awarded a huge contract hence the reason for incorporating.
What I was trying to work out is how to write in the goodwill on incorporation (i.e. he sold his S/T business to a Ltd Company) and top create a directors loan for him to draw from as and when.
Does this help?
If I am going about this the wrong way, or there is a better solution, please comment - any help is appreciated.
2nd Dec 2013
Thank you very much for a prompt response.
26th Mar 2012
I keep finding this "you are personally responsible for your own tax affairs" pasted on DirectGov and HMRC web site but nowhere does it actually state "as per section da-da of such and such Act 19whatever". Is this just something HMRC have invented?