Member Since: 17th Jun 2012
21st Oct 2017
Of the replies so far the one that stands out is 'noone knows'. The rest is speculation and trying to second guess HMRC/HM Government on MTD seems to me to have a poor record. I am simply hanging fire but trying to ensure that compulsory VAT clients are entering the digital world one way or another.
If HMRC know why are they not telling us (and in some detail)?
This has been the case from the beginning, has it not?
11th Aug 2017
Just in case you don't know it, if the only item of value is the stock there is a de minimis amount (see VAT notice 700/11 on deregistration section 7). It is clearly an output for return purposes. The VAT notice is reasonably clear as to how it works and what value means.
11th Aug 2017
Yes in both cases, except if they constitute relevant income for remittance basis purposes.
21st Jul 2017
The simple way to describe the general situation is that the VAT treatment of the insurance follows the VAT treatment of the rent.
10th Aug 2016
My understanding is that:-
When a sole trader transfers the business to a partnership the partnership is a different person to the sole trader business, thus there is a cessation of the sole trader business. Assets acquired by the sole trader in the final period before transfer are not available for AIA, nor are writing down allowances available. Balancing allowances or charges remain relevant. Also an election may be made for tax written value to be transferred to the partnership by the sole trader (s266 CAA 2001). This whole process can get quite complicated and, if you do not understand it, you need to get 'specialist' advice; I am not a specialist. As regards the partnership, relevant assets acquired by the partnership for its trade qualify for AIA/WDA in the normal manner from commencement.
I hope this is of some help.
23rd Jun 2015
HMRC online a bit of a mess
I was trying to file P11D (b) s for clients yesterday online. I received a message saying the filing had been rejected and to try again which I did several times and all said 'rejected', the reason being 'out of time'.
Later I received an e-mail from HMRC saying that the return had been accepted followed by a string of messages saying it had been rejected, presumably referring to the later re-submissions..
I have e-mailed online services to request confirmation that the return has actually been received. Will I get a reply? I tried phoning them but gave up after 15 minutes of waiting.
I tried a P11D (b) for another client this morning and this too was apparently rejected for the same reason as yesterday. I remain hopeful of receiving an e-mail saying it has been accepted.
I now see that 'online services' say that there are delays in confirming submissions and not to submit again. Nowhere does it it refer to what I am seeing happen, which of course tells you to try again.
My guess is that they do not know what is going on.
Let's hope they read Accountancy Web!
I am not even going to try to file SA returns for a couple of days in the hpe that clarity will appear.
28th Jan 2015
Thank you BKD
I had hoped that was the case, Thank you for replying.
22nd Jan 2015
French SCis and UK residents
Thank you Portia for the comments and for pointing me at the two sections.
The problem is that HMRC view the SCI as opaque. I am reasonably content for the rental income and expenses to be on the UK personal tax return. But the capital gains position is what gives me the grief, especially if there is a capital loss (as I do not see how the individual can get relief for it). Also I do not see how an election for private main residence can be made with an SCI involved.
Do you see any way for any capital losses to be relieved personally or for an effective election to be made?
5th Aug 2014
The building etc
Thank you for your comments, Portia.
The (commercial) building was rented out. I should have stated that in my query.
As regards capital, ESC D33 refers to 'Rights of action not involving an underlying asset' being exempt up to £500k. It is not clear to me what the limits of 'Involving an asset' are, that is whether the (possible) gain from the right of action would be treated as connected with the property itself.
As regards income you seem to be implying that you think the whole sum is taxable income of the business if it was rented out. Have I got your view right?
17th Dec 2013
Thank you to both respondents. It is now clear to me.