Member Since: 12th Jun 2012
10th Dec 2019
its a branch - not a sub.
6th Aug 2019
thanks, i will have a look at that, but i doubt i will agree with that..
29th Jul 2019
Cheers Payrollgal. Can it be done as BIK then? so employee can save on NI..
28th Jun 2012
Partially Exempt - Rented property
If the input tax related to exempt supplies is above the de minimis level (£625/mnth), then the person is partially exempt and the following will need to be done every VAT period:
1). Direct attribution of of the input tax - recoverable (related to vatable supplies) and non recoverable (related to exempt supplies). Input tax which cannot be wholly attributed to one or the other is called residual input tax.
2). Apportionment of the residual input tax by partial exemption (apply the ratio of the value of taxable outputs to total outputs).
Residual input x taxable output/total output
3). Perform a yearly summary to accommodate fluctuations.
27th Jun 2012
1).Enter VAT on acquisition in Box 2 (unless it would it is a Zero supply)
2).Enter input tax in Box 4
3).Enter cost of goods in Box 7 and 9
EC sales list - N/A
Intrastat - declare cost of goods (only if annual threshold of £600,000.00 is reached)
1). and 2). cancel each other out as this is mostly a monitoring exercise only.
13th Jun 2012
No reserve = Real Loss.
There is no reserve yet.
So business pays 650k for the investment property and a year later it is revalued at 500K. 150k would be a permanent devaluation representing a real loss, therefore can be accounted for as an expense. That is another view. UK GAAP 6147.