Member Since: 1st Jul 2002
7th Jan 2019
"Also, any disposals made between 29 October 2018 and 20 December 2018 must apply tests c) and d) rather than the new hypothetical sale test which only comes into being from 21 December 2018."
I don't read it that way. The explanatory note only gives 21 December 2018 as the commencement date in respect of s169LA (ER on goodwill on incorporation), I think in other contexts the revised definitions remain effective from the budget date?
5th Nov 2018
I agree it makes no sense for no-one to have an entitlement, but maybe it's Schrodinger's reserves - until you prod the directors to decide how to pay out the reserves, you don't know who will get that entitlement.
You are right, it is a nonsense and the legislation has been pulled out of context to try to fit somewhere that it doesn't work.
5th Nov 2018
Is it necessary to work on the premise that a dividend IS to be declared? Then on that basis ask what is the beneficial entitlement.
If there is one class of ordinary shares then there is an entitlement to the relevant proportion, but if there are alphabet shares then no shareholder has an entitlement because any (but not all) could be completely excluded from a share of that dividend.
5th Nov 2018
Open ended dividend waiver I would think does sacrifice entitlement, and therefore new personal company status, but not necessarily a one-off in respect of a particular dividend.
I think this _could_ affect alphabet shares too - if A, B & C classes can all receive a dividend independent of the others then is any shareholder actually _entitled_ to a dividend? Any class could be totally excluded, with all profits distributed to one or both of the other classes.
9th Apr 2018
Also how does this impact the grant of replacement options on a company reorganisation (Pt 6 Sch 5)? On the one hand, the tax advantage was given on the grant of the original option, and the replacement option doesn’t confer an additional advantage on the employee it merely provides for the continuation of the existing advantage; on the other hand, it is still a grant of an option.
13th Mar 2018
They refer to each supply:
"for each supply made within the period—
(i) the time of supply,
(ii) the value of the supply, and
(iii) the rate of VAT charged;
where more than one supply is recorded on a tax invoice and those supplies are either—
(i) supplies made which are required to be accounted for in respect of the same prescribed accounting period and are subject to the same rate of VAT, or
(ii) supplies received for which credit is allowable in the same prescribed accounting period,
they may be treated as a single supply"
So that would be each separate sale should be recorded, but only if qualifying tax invoices are issued, otherwise each individual supply within that sale should be separately recorded.
The requirements can be varied by direction in respect of retail schemes (Part 9) or other cases where keeping such records would be "likely to be impossible, impractical or unduly onerous".
It would be nice if such directions were published sooner rather than later!
12th Mar 2018
I read that the regulations require _each transaction_ to be digitally recorded. That would be totally impractical in a retail scenario that doesn't already use digital/computer based POS systems. Cashing up an electronic till and recording the daily/weekly totals would seem to be non-compliant.
30th Mar 2011
Support US businesses
They started off under one of their 4 main top tips (get a logo) referring to a US design site; not the greatest idea in the context of their mission!
This has thankfully now been corrected, after much consternation from British businesses.
More details can be found here
14th Oct 2009
Not just square eyes
Sitting in front of a screen all day had made his whole head go square
20th Mar 2009
The green birdie gets a birdie on the green