Member Since: 24th Jan 2014
19th Jan 2020
Thanks for replies. I was sure in the past that HMRC notified the NI people. I have never had to notify HMRC in 25 years.
I will look for the on line form for cessation of trade.
7th Jan 2020
Check that Life assurance was Life Assurance and not one of those Investment bonds (5%p.a. for 20 years then chargeable events).
If it was an investment bond then death gives a chargeable event, treated as income of the deceased, and falls in estate unless written in trust.
4th Jan 2020
Both You and client state the farming is not a hobby. However if no profits made for 5 years and no prospect of a profit it is not a business trading to make a profit. I cannot see why HMRC should permit future losses to be set against his pension.
2nd Jan 2020
Get an accountant you do not understand accounts or tax.
Possible areas you are currently going to trip up on are.
Statutory Accounts to Co House
XBRL accounts to HMRC
Personal Tax Returns
All but the first come with penalties when filed late
31st Dec 2019
19th Dec 2019
It sounds like a one person business, in which case any goodwill probably is attached to the individual not the company.
15th Dec 2019
Rent a room relief was created originally with the idea that it would create extra places for people to live. The idea being that you let a spare bedroom. If this 'self contained unit' in the garden has a bathroom and kitchen it would appear to be property letting, probably under furnished holiday lets
6th Dec 2019
The words you are looking for are 'Agricultural Restrictions' also known as Agricultural Ties.
Outside my skill set but local authorities only allow property to be built if occupant works on land. Also some times allowed for retired farmer.
Contacting an agricultural Chartered Surveyor might enable you to get a better grasp on what your client is referring to.
6th Dec 2019
Because the FRS105 (Micro accounts) show so little I produce both. Telling the client each year that the FRS102 are prepared as management accounts for them.
I do however prepare Micro accounts for the client and get a signed copy for my file before submission to Companies House.
Could that be what happened in this case?
25th Nov 2019
The interest received on a tax refund is not taxable income
It is however shown as interest received in the annual accounts