How do you get off Companies House penalties, never mind with a pathetic excuse.
Last year we appealed on behalf of a 1 director company on the basis that the director had been sectioned at the time of the filing deadline. It was denied.
I would say considerably less than market value of the houses combined. I presume there must be some healthy capital gains sat with the company. So I would reduce price by 25% of sat on gains.
On the original calculation there was already £248 worth of interest, hence why there was £252 remaining in the TSR to be taxed at 0%
The Sliced Gain is £1,262 so £252 * 0% + £1,010 * 40% = £404. Less £252.40 (£1,262*20%) = £151.60 * 21.7187 = £3,292.55 Tax Due on Sliced Gain
After additional £2,000 of interest no PSA available so full £1,262 * 40%. Less £252.40 (£1,262*20%) = £252.40 * 21.7187 = £5,481.80 Tax Due on Sliced Gain
The original calculation had personal savings allowance of £252 * 0%
Adding an additional £2,000 interest removes this so it is taxed at 40%
This leaves the basic rate liability for 1 year at now at £252.40 (£151.60) These multiplied by the all years figure of 21.7187 accounts for the difference.
Calculation looks correct. Tax liability is unequitable.
What has the retention of >30% got to do with share buy back? The Company can buy back however many shares it wishes (subject to sufficient reserves).
If you mean for Entrepreneurs Relief then the rules are the same however you structure it and the partially outgoing partner wont be entitled to it anyway unless he reduces his stake further.
Sorry, the book is for me to read so that I don't fall in to any tax traps. The advice will be given by me depending on their circumstances and needs.
Once in a meeting, after a few questions, their initial requirements can soon change and I just would like to be the best prepared for whatever they actually really do want.
My answers
How do you get off Companies House penalties, never mind with a pathetic excuse.
Last year we appealed on behalf of a 1 director company on the basis that the director had been sectioned at the time of the filing deadline. It was denied.
PPR
I would say considerably less than market value of the houses combined. I presume there must be some healthy capital gains sat with the company. So I would reduce price by 25% of sat on gains.
On the original calculation there was already £248 worth of interest, hence why there was £252 remaining in the TSR to be taxed at 0%
The Sliced Gain is £1,262 so £252 * 0% + £1,010 * 40% = £404. Less £252.40 (£1,262*20%) = £151.60 * 21.7187 = £3,292.55 Tax Due on Sliced Gain
After additional £2,000 of interest no PSA available so full £1,262 * 40%. Less £252.40 (£1,262*20%) = £252.40 * 21.7187 = £5,481.80 Tax Due on Sliced Gain
The original calculation had personal savings allowance of £252 * 0%
Adding an additional £2,000 interest removes this so it is taxed at 40%
This leaves the basic rate liability for 1 year at now at £252.40 (£151.60) These multiplied by the all years figure of 21.7187 accounts for the difference.
Calculation looks correct. Tax liability is unequitable.
14K Gain - 25 Years
13K Gain - 19 Years
14K Gain - 25 Years
13K Gain - 19 Years
14K Gain - 25 Years
13K Gain - 19 Years
What has the retention of >30% got to do with share buy back? The Company can buy back however many shares it wishes (subject to sufficient reserves).
If you mean for Entrepreneurs Relief then the rules are the same however you structure it and the partially outgoing partner wont be entitled to it anyway unless he reduces his stake further.
Sorry, the book is for me to read so that I don't fall in to any tax traps. The advice will be given by me depending on their circumstances and needs.
Once in a meeting, after a few questions, their initial requirements can soon change and I just would like to be the best prepared for whatever they actually really do want.