The CVA report includes proposals made on behalf of HMRC. One of the clauses refers to 'tax overpayments' & states that set off refunds due from HMRC against debts due to them will be "in accordance with statute & established legal principles".....so it doesn't appear to clarify the situation one way or the other?!
Re disclosure - could it not be argued that as in excess of the required 75% of creditors voted to accept the CVA proposal, the CVA is merely a debt restructuring programme & thus the need for PBSE is not applicable??
Sorry for the delay Property A was bought in 2000. Husband & wife lived there until the end of 2009 when they moved to UAE & it was subsequently rented from Jan-10 until Nov-12 when the husband returned to UK permanently to live following the breakdown of his marriage.
As to possible gains. That was my point for posting this poser...with the ownership of the houses effectively to be changed as part of the divorce settlement (husband to have sole ownership of A & take on the mortgage; wife to have sole ownership of B which is now mortgage free). I was just enquiring if anyone had experienced similar situations before I possibly seek the assistance of a CGT expert.
Right I'm going to pay my wife for her secretarial duties for the two weeks of February 2014 since her maternity leave ended.
Where does the pay to date for her primary employment get entered, else it's taxing her at 20% when she's still well within her PA & hasn't earned enough to pay PAYE or NI?
Looks like an amendment may be required to reflect this....is is best to do this with another FPS or on the next FPS in your expert opinions?
Ok thanks for replies...much obliged. Thought that was the case re backdating. My next question then is that as she will continue to be doing this going forward, can I at least make a payment to her in respect of work done in Feb & March 2014, at an amount that would be considered a reasonable sum for the work incurred? Thanks again
Like many partnerships, especially husband & wife ones, there was never an official partnership agreement drawn up.
The will was a simple one really...everything went to the wife.
In terms of assets...the only real item was a £8k pickup that was bought shortly before the husband's death.
The sale at auction was basically a sale of all stock that was remaining. To be fair, it wasn't "given away"...items were withdrawn that didn't fetch their reserve etc the auction date was in April 2012, so effectively it's 2012/13. I'm told although there wasn't a lot left following the auction. The business also carried out services which were carried out & managed by the husband which obviously stopped following his death.
I've just spoken to previous accountants again who did 2011/12 & they've forwarded on partnership return (as initially only sent me 'short' one) & it does indeed say in box 3.116 that partnership ceased in Dec-11 & wife carried on as sole trader in own name until business ceased in 2012/13 & husband's individual SA Return will shown an adjustment for his final basis period.
The retention of the pickup after cessation of sole trader it looks will be my only remaining concern?
Yeah it's a general LLP agreement that's been drawn up. That's what I'd concluded it to be rather than age-related (as could also open up a can of worms re age discrimination I guess?) but thought I'd just gauge other people's opinions
At the moment goods are being imported into UK (import duty being paid by my client) & then they then despatch the goods direct from UK to buyer's address.
If Amazon USA takes off as intended & early signs are showing growth, then nect plan of action is to have a storage facility in US to import the goods from Far East to & despatch them from there, basically cutting out the UK.
They just want to be ready in & be registered etc. early enough into the US project & not get caught out
That was my thinking re outside EU & client has addresses & will have invoice trail to the companies in all the countries around the world he is dealing with.
It was the EU country I wasn't 100% sure on but will read the guide & see if that makes things clearer.
The value of sales to the UK company is probably going to be less than 20% of the total, so the need for VAT registration may not be required as £79k turnover threshold relates to VAT taxable services supplied within the UK?
My answers
Thanks for the detailed response...
The CVA report includes proposals made on behalf of HMRC. One of the clauses refers to 'tax overpayments' & states that set off refunds due from HMRC against debts due to them will be "in accordance with statute & established legal principles".....so it doesn't appear to clarify the situation one way or the other?!
Re disclosure - could it not be argued that as in excess of the required 75% of creditors voted to accept the CVA proposal, the CVA is merely a debt restructuring programme & thus the need for PBSE is not applicable??
Sorry for the delay
Property A was bought in 2000. Husband & wife lived there until the end of 2009 when they moved to UAE & it was subsequently rented from Jan-10 until Nov-12 when the husband returned to UK permanently to live following the breakdown of his marriage.
As to possible gains. That was my point for posting this poser...with the ownership of the houses effectively to be changed as part of the divorce settlement (husband to have sole ownership of A & take on the mortgage; wife to have sole ownership of B which is now mortgage free). I was just enquiring if anyone had experienced similar situations before I possibly seek the assistance of a CGT expert.
Thanks
Confused with basic tools
Morning all
Right I'm going to pay my wife for her secretarial duties for the two weeks of February 2014 since her maternity leave ended.
Where does the pay to date for her primary employment get entered, else it's taxing her at 20% when she's still well within her PA & hasn't earned enough to pay PAYE or NI?
Looks like an amendment may be required to reflect this....is is best to do this with another FPS or on the next FPS in your expert opinions?
Many thanks
Ok thanks for replies...much obliged. Thought that was the case re backdating. My next question then is that as she will continue to be doing this going forward, can I at least make a payment to her in respect of work done in Feb & March 2014, at an amount that would be considered a reasonable sum for the work incurred? Thanks again
Hi
Hi
Thanks for the feedback
Like many partnerships, especially husband & wife ones, there was never an official partnership agreement drawn up.
The will was a simple one really...everything went to the wife.
In terms of assets...the only real item was a £8k pickup that was bought shortly before the husband's death.
The sale at auction was basically a sale of all stock that was remaining. To be fair, it wasn't "given away"...items were withdrawn that didn't fetch their reserve etc the auction date was in April 2012, so effectively it's 2012/13. I'm told although there wasn't a lot left following the auction. The business also carried out services which were carried out & managed by the husband which obviously stopped following his death.
I've just spoken to previous accountants again who did 2011/12 & they've forwarded on partnership return (as initially only sent me 'short' one) & it does indeed say in box 3.116 that partnership ceased in Dec-11 & wife carried on as sole trader in own name until business ceased in 2012/13 & husband's individual SA Return will shown an adjustment for his final basis period.
The retention of the pickup after cessation of sole trader it looks will be my only remaining concern?
Thanks
Thanks johngroganjga
Yeah it's a general LLP agreement that's been drawn up. That's what I'd concluded it to be rather than age-related (as could also open up a can of worms re age discrimination I guess?) but thought I'd just gauge other people's opinions
Thanks
Hi Shaun
Thanks for the reply
At the moment goods are being imported into UK (import duty being paid by my client) & then they then despatch the goods direct from UK to buyer's address.
If Amazon USA takes off as intended & early signs are showing growth, then nect plan of action is to have a storage facility in US to import the goods from Far East to & despatch them from there, basically cutting out the UK.
They just want to be ready in & be registered etc. early enough into the US project & not get caught out
Thanks
Thanks leshoward
That was my thinking re outside EU & client has addresses & will have invoice trail to the companies in all the countries around the world he is dealing with.
It was the EU country I wasn't 100% sure on but will read the guide & see if that makes things clearer.
The value of sales to the UK company is probably going to be less than 20% of the total, so the need for VAT registration may not be required as £79k turnover threshold relates to VAT taxable services supplied within the UK?
No that's my first initial thoughts! Not intending him on something I have no real knowledge on...leave that for the experts!
Thanks John
Hi Euan
Sorry yes I meant 13/14 for Director 1.
That's the answer I was thinking & hoping to be confirmed.
Thanks again