Thanks Portia. Apologies if I'm making you repeat yourself but can I just clarify that the accounts would show a disposal at market value in A with an equivalent acquisition in B. The tax computations could then show proceeds of only £1 received by A. With the reserves of A being reduced by an amount equivalent to the difference between market value and £1 to account for the deemed distribution?
Thank you Portia. That would seem to be the simplest solution. I was hoping there may be some way of transferring out of A at say NBV (to avoid completely decimating A's profits) but without triggering a balancing charge. I'm guessing 'cake and eat it' may well form part of your reply! :)
The only rationale was that if a balancing charge was unavoidable then the only way for the holding co qualify capital allowances would be if the assets were leased out.
This is in no means necessary and I am hoping that a transfer at twdv will be possible meaning no balancing charge and no need to lease the p&m.
My answers
Thank you so much for your help once again Portia. Greatly appreciated.
Thanks Portia. Apologies if I'm making you repeat yourself but can I just clarify that the accounts would show a disposal at market value in A with an equivalent acquisition in B. The tax computations could then show proceeds of only £1 received by A. With the reserves of A being reduced by an amount equivalent to the difference between market value and £1 to account for the deemed distribution?
Thank you Portia. That would seem to be the simplest solution. I was hoping there may be some way of transferring out of A at say NBV (to avoid completely decimating A's profits) but without triggering a balancing charge. I'm guessing 'cake and eat it' may well form part of your reply! :)
There may well be none. I included it for completeness in case it was relevant to any proposed solution that might have been offered.
The only rationale was that if a balancing charge was unavoidable then the only way for the holding co qualify capital allowances would be if the assets were leased out.
This is in no means necessary and I am hoping that a transfer at twdv will be possible meaning no balancing charge and no need to lease the p&m.
May I ask what the specialism is?
Is your comment due to the quality of the product or the pricing (or both!)?
Can I ask what your current software/systems set up is?
I think hijack is a strong word.
Thank you both for your input.
Have either of you used the AutoRec software from the same provider and, if so, is it a worthwhile add on?
I would also be interested in knowing whether you use AutoEntry for invoices, bank statements or both?