Shell can work as have dealt with one purchased as a shell, but planning and warrants will be your friend here to demonstrate it is residential.
"4.7.4 Partly constructed buildings
Subject to the conditions at sub-paragraph 4.1.2, you can zero-rate the sale of, or long lease in, land that will form the site of a building provided a building is clearly under construction."
"If you sell or long lease a plot where a building is clearly not under construction, your supply is not zero-rated and you should follow the guidance at sub-paragraph 4.7.2."
Do you not have anything similar to prescription down south (presuming this is down south)
That would certainly be my starting point- chat with a friendly solicitor.
I recently got paid for nine years work for one particular client which I had allowed to remain outstanding, but I very carefully issued a fee for each year and also each year passed over a statement displaying the built up arrears to ensure the debt did not run out of time. (A property deal that went off the rails and client gave me a lot of other work so agreed soft terms re the fees, not something I usually do or suggest anyone else does)
Cr Fixed asset Cost
Dr Overhead costs
Dr Fixed asset Depreciation (re above)
Cr Depreciation charge for year (Prior year adjustment)
You also possibly have some adjusting to do re Capital Allowances/ AIA claimed. I detail the acquired assets in the tax software each year using TaxCalc, how has other accountant recorded matters in the tax calculations- this might help you reconstructing?
No idea how significant/material all this is re the accounts but reopening the last completed accounts may instead be required rather than merely current year adjustment
What sort of entity is this?
When you say since 2016/2017 do you actually mean prior to 2016/2017?
I would put half the figures on each return, possibly with a white box note to explain the joint ownership and telling HMRC that remainder of gain reported under UTR 0123456789
We buy any car.com, albeit may need to wait until it gets a UK plate so website recognises it.
Or if make /model plus mileage known is Glass's guide still available or Parker's used Car Price Guide?
Risks are presumably deemed distribution re the excess over market value.
Not sure why he/you want a car in a company anyway, something I avoid , though I did at one time consider selling my wonderful Scimitar SS1 to my company which could then spend a fortune repairing it, sorting the head and cam to stage one, stainless four branch exhaust, nice pair of Webbers , all singing and dancing polybushes all round, new quarter lights, new leather seats etc, and having spent £5-7k tidying it up the company could then sell it to me at its market value, £2.5k-£3k at best. However I thought better about such a flagrant misuse of company funds.
There are disapplication rules if the expenditure, had it been incurred by the landlord, would have been deductible by the landlord, say considered repairs, vis a vis the landlord's rental business.
"When the rule applies
The rule applies if:
a lease is granted subject to terms imposing on the tenant an obligation to carry out any work on the premises, and
the cost of the work concerned would not be deductible by the landlord as an expense of the rental business, if the landlord had paid for it.
What charge is imposed
The landlord is treated as if the lease had required the payment of a premium, in addition to any actual premium. The amount is the difference between:
the value of the landlord’s interest in the property immediately after the commencement of the lease, and
the value of that interest if the lease had not required the tenant to do the work."
Not an area of tax I have ever actually had that much to do with, sure others on here can point to a bit more detail than the HMRC property notes.
You possibly need to look at the rules re lease premiums given your client has an obligation , it appears, to incur the expenditure on the property.
Sorry have to run now to watch final episode G of T
Its not impressive, its merely substituting a few words here and there. My dad and I would on occasion knock something similar up to amuse each other but he was far better at it than I ever was, he could insert snippets of French and Latin into his, even into his 80s- he had a really good memory as long as you did not ask him what he had eaten for lunch.
Not sure I could do Burns despite being half Scottish and half English- best of both worlds so to speak. I would certainly need to use a Scots dictionary but doubt I have the vocabulary to substitute in Scots words.
I did however used to be able to recite odd snippets of Burns whilst standing drunk on a high mantelpiece- Teviot Row House Committee, Edinburgh Uni, the forfeit for attending the Burns supper without wearing evening dress- but I have forgotten most of it over the intervening years- I do vaguely remember reading (but not memorising) Tam O'Shanter in Ms Wallis' class in first year of secondary , we did spend a fair bit of time memorising poetry that year (Blake, Tennyson etc), but other than that never really studied Burns
It was the same with history- used to be able to recite all the Kings/Queens of England from 1066 onward yet we never studied the Scottish ones at school-in hindsight very strange given I was educated in Scotland.
To move or not to move, that is the question:
Whether 'tis nobler in the wallet to suffer
The slings and arrows of diminutive pay,
Or to take arms against a miserly employer
And by opposing leave there. To leave—to debit,
No more; and by a credit to say we end
The heart-ache and the thousand reconciliation difference
That books are heir to: 'tis a suspense account
Devoutly to be squared. To tick, to balance;
To balance even in your dreams—ay, there's the rub:
For with the balance a debit where goes the credit,
When we have fully embraced this MTD,
Must give us pause—where’s the respect
That makes calamity of such a life.
For who would bear the whips and scorns of Hector,
Th'oppressor's wrong, the taxpayers’ contumely,
The pangs of anti avoidance, the law's delay,
The insolence of helplines, and the spurns
That patient merit of th'unreprsented takes,
When he himself might his settlement make
With a low penalty? Who would fardels bear,
To tick and bash under a weary life,
But that the dread of boredom unto death,
The ticking clock continues, eternity chimes
No auditors return, puzzles the will,
And makes us rather bear those ills we have
Than fly to others that we know not of?
Thus uncertainty does make cowards of us all,
And thus the native hue of resolution
Is sicklied o'er with the pale cast of thought,
And enterprises of great pitch and moment
With this regard their currents turn awry
And lose the name of action.
I suspect it is more interest on the debts depressing profits that is being mentioned, the debts themselves do not impact profits being items featuring on the balance sheet not the profit and loss account.
You need an accountant to crunch some numbers here, there appears to be a blind assumption here that relieving the rates is worth foregoing 15% of profits, has anyone tested this re your particular operating plan/ set up or are you merely taking generic guidance from the industry?
(We did a small wind farm planning as an augment to a housing scheme some years ago- we did not get the wind planing and withdrew the application, but I do recall that payback periods were fairly lengthy)