Noooo - nothing like that.
A retiring metal engineer with a factory full of plant and tooling that he couldn't get anything for. He was told that their removal would involve the costs of lorries and cranes and that "they just weren't worth it". That's left him with a general pool value brought forward into his final trading period but no disposal proceeds at cessation. Hence, the resulting loss.
I currently have exactly the same scenario. I've spoken with HMRC and they advised me that the services and related clients would populate at some point (but they couldn't give me any time frame on this).
Hi Paul,
Can I ask what the features are you find be missing from Senta.
We're looking to move from Iris to either Senta or Accountancy Manager and any information we can obtain in relation to either of these would be helpful.
Thanks.
As you have quite rightly concluded, option 3 wasn't mentioned as all 4 properties are being mortgaged and "in principal" approvals have been provided for all 4 loans (based on joint applications and combined earnings).
It is the partnership option which has caused my confusion. I would have completely agreed with your comments regarding option 1 until I recently read an article from a reputable provider of tax information & advice which suggested differently, as follows :-
"Where a property rental business is operated through a genuine partnership, HMRC will tax each partner on the amount of income allocated to them by the partnership’s accounts. Plus, there’s more good news as the ratio of income can be varied from year to year."
I assume you would disagree with this suggestion ?
As you have quite rightly concluded, option 3 wasn't mentioned as all 4 properties are being mortgaged and "in principal" approvals have been provided for all 4 loans (based on joint applications and combined earnings).
It is the partnership option which has caused my confusion. I would have completely agreed with your comments regarding option 1 until I recently read an article from a reputable provider of tax information & advice which suggested differently, as follows :-
"Where a property rental business is operated through a genuine partnership, HMRC will tax each partner on the amount of income allocated to them by the partnership’s accounts. Plus, there’s more good news as the ratio of income can be varied from year to year."
I assume you would disagree with this suggestion ?
So, in my example you would say that the 0.5ha exemption is OK to claim. (Before the disposal of 0.75ha out of the plot of 1ha, the whole area was in use as land and gardens).
I don't wish to complicate matters at this stage by attempting to claim an exemption in excess of the 0.5ha - I'm just keen to clarify that I'm OK to use that amount as "permitted area" in my calculations.
If a directors loan account agreement states that interest will be calculated and become payable in full (at prevailing HMRC rates) at the end of the loan period would this negate the requirement to prepare P11d forms during the term of the loan ?
My answers
Noooo - nothing like that.
A retiring metal engineer with a factory full of plant and tooling that he couldn't get anything for. He was told that their removal would involve the costs of lorries and cranes and that "they just weren't worth it". That's left him with a general pool value brought forward into his final trading period but no disposal proceeds at cessation. Hence, the resulting loss.
I currently have exactly the same scenario. I've spoken with HMRC and they advised me that the services and related clients would populate at some point (but they couldn't give me any time frame on this).
Hi Paul,
Can I ask what the features are you find be missing from Senta.
We're looking to move from Iris to either Senta or Accountancy Manager and any information we can obtain in relation to either of these would be helpful.
Thanks.
Is anyone able to provide an opinion on AM v Iris PM ?
Further option ?
Please share your suggestion Carl.
Thank you Steve.
As you have quite rightly concluded, option 3 wasn't mentioned as all 4 properties are being mortgaged and "in principal" approvals have been provided for all 4 loans (based on joint applications and combined earnings).
It is the partnership option which has caused my confusion. I would have completely agreed with your comments regarding option 1 until I recently read an article from a reputable provider of tax information & advice which suggested differently, as follows :-
"Where a property rental business is operated through a genuine partnership, HMRC will tax each partner on the amount of income allocated to them by the partnership’s accounts. Plus, there’s more good news as the ratio of income can be varied from year to year."
I assume you would disagree with this suggestion ?
Thank you Steve.
As you have quite rightly concluded, option 3 wasn't mentioned as all 4 properties are being mortgaged and "in principal" approvals have been provided for all 4 loans (based on joint applications and combined earnings).
It is the partnership option which has caused my confusion. I would have completely agreed with your comments regarding option 1 until I recently read an article from a reputable provider of tax information & advice which suggested differently, as follows :-
"Where a property rental business is operated through a genuine partnership, HMRC will tax each partner on the amount of income allocated to them by the partnership’s accounts. Plus, there’s more good news as the ratio of income can be varied from year to year."
I assume you would disagree with this suggestion ?
Thank you MJShone
So, in my example you would say that the 0.5ha exemption is OK to claim. (Before the disposal of 0.75ha out of the plot of 1ha, the whole area was in use as land and gardens).
I don't wish to complicate matters at this stage by attempting to claim an exemption in excess of the 0.5ha - I'm just keen to clarify that I'm OK to use that amount as "permitted area" in my calculations.
Thanks again.
Multi monitor connection
How do as many as 8 monitors connect to your PC.
I have two monitors connected via VGA and DVI sockets but surely no PC's have as many as 8 of these outputs ?
Overdrawn loan acct interest charges & BIK
If a directors loan account agreement states that interest will be calculated and become payable in full (at prevailing HMRC rates) at the end of the loan period would this negate the requirement to prepare P11d forms during the term of the loan ?