Member Since: 19th Feb 2001
22nd Jan 2014
If the company is to be transferred the costs are astronomical i.e. thousands. The IOM transfer fee alone is £3000. Having transferred a number of companies one of the reasons was that if the companies hold assets it was the only way to proceed. It may be better to open a new UK co and dissolve the IOM.
18th Dec 2013
Try the Co-op.
One useful service is that if it is difficult to get to the branch to pay in cheques you can use a designated Post Office (but you nay have teach them how to do it).
The trouble with large companies including banks is that they are systemized to point that nobody is allowed to think and applications are turned down for the wrong reasons.
14th Sep 2013
need to register
i had to look at this issue some time ago when national firm insisted that a sub contractor had to operate the CIS system. The system has to be operated in the "construction " industry but not so for repairs etc. in my case the subs were be kitchen fitters where they are replacing kitchens - they do not have to register. This was confirmed by a local inspector.
So it depends on the work they do!
13th Sep 2013
Whether there is a need to deduct may depend ion the work carried out. Can you describe the work that was carried out then check to see if it is then it is covered by CIS rules.
13th Nov 2012
CT & IXBRL
I have only one set of very small Ltd accounts which has to be done electronically. I assume that the CT and ixbrl accounts are submitted but the query I have is what is the cheapest way to submit the necessary files?
24th Sep 2012
L and T Act 1985
I have checked and in the circumstance described the charges made to the freeholder do NOT come under the Act. They havd been confirmed as Estate Management Charges
Any developer should pay for the "voids" and rented flats to a Mamangement Company if you have set one up. If I was a leaseholder and was aware that the money was not being held by a management co I would not be happy!
16th Sep 2012
L & T Act 1985
Section 18 - Meaning of Service Charge & Relevant Costs
(1) In the following provisions of this Act "service charge" means an amount payable by a tenant of a dwelling as part of or in addition to the rent
In this case the landlord is the company but there is no "tenant" of a dwelling as the house is freehold. Yoiy can not have a freeholder as a tenant of the same property - it is one or the other.
Other acts may come into play e.g Leasehold reform Act 1967 or The Leasehold Reform Housing and Urban Developmet 1993.
If however in the situation quoted follows the outline given ealier they should not fall foul of any legislation.
If the legal situation still is unsure and you think it needs to be sorted further advice shoud be sought from a property lawyer or Lease
13th Sep 2012
Landlord & Tenant Acts
I am farly sue that the L&T Act do not apply. The properties are freehold so there is no landlord or tenant. The charge is called a rent charge
As this is the case it is important that there is
(1) a means of recovery of expenditure from all the freeholders i.e a clause in the freehold transfer document
(2) there is a proper system of management.
(3) The money held is in trust for the freeholders. I suspect that you will need to draw up trust documents then inform the bank that the cash held is in trust just to protect the funds.
(4) That the accounts are drawn up propely and sent to all freeholders.
(5) that a proper AGM is held as a reminder that all members are involved and do have a say in what happens. ( The AGM is restricted to the normal items. Then hold a discussion period. No votes are taken as the decusions are made by the directors, who have finacial resonsibilty for running the company).
(6) If a company is already in existance unless there is an overiding factor it is probably not worth while any change. If there is a choice the easiest is Co By Guarantee.
Note: for L&T act cases i.e. leaseholders - any cash is held BY LAW in trust by the company. The Bank should be told as it again protects the cash for the leaseholders.
5th Sep 2012
On what bais is the service charge made? Mention has been made of checking the lease but the properties are houses. I suspect that these may be freehold. The transfer documents need to be checked to see if the freeholder has an obligation to pay service charges.
If you use an unicorporated "association" it becomes a little informal and at some stage could be hijacked by a small number of residents therefore any form of structured organistation is preferable (either ltd or to keep admin easier Co by Guarantee). All owners should be members, and at least one meeting a year should be held.
The problem can arise if there is no mention of any service charge in any form as some members can elect not to make any payments.
Griff: check your documents and let us know what the structure is?
1st Apr 2011
1. Why call it "stock of property" when it is an investment, as you are receivig rent. If it is stock that suggests that it is a trading stock and tax would be payable on all the profit on sale. The oroginal intention is important in deciding if it is trading stock or an investment.
2.Do not move the property into the Ltd Co as when it is sold you lose the CGT allowance, unless you have other reasons for doing so.