Where I worked it was similar to Bobbo, you receive your college days and that's it. The college days at Kaplan included some self-study days which the employer was also supposed to let you have off.
If on an apprenticeship and receiving government funding they need to also be doing 20% off-the-job training i.e. 52 days a year. Not all of that is for "study" but I guess it's a good starting point. I think around 30 days per annum is good from both sides of the table.
They are the partnership, the partnership is them so they cannot buy it from themselves. But, as the partnership is closing down I think that the market value of the van should be added back into the capital allowance calculation to create a balancing charge (as £nil TWDV).
No tax consequences on the company to company loan.
If the loan was made to the daughter directly this would (likely) be caught by s.455 as it extends to associates (includes relatives) of participators.
If the accounts are done on the accruals basis you should accrue the interest rather than account for it only when paid.
You would then likely need to accrue the 22/23 element of the finance costs.
The tax treatment for your rental profits should follow that of the accounting treatment (ITTOIA 2005, S.271A) unless mentioned elsewhere in the legislation, which it isn't.
My first sentence was in direct response to the OP's question. My next was offering potential solutions that the OP may not have consider or may find useful. The OP could provide these as alternative solutions to what the client is demanding as in my opinion its usually better than just saying no.
As far as I am aware (I don't use it but have watched videos about it a while back) Modulr does physically make those payments on behalf of the client. I think the client still needs to approve those payments in the Modulr app though. It could still help streamline a process if the client inputting manually bank payments each pay run.
I do agree though, what the OP has asked is something I would deem risky.
I would say it's not worth the risk. But as frankfx linked, most software providers provide BACS file exports that you can provide to the client and some can link with payment processors directly for example Brightpay/Modulr.
My answers
I agree with everything you've said. For the numbers involved assuming the client is happy I would amend the year end too.
Where I worked it was similar to Bobbo, you receive your college days and that's it. The college days at Kaplan included some self-study days which the employer was also supposed to let you have off.
If on an apprenticeship and receiving government funding they need to also be doing 20% off-the-job training i.e. 52 days a year. Not all of that is for "study" but I guess it's a good starting point. I think around 30 days per annum is good from both sides of the table.
They are the partnership, the partnership is them so they cannot buy it from themselves. But, as the partnership is closing down I think that the market value of the van should be added back into the capital allowance calculation to create a balancing charge (as £nil TWDV).
The loan from the corporate member B, where the husband and wife are participators would be subject to s.455.
Check the legislation under section 1.c and you'll see it mentioned (pretty clearly).
I agree with Ruddles.
No tax consequences on the company to company loan.
If the loan was made to the daughter directly this would (likely) be caught by s.455 as it extends to associates (includes relatives) of participators.
If the accounts are done on the accruals basis you should accrue the interest rather than account for it only when paid.
You would then likely need to accrue the 22/23 element of the finance costs.
The tax treatment for your rental profits should follow that of the accounting treatment (ITTOIA 2005, S.271A) unless mentioned elsewhere in the legislation, which it isn't.
Has the company has stopped trading? If so, the company likely won't receive corporation tax deductions on the contributions.
You as an individual can only have £60k contributed to your pension in one tax year unless you have prior year unused allowances.
There's much to consider as others have mentioned and with the numbers involved it would be prudent to get some thought out, paid for advice.
My first sentence was in direct response to the OP's question. My next was offering potential solutions that the OP may not have consider or may find useful. The OP could provide these as alternative solutions to what the client is demanding as in my opinion its usually better than just saying no.
As far as I am aware (I don't use it but have watched videos about it a while back) Modulr does physically make those payments on behalf of the client. I think the client still needs to approve those payments in the Modulr app though. It could still help streamline a process if the client inputting manually bank payments each pay run.
I do agree though, what the OP has asked is something I would deem risky.
I would say it's not worth the risk. But as frankfx linked, most software providers provide BACS file exports that you can provide to the client and some can link with payment processors directly for example Brightpay/Modulr.
Hi John, what software would that be if you don't mind me asking. The one my employer uses doesn't. Thank you.