Member Since: 22nd Mar 2005
2nd Dec 2018
I believe the new accounting standard IFRS 16 comes into effect 1st Jan 19, no changes for the Client
24th Nov 2016
Thanks for all your answers. It is the possibility of care home fees in the future that is worrying her, but I feel there is no way round it as the family will not want to pay tax on the income before handing it over to her so I must warn her accordingly and also that the Council can look at the gift in the future. Inheritance tax is not the problem, she is just trying to protect her asset for the children.
14th Jul 2014
Thanks for the comments, yes I also believe it continues as the sole trader is a partner, and thanks Jazzy for the link it will help.
26th Nov 2013
Thank you for both comments. I like the idea of the Partnership, I assume she need not have any income from it as she is employed, but could register it for vat and reclaim. Thanks Jean
12th Dec 2012
Is it being done mainly to avoid VAT?
The answer is partly, as his wife does actually run the business and is on the payroll, so it would make sense for it to be a partnership but maybe it would be best to register the partnership then de-register in a few months time maybe. However the turnover on this business alone is under the threshold. Is there anything else I can do to ensure the VAT office look at it as being genuine. Thanks Jean
9th Jul 2012
Start up costs in previous year can you still claim AIA
Thank you for your comments. Yes the equipment is new and bought specifically for the new business. So am I right in thinking I can claim AIA in 12/13 when he started trading, although the equipment was purchased in 11/12. Thanks Jean
3rd Nov 2011
Thanks for your help
Thank you for your advice I will write back to them ! Would it not have been easier and quicker for all concerned if someone looked at the return after he had submitted it and amended it being as it was such an obvious mistake! Or after I pointed it out to them, knowing thier own rules, they could have amended it then ! But thanks again. Jean
9th Jun 2011
VAT on land
Thanks for the advise, yes he is going ahead and registering so that he can get the vat back but has been warned of the other issues.
27th Feb 2011
Deadline of 31st December
Thank you for your comments. I have just looked on the internet and found a 'Correction to 09-10 SA Returns notes stating that the date on the notes should be 30th December not 31st as stated. The date of amendment was the 5th of April 2010. I find this very confusing, who should I complain to as penalties will be added and if I write to the tax office it will take them about 2 months to open the letter !..
14th Feb 2011
Thank you for your reply's I will be going with Moneysoft.