There are too may acronyms in this post for me :)
I think payments made to the Director should be disclosed in section 3, Directors remuneration on the CIC34 form as it would not be showing on the accounts ...
Interesting question, It really depends on what they are offering and if this is the direction you want to be taking. But don't sell yourself short, 50/50 partnership - make good money from whatever you do!
I'm finding the CT600 very difficult to navigate, I have put the mortgage interest in box 260 which feeds into box 295 and 795. The UK property loss is in box 805.
Can anyone please advise if this is correct?
Could you explain the difference between cost of the property and non trading loan relationship? I've only dealt with people owning rental properties before, this is the first time I've prepared accounts for one owned by a limited company.
I use BTC software to prepare the CT600 returns and they have a property page, actually looking at it now, it is a property worksheet and doesn't form part of the CT600 return although the figures are pulled from it to go on the CT600. Hence the question about mortgage interest ..
Ditto, I would pay proportional.
I would think the clause is in place so that if she left on 31st August you couldn't make an adjustment to reclaim her pay for the summer holidays but that is not the case here, her leaving date is mid-month .. in fact you may owe her holiday pay?
Thank you, I finally managed to speak to someone at HMRC, they said it should be received by 30th April.
Phone up and ask HMRC to cancel the existing log-on and then set up a new one...
Thank you, yes it is a £8,060 and remainder taken in dividends situation. No assets in the company but it has been trading successfully for 5 years and has a wide client base.
So either selling or gifting is potentially fine, price irrelevant as MV would be deemed.
If they went for the holdover gift relief then isn't this potentially stacking up a CGT gain for the son in the future? Either way, they should complete a stock transfer form? and if no £ is passing hands there would be no stamp duty? and update Companies House when the confirmation statement falls due next.
What are you hoping to gain by pursuing this? Draw a line under it and move on ...