Thanks for your responses. I checked out EIM11406 and eventually came upon EIM11421, which seems to suggest my worst case scenario of where the cash equivalent is equal to the annual rent over the year
Thank you. I was afraid that would be the case.
Yes, there is some PRR for about half the period of ownership, and I am assuming that letting relief can also be claimed. Nevertheless there is still a chunky chargeable gain, not helped by the depreciation of the pound over time.
Get it right from now on. There is no point in compounding the problem by letting it continue. Also, it is most unlikely that HMRC will look back into previous years. To safeguard the clients future state pension provision, you should`pay him a salary up to at least the NI threshold and report it on the annual P35 (unless he has other earnings to cover this)
Saving on ink Theres a product called Inksaver which costs about £29 which will save ink usage. I have mine set to 25% and its fine.
Check it out on Inksaver.com to see if your printer is supported.
Also, set your printer to greyscale printing to avoid using up your colour cartridge. If there is a draft print setting try using it, the print quality is not as good but it also cuts down on ink usage.
My answers
I wrote to them as outlined in the attached link:
https://www.gov.uk/guidance/change-or-remove-your-authorisations-as-a-ta...
It took a few months but they changed my address for all client types
Yes. I wrote to them in November 2021 with my change of address and it was about 4 months before my details were updated. You have to write to the NIC & PAYE Office at Bx9 1AN.
Details can be found at:
www.gov.uk/guidance/change-or-remove-your-authorisations-as-a-tax-agent#...
Thanks for your responses. I checked out EIM11406 and eventually came upon EIM11421, which seems to suggest my worst case scenario of where the cash equivalent is equal to the annual rent over the year
Yes, I have had the same problem. If you phone the agent helpline they will correct it for you. There was a glitch in the HMRC software
Thank you. I was afraid that would be the case.
Yes, there is some PRR for about half the period of ownership, and I am assuming that letting relief can also be claimed. Nevertheless there is still a chunky chargeable gain, not helped by the depreciation of the pound over time.
Many thanks
Chris
Many thanks, that is a really useful website!
Thanks for your comments
Steve
Thanks for your comments and pointing out the error in my reasoning. i will carry the losses forward under CTA 2010 as you suggest
No PAYE scheme but P11d may be needed
Get it right from now on. There is no point in compounding the problem by letting it continue. Also, it is most unlikely that HMRC will look back into previous years. To safeguard the clients future state pension provision, you should`pay him a salary up to at least the NI threshold and report it on the annual P35 (unless he has other earnings to cover this)
Saving on ink
Theres a product called Inksaver which costs about £29 which will save ink usage. I have mine set to 25% and its fine.
Check it out on Inksaver.com to see if your printer is supported.
Also, set your printer to greyscale printing to avoid using up your colour cartridge. If there is a draft print setting try using it, the print quality is not as good but it also cuts down on ink usage.
Found it! Thanks, Malcolm
Thanks