Member Since: 27th Mar 2002
3rd Oct 2015
I have been beaten to the punch by David Winch. At the moment, you suspect she may engage in acts that are suspicious. You have no evidence of that engagement and, until she engages in it, there is no activity.
Disengagement is your choice. If you keep her on and she goes ahead, you have no choice with the SAR. If you disengage and you monitor the situation and suspect suspicious activity, I believe you may still be required to make an SAR; as a registered person, it is the activity that you report whether or not by a client. It's your choice whether or not to continue to watch but if you do make the report, then if anything happens you do not have the fear of allegations that you were non-compliant.
If I were you, I would disengage and do not let curiosity get the better of me later on.
14th Jul 2015
Put it on a second tablet.......
... because if you put it on the one you are using you will not be able to see the screen.
Have you ever noticed how one foot is a slightly different size to the other and it's always the left foot. I thought I would throw this in as it is just as insane as the original post.
23rd Feb 2015
becoming more interesting .......
when the market drops..........
Client, you told me the capital gains option was best!
Agent, it was!
Client, but I am building up all these capital losses.
Agent, but when the market turns in 5 years or so you can use them
16th Jan 2015
Merged and unmerged cells
If the total cell already existed it could be that you have merged cells
If cells are merged and the total cell is not, you could be adding 3 nil entries, hence the answer. E.G. You had sum(B1:B3) in B4 but since writing that have merged A1 with B1, A2 with B2 and A3 with B3. The value in B4 is because those merged cells are registered in column A.
Is the sheet set for auto calculation?
Of course if it is a spread sheet rather than a spreadsheet, you might want to change the linen
14th Jan 2015
Not quite that easy
Whisky at cask strength is normally about 65% ABV. Whisky at bottle strength is normally 37.5-40% ABV. So there are the processes of dilution and bottling involved.
If he is involved in the decisions involved in that process the answer may be different to if they are not. If he is buying a cask to resell as a cask, it would more likely be an investment but there could be arguments for trade. There may be adequate here to distinguish from fine wine although that does not mean it applies. It's interesting on a number of questions, chattels, wasting assets and process.
You presuppose an answer by asking how the income is taxed when your question is really, "is it income or a gain?"
Nonetheless, I think the wisdom of not entering into the transaction is important. Clearly there is a broker involved in what is probably some unregulated scheme (scam?) where short of regularly checking the asset exists and is still in bond, for which storage charges will be involved, you have no certainty the whisky exists now let alone in 20 years time. The only person likely to make any money is the scheme promoter. Not a tax answer you might want but, in 15 years time, had the client proceeded, you would probably ask, "how do I calculate the loss and, if there is an allowable loss is it against income or gains?"
2nd Jan 2015
If his income was £200,000 would you be asking this question?
If you do the work on a fixed price, you should charge him. If you charged by reference to the work done, you might consider passing the cost this year and picking it up next.
Your alternative is to register as a charity and live off donations.
You might be able to flip the cost into the next year but do you want to get into cash basis?
26th Nov 2014
You do not include it
It is not taxable so there is no reason for it to go into a tax return. If you really want belt and braces put the receipt in the additional information white space.
12th Nov 2014
It's nothing to do with disability...
You are charging him for the time it takes to sort out his records. He got himself into this state by making mistakes. You are sorting them out. You are not charging him extra due to his dyslexia, you are charging him because he has made errors. The problems are that
1 he did not tell you of this problem before; you might have recommended an alternative;
2 being fully aware of his condition he took on something he would have known he could not cope with; he overreached himself.
You are not discriminating against him; if it was another client who simply was useless at keeping records you would have charged the same. You would have discriminated (regardless of disability) if you charged more per hour.
29th Sep 2014
Just out of interest
MET28 I take it this is your property. The reason I ask is that if you are doing it for a client you seem way out of your depth.
Also, you mention the ownership was between a married couple, was that always the case or were there changes of ownership during the letting period? Recent experience with a client who thought he had been clever quickly unwound for him when we pointed out that he did not qualify for the lettings relief as it had never been let during his period of ownership.
23rd Sep 2014
No fresh shares so a disposal by orginal shareholders
If the explanation is accurate there were 100 shares in issue, split 50:50. There are still 100 shares in issue now split 34:33:33, so the original shareholders have certainly disposed of some shares.
You really must find out exactly what was agreed, aside from company law compliance you have CGT to consider, maybe a gain or a loss, entrepreneur relief and you need to establish if the parties are connected.
There is more than one transaction here because newbie has made two share purchases - one from each director (what consideration was given on each transaction?); then he has advanced money to the company.
As total payments of £50,000 have finished up in the company, either newbie has spent more than £50,000 (share purchase value + £50,000 into the company) or the proceeds from the sale of the shares have been loaned to the company by the existing directors and newbie has advanced a lesser amount.
Clearly you know what the net outcome is but you have no inkling, without asking, of how it got there. It's like trying to work out what numbers were chosen in Countdown simply from the answer - it does not work!