So this is nothing like the old opportunities page then, it's just a category in any answers?
In which case its a pointless feature, please bring the old feature back, we have only been asking for about 15 years
Part of the application terms were: "Funds must provide an economic benefit to the company and... are not for personal use"
That sentence does not exclude Directors paying themselves though does it? If that was the case almost every single company that took a BBL will have breached the contract.
A Director could for example provide an economic benefit by using a BBL (low interest) to replace his DLA (higher interest).
It is also of economic benefit to the company to pay the Directors!
We are starting to see alot of this too despite our warnings, every situation is different, some will be an OD DLA, some expect profits to shoot up again so dividends before the 9 months, some we can increase salary before the 9 months, we have even looked at a change to the accounting period for some, each one has to be taken on its own merit.
No SAR issues yet is there? There's nothing to stop a company taking a BBL which it then uses to loan to a Director
Not even sure the basic VAT rules are being applied here.
You claim what difference when you buy stock and then sell it to customers for slightly more?
If this is a TOGC then the sale is without VAT, why would you lose the input tax?
The sale of stock only is not a TOGC.
Out of interest Jason, why do you think this is not a TOGC, seems to me that the OP is selling the whole business which is capable of continuing as it is, including the stock in trade, he is selling the business and the price he is selling it for just happens to be at the cost of the stock (or whatever value they decide between them), one would presume the other assets will also go to the new owner (shelving, till, office stapler etc)I cannot see that it fails any of the TOGC conditions?
Yes, its called being a Digital Nomad, some countries even offer the ability to setup a tax favourable entity for suchlike non residents.
They will just have to be sure that they do not fall foul of any residency rules which are of course very different from each other depending on the state.
wooahh slow down there - "Bank already agreed to move loan repayments to directors personal account once company is dissolved" - why would they do that? A Director agreeing to pay an unsecured loan on behalf of the company? Nevermind the accounts, what legal advice have they taken with regards to insolvency?
My answers
So this is nothing like the old opportunities page then, it's just a category in any answers?
In which case its a pointless feature, please bring the old feature back, we have only been asking for about 15 years
That sentence does not exclude Directors paying themselves though does it? If that was the case almost every single company that took a BBL will have breached the contract.
A Director could for example provide an economic benefit by using a BBL (low interest) to replace his DLA (higher interest).
It is also of economic benefit to the company to pay the Directors!
Where have you got that one from? Dividends, salaries and directors loans are all legitimate company expenditure paid to Directors
We are starting to see alot of this too despite our warnings, every situation is different, some will be an OD DLA, some expect profits to shoot up again so dividends before the 9 months, some we can increase salary before the 9 months, we have even looked at a change to the accounting period for some, each one has to be taken on its own merit.
No SAR issues yet is there? There's nothing to stop a company taking a BBL which it then uses to loan to a Director
Out of interest Jason, why do you think this is not a TOGC, seems to me that the OP is selling the whole business which is capable of continuing as it is, including the stock in trade, he is selling the business and the price he is selling it for just happens to be at the cost of the stock (or whatever value they decide between them), one would presume the other assets will also go to the new owner (shelving, till, office stapler etc)I cannot see that it fails any of the TOGC conditions?
No, when I brought this up with TF, they said that the data was too unreliable, which whilst true, in my view is just an excuse.
Their suggestion is that you open a second TF tab so that you can see the data side by side.
Yes, its called being a Digital Nomad, some countries even offer the ability to setup a tax favourable entity for suchlike non residents.
They will just have to be sure that they do not fall foul of any residency rules which are of course very different from each other depending on the state.
No because this would fall under the same rules for motor car dealers where the averaging process is used https://www.gov.uk/hmrc-internal-manuals/employment-income-manual/eim23800
One of our clients found that the CAB were extremely helpful with a UC dispute, referring them to a specialist at the CAB, very quick response too
wooahh slow down there - "Bank already agreed to move loan repayments to directors personal account once company is dissolved" - why would they do that? A Director agreeing to pay an unsecured loan on behalf of the company? Nevermind the accounts, what legal advice have they taken with regards to insolvency?