Member Since: 28th Jul 2004
15th Apr 2016
8,065 in all circumstances
Plus pay interest on DLA depends on circumstances
dividends - 5k tax free
Needs to be considered overall to ensure optimum tax position
P.S. It is sad that these comments seem to often be bad tempered
13th Apr 2016
Senior Government officers MUST submit a Tax Return on paper so the filing deadline is 31 January. That is because the on-line system is so vulnerable to hacking!!! I believe that applies to all Members of the Privy Council although Corbyn was refusing to join!
I would much rather be accountant to Mrs Cameron or Mrs Osborne or both?
13th Apr 2016
There are lots of office supply type businesses that will make a stamp in an hour. Office Depot ( ex Viking Direst ) will send one by mail order next door.
13th Apr 2016
Is the company solvent? Have the accumulated losses only been funded by the director's loan?
Writing off a liability is a taxable profit to the company which may be able to offset against losses b/f. That would need to be carefully studied.
He could claim a loss for CGT in certain circumstances anyway if this is what he wants.
Converting to shares would have to be at market value.
There is no simple answer that can be assured of being the "best advice" without knowing all the facts about the company and the director personally.
3rd Feb 2016
You have only 1 option, ONLY ONE;
Tell HMRC everything
Otherwise you are then complicit too.
Last year we took on a client who was getting no advice and felt that he was paying too much tax ( common enough). His previous accountant had not deducted mortgage inters in a & B business. When we started looking at the previous year's accounts they did not stack up with the next year at ll. On discussion with the client he said that the previous accountant reduced the turnover to be below the VAT limit - by 20k. Client had not received any final accounts nor a copy of Tax Return from previous account. This came to light when we received a copy of the Tax Return from HMRC. Needless to say the previous accountant has not replied to any of our letters and do not answer telephone. The are not particularly near to us but I called into their office one day and it was locked with no lights on.
I had a meeting with client who was shocked but readily agreed to us making a full declaration to MRC and also made a substantial payment to us in advance of fees. HMRC have been quite helpful and have indicated that they will not charge penalties although it is not finalised yet. Client has paid all back tax that we have computed including VAT.
You MUST make a full declaration. You know of tax EVASION (i.e fraud) and YOU must declare it. Even if he doesn't agree or become a client.
Fines etc for an agent are higher than the taxpayer!
15th Jan 2016
Property as a gift
It is sad that this was allowed to be posted as it is trivial and some commentators are becoming very bad tempered and irritable about the lack of details in the original question. This should be a serious forum only for genuine questions of concern and interest.
13th Jan 2016
The formally correct position is that his base cost for CGT will be the value stated in the Deed of Gift and also as used on the Conveyance and will now be on the Land Registry records. Hopefully all 3 values are the same.
4th Jan 2016
This bad tempered steam shows the futility of trying to answer a specific question without any appreciation of the facts. That starts with th e totally imprecise description of a "property business" - developer, investor, agent, builder? Those are all property businesses!
4th Jan 2016
From earlier comments I assume that the previous losses are revenue not capital. The rules are similar to personal income and gains. An income loss brought forward cannot be offset against a Capital Gain. Your CT software should not let you do that.
19th Nov 2015
HMRC Enquiry insurance
All good comments. FYI - Those policies do not usually cover fees for queries arising from HMRC for an exceptional VAT refund application including if they then take the opportunity to do a full VAT inspection.