Appreciate your reply..my logic is flawed? Wouldn't surprise me !:)..but can you elaborate plz
No, can you clarify please ruddles?
Is the company ceasing to be come a sole trade?...or just ceasing?....if it is ceasing and no trade continuing as s/e then i think the goodwill needs to be written off and as you say added back in tax comp.
Thanks everyone for your replies. Much appreciated
But OC is right isnt he..rental losses can be offset against rent a room profits?
yes absolutely but sometimes am sent pdfs and dont have access to the original format, ie word or excel. Thanks
Presumably the bar was already stocked with stock, some computer equip, tills etc before the ltd co was incorporated. Did the sole trade claim any capital allowances? As Andy says its difficult to reply without more info. The issue here i think is pre-trade expenditure can be included in the ltd co as if incurred on day 1 but in your case there was a trade before incorporation.
Agreed. Tax calc does this automatically and brings up a notification this is what it has done
If the company has no assets then it cant pay the settlement. I have seen this before. Write to HMRC tell them the company has no assets and can't pay the settlement. Assuming the directors havent run off with all the company funds, HMRC might deem it pointless to keep pusuing.
JOYC...?..thats got me intrigued, few ideas spring to mind.