Member Since: 15th Jul 2016
14th May 2019
In my employment I get a car allowance the same as many of my colleagues. I bank that each month and continue to drive my 15 year old VW with 160k on the clock and claim 45p per mile for any business miles. I'm hoping to get at least another 40k out of it before I change.
Some colleagues use the allowance to take advantage of the company car scheme which doesn't include fuel so there only claim the reduced rate. Others use the allowance against a private/lease car and claim 45p per mile.
Colleagues on the lower band don't get a car allowance at all, but at the same time do much less business mileage and colleagues on a higher bank get a much larger allowance but can only claim 15p per mile for business mileage. This is part of their contract which they accept when they get offered the salary increase.
So it is totally down to the employee and the employer to negotiate between them. A good idea would be to put a formal policy in place for future reference.
8th May 2019
You may also want to look into the herd basis election.
30th Apr 2019
Ok, yes I see what you meant now.
30th Apr 2019
I agree with what you're saying and in most circumstances I would recommend two trusts, but not necessarily for the tax advantages. I was just pointing out to op that there is much more to consider.
Although could you clarify what you mean please by "Yeah but no but… distributions?".
30th Apr 2019
With two trusts you get an extra standard rate band of £1000, so potential current tax saving of £250 per annum, and an extra annual exemption, so at current rates a saving of £1,680 when the property is sold.
Annual accountancy fees will probably wipe out the savings not to mention the fees for setting up the deeds.
There are of course other benefits of setting up separate trusts and not just tax related. It will depends on numerous variables that only you and your clients will know, such as potential beneficiaries, future IHT planning etc.
15th Apr 2019
You don't need to do any qualifications it's the experience that is important. In my department there are people with no qualification and there are people with several all of which were "experienced hires" and not graduates.
Similar to lionofludesch I did my CTA qualification and I'm happy I did it but don't think it has made me anymore employable or helped me earn any more.
If you insist on doing CTA prior to looking for a role then choose the advisory modules you enjoy the most.
I did IHT/Tusts and OMB but now work in corp tax, but big companies will give you more than you need in terms of training anyway. If you do CTA through an employer they are more likely to dictate which route you take.
15th Apr 2019
You're not in a dissimilar position to I once was. Having done other things in my early/mid twenties I got a trainee position in a small practise at 28.
I went on to study ACA and qualified at 32. I wanted to do CTA, but my employer didn't see the need. So I agreed to study it in my own time but they would pay for it through a wages deduction.
This was all whilst having two young children. I did it as a classroom study which suited me better and I think trying to study at home with kids would've been impossible, but may suit some people.
I now work for a top 10 firm in corp tax, which I never thought would be possible. I also know now that being unqualified wouldn't have hindered my application as they were more interested in relevant experience. There are several in my team who have no qualifications but are being supported through ATT/CTA/STEP though their own choice.
I would recommend speaking to a national recruitment agency which is what I had success with. I found the larger recruitment agents had a much wider knowledge of the market and could advise what roles I would be suitable for and allowed me to choose which direction I went and weren't pushy. Whereas I found the smaller local recruiters where blinkered in their approach and were telling me what I wanted rather than listening.
Good luck with whatever you choose.
26th Jun 2018
Maybe, but unlikely if its not for a significant amount.
Check VAT notice 723a
14th Jun 2018
There are a few things you can look at. Make sure you document everything you have done and your conclusions.
1. Recoverability of the loan
2. Correct paperwork in place for the transfer of the loan.
3. The correct debits and credits are posted.
4. The tax treatment of the debt transfer (probably tax neutral but still need to confirm)
24th Apr 2018
I've just done the same one on IRIS.
It allocates the PA exactly the same way.