Member Since: 23rd Apr 1999
11th Feb 2009
Unless I am mistaken .....
.... there is no BIK charge anyway if he only uses the van on company business, which can extend to travel to and from work.
3rd Jan 2008
Further Update - HMRC insist the money is not owed!
I have now written three times pointing out that I believe HMRC have made an error and they insist they haven't.
My accountants have confirmed that there is no money laundering issue.
I am enjoying the benefit of the interest - any guesses how long this can go on?
1st Nov 2007
Does commuting count as private use for VAT purposes?
If the van is used only for business use and commuting and therefore does not give rise to BIK charge, is the commuting element "private" or "business" as far as VAT apportionment is concerned?
30th Aug 2007
Follow-up to Euan
Thanks for your comments. In fact Easter is in March next year, so these will effectively be a full year's trading. And I can pay a dividend on 7th April which won't diminish the published net worth until 2008-09 accounts.
Which makes me wonder, if I pay virtually all profits out as dividends before signing the balance sheet, should I record this as a post-balance sheet event!?
29th Aug 2007
Another reason shortening may be beneficial ...
... I am involved in a new business that has a Christmas / Easter bias in trading. We have effectively just started trading but will file accounts made up to 31 March 2008, which I hope will encourage suppliers to be more generous with credit terms/limits come next Aug / Sept buying period.
It really is "horses for courses"!
13th Jun 2007
Easier than that I think, but other considerations!
The directors would normally be authorised to allocate shares, but this must usually be renewed every five years by a simple majority at the AGM (check Mem and Arts) - make sure this is up to date.
If the Mem and Arts are non-standard and don't give this authority to directors, they can be changed by Special Resolution (requiring 75% vote at AGM/EGM) or 100% shareholder approval as a Written Resolution.
Beware also: pre-emption rights, BIK if not bought at market value, are the shares already Authorised?