Thank you all for your input - I had slightly got the wrong end of the stick - yes one will only be claiming furlough on the correct payment basis and timeline - and yes adversely affected and so switching to more through PAYE as reliance on dividends and profits cannot be guaranteed
Hi, husband and wife directors, as most, min salary and dividends. Want to up both their salaries - husband still working so won't be furloughed but wife not, so if both increased she will benefit from the higher furlough element. In fact he technically could have furloughed but didn't. they are in an industry which has been directly affected.
Thank you for this - the client is thinking of borrowing against this company and so a revaluation may be in their favour -presumably if I change to FRS102A do I have to resubmit prior years under this template ? This is a one off revaluation and don't think they will want to undertake yearly valuations which I believe will be the case if reporting under FRS102A ?
Thank you , I guess I was just over thinking it ! The director had already resigned from Company A before the second transaction took place in B, however i presume they are still considered a related party?
There was one member of staff and she didn't want to trf but this has been dealt with through the solicitors and she has been advised of her rights etc but doesn't want to go.
Thank you - Yes the original return was filed on time, and yes HMRC were unclear if there would be a fine for filing an incorrect P.35, but it has to be done as it was incorrect, and no the amendment would have to be filed regardless. I was just trying to assess the fine situation and how much beforeIi went back to the client.
My answers
Thank all so much for your replies and time - all extremely helpful. Thank you
Thank you all for your input - I had slightly got the wrong end of the stick - yes one will only be claiming furlough on the correct payment basis and timeline - and yes adversely affected and so switching to more through PAYE as reliance on dividends and profits cannot be guaranteed
Yes she was
Hi, husband and wife directors, as most, min salary and dividends. Want to up both their salaries - husband still working so won't be furloughed but wife not, so if both increased she will benefit from the higher furlough element. In fact he technically could have furloughed but didn't. they are in an industry which has been directly affected.
Thank you for this - the client is thinking of borrowing against this company and so a revaluation may be in their favour -presumably if I change to FRS102A do I have to resubmit prior years under this template ? This is a one off revaluation and don't think they will want to undertake yearly valuations which I believe will be the case if reporting under FRS102A ?
Thank you , I guess I was just over thinking it ! The director had already resigned from Company A before the second transaction took place in B, however i presume they are still considered a related party?
There was one member of staff and she didn't want to trf but this has been dealt with through the solicitors and she has been advised of her rights etc but doesn't want to go.
Thank you for your help
Thank you for this, yes the property is rented, but no staff or stock being transferred just the lease.
Thank you - Yes the original return was filed on time, and yes HMRC were unclear if there would be a fine for filing an incorrect P.35, but it has to be done as it was incorrect, and no the amendment would have to be filed regardless. I was just trying to assess the fine situation and how much beforeIi went back to the client.
THANK YOU
Thank you for taking the time to reply , and yes it is helpful.