Many thanks for all of your help, it is very much appreciated.
Can I just clarify, when you say you agree the conclusion, you do mean that an AIA claim in respect of the full cost of the Machinery can be made?
Sorry to labour this point
Many thanks, I was wondering how I would complete the double entry.
So my client is still entitled to claim a full AIA in respect of the full cost of the new dairy machinery?
My apologies, I think I may have confused the issue here.
I am happy that the full sum is liable to income tax, what I was unsure of was whether the same rules applied for NIC - in particular is class 4 NIC due on the whole profit, even when part of that profit arose from self employed work carried out in Canada?
My apologies, I think I may have confused the issue here.
I am happy that the full sum is liable to income tax, what I was unsure of was whether the same rules applied for NIC - in particular is class 4 NIC due on the whole profit, even when part of that profit arose from self employed work carried out in Canada?
Apologies if I wasn't clear but the sister paid the brother and the third party both a sum of £90,000 each.
It was the transaction between the sister and brother I was concerned with. As they are connected, I would have normally used market value (discounted for the joint ownership).
Presumably in this case, as the sister was prepared to pay above that sum then the £90,000 would be substituted for the lower discounted market value?
My answers
Many thanks for all of your help, it is very much appreciated.
Can I just clarify, when you say you agree the conclusion, you do mean that an AIA claim in respect of the full cost of the Machinery can be made?
Sorry to labour this point
Many thanks, I was wondering how I would complete the double entry.
So my client is still entitled to claim a full AIA in respect of the full cost of the new dairy machinery?
My apologies, I think I may have confused the issue here.
I am happy that the full sum is liable to income tax, what I was unsure of was whether the same rules applied for NIC - in particular is class 4 NIC due on the whole profit, even when part of that profit arose from self employed work carried out in Canada?
My apologies, I think I may have confused the issue here.
I am happy that the full sum is liable to income tax, what I was unsure of was whether the same rules applied for NIC - in particular is class 4 NIC due on the whole profit, even when part of that profit arose from self employed work carried out in Canada?
The question is whether my client will still qualify as being non-resident, due to the 3rd auto overseas test?
My concern being that her intentions would see her being in the UK for more than 90 days
Apologies if I wasn't clear but the sister paid the brother and the third party both a sum of £90,000 each.
It was the transaction between the sister and brother I was concerned with. As they are connected, I would have normally used market value (discounted for the joint ownership).
Presumably in this case, as the sister was prepared to pay above that sum then the £90,000 would be substituted for the lower discounted market value?
Post deleted
Please ignore the above. I had myself confused and now fully understand the position!
Thanks
Perhaps you could enlighten
Portia, Perhaps you could enlighten me further?
I am simply trying to work my way through the various implications of this purchase and ensure the best deal for my client.
Another issue has arisen and
Another issue has arisen and that is the matter of goodwill.
As this is the sale and purchase of a business, then if my client does not register for VAT will VAT be chargeable on that goodwill?