Thank you - much appreciated - i agree but at the time when partners were having their own views of work sharing etc - it made it easy to show seperately but for those not in dispute and happy partnership - keeping in house makes sense if and when selling business
Thank you
have heard of this in doctors surgery - but my Q was as some dental practices
are treating differently so whoever does more work gets more income and rest split what is left in practice
and some add both and show in partnership tax return - so not sure what is correct method or will hmrc Query
thank you
partnership profit is distributed as you said - what i meant when partners do work like assoc does within practice that income is treated as for partner who does the work and is treated as expense/payment in practice - and assoc income is treated
seperately in his personal tax return along with partnership profit distribution
i hope this clarifies what i was asking
thank you - so means use current hours and pay as they are contracted to do set hours and rate of pay - change only when do overtime or unpaid hol etc
MEANS FIXED PAY furlough route
just asked hmrc and they confirmed it as well - says best use FEB20 as wages
appreciate it
tHANK YOU - someone else was advised by his solicitor to add children in similar circumstances - hence this Q - i presume from what u r saying is that as children are using parents money to acquire shares - than income of children is treated by hmrc as if income of parent - thank you i will advise him to talk to experts - once again thank you for your kind advice
tHANK YOU Q2 transfer this year so tax will be 20% not 10%
and understand superann - even director work as associate will hav benefit of Superann is my understanding
thank you - re Q 1 - saving tax from point of view is children becomes shareholders and can have div plus when sell business they can take profit - is the intention
So why u say NO FOR SAVING TAX - PL ELABORATE THANK
My answers
Thank you - much appreciated - i agree but at the time when partners were having their own views of work sharing etc - it made it easy to show seperately but for those not in dispute and happy partnership - keeping in house makes sense if and when selling business
thank you
covered by own liability premiums
Thank you
have heard of this in doctors surgery - but my Q was as some dental practices
are treating differently so whoever does more work gets more income and rest split what is left in practice
and some add both and show in partnership tax return - so not sure what is correct method or will hmrc Query
thank you
partnership profit is distributed as you said - what i meant when partners do work like assoc does within practice that income is treated as for partner who does the work and is treated as expense/payment in practice - and assoc income is treated
seperately in his personal tax return along with partnership profit distribution
i hope this clarifies what i was asking
yes if your employee was on furlough and keeping employed until end jan
more info coming out in next week or two
thank you - so means use current hours and pay as they are contracted to do set hours and rate of pay - change only when do overtime or unpaid hol etc
MEANS FIXED PAY furlough route
just asked hmrc and they confirmed it as well - says best use FEB20 as wages
appreciate it
u being funny ? suggest wear it yourself
tHANK YOU - someone else was advised by his solicitor to add children in similar circumstances - hence this Q - i presume from what u r saying is that as children are using parents money to acquire shares - than income of children is treated by hmrc as if income of parent - thank you i will advise him to talk to experts - once again thank you for your kind advice
tHANK YOU Q2 transfer this year so tax will be 20% not 10%
and understand superann - even director work as associate will hav benefit of Superann is my understanding
thank you - re Q 1 - saving tax from point of view is children becomes shareholders and can have div plus when sell business they can take profit - is the intention
So why u say NO FOR SAVING TAX - PL ELABORATE THANK