In regard to portable drives and USB sticks we now use this range: https://istorage-uk.com/products/
They are incredibly secure as you have to enter a long code to even get the thing to wake up.
In conjunction with a cloud backup we use the larger drives for a physical backup.
They are not cheap but they have self destruct mechanisms built into them such that they say there is no way the data can be accessed unless someone knows the physical code to unlock them. If someone tries to prise the case open to get to the hard drive within it destroys the data.
Suffice to say if staff are working from home they have to securely log in remotely to our systems or, alternatively, they carry the data on the USB stick version.
If I left a drive on a train I could sleep easy knowing that the data could not be accessed - albeit I'd be annoyed because the drives aren't cheap to replace!
Excellent thank you Ruddles - it is s392 though not s352 isn't it?
Company currently with a hefty loss and has not filed any CT61's
Taxpayer has no other interest income so there would be availability of some nil rate band for him
I assume that the charge of the interest to the company can be made as and when the director desires - it will be declared as income in 18/19 if necessary with a CT61 then completed and filed and the interest charged to the DLA.
The claim for interest on the qualifying loan will of course be calculated exactly to the tax year.
Good to get the clarification so thank you again
Under paragraph 1 then if the company paid him interest on the loan then it would deduct tax from that interest payment which, in due course, he would then declare on his tax return and claim relief on the tax which the company had stopped him on that taxed interest.
Under paragraph 2 he won't bother charging the company interest and will instead claim tax relief directly on the tax return on the basis it is a qualifying loan.
But are you suggesting that in fact he could charge the company the interest, (only declare that interest income on his own return if and when the company pays him e.g. add it to the d/loan in the meantime) and then still claim relief on the qualifying interest?
Just noticed that, randomly, a similar question was asked a couple of hours ago! Hope my client scenario is a bit more black and white though?
I had a similar situation with another client earlier this year where, for over a year, I had been telling them (in writing) that I believed they should be filing.
The background was that there were several firms in the chain (many were part of the same large construction group) and it was a case of establishing who our client's end-client was and who in the chain therefore had the responsibility to file.
No one above them in the chain could agree but the one certain fact was that no-one else was submitting an intermediary return so, in the end, I agreed with the client I should phone HMRC and protect his interest rather than rely on finger pointing later.
Spoke to HMRC and explained the situation and we agreed that, to be on the safe side, our client should submit returns and on that understanding HMRC would treat it that returns would be due from that point forward only.
At that stage I provided the client's name!
Peace of mind for all - as long as they remember to file!
I wonder how many returns are submitted per quarter -v- in reality how many should be.... the threat of those backdated penalties probably holds many back and that's when it gets truly scary.
Its a charitable symphony chaps. Once we were tuned up then it sounded beautiful.
Crossed wires throughout - the partner is expected to agree that their business may contribute in which case he’d share the donation. If he doesn’t agree it was always going down to the other partners share eg drawings.
This was never intended as a dodge! One is a 45% taxpayer and the other 20% hence they’d each give from their post tax profit. The partners/business regularly make donations and claim Gift Aid but of course this was potentially a charitable donation but not to a charity!
Now of course the suggestion has been made that a charity may help the family fundraise under their umbrella which would then make the donation (which remember hasn’t even been made yet) qualify under Gift Aid to the benefit of all.
The clean way I was looking for to deal with a donation to the individual but with a tax benefit attached
My mistake was to term it ‘business expense’ which set things on an unintended tangent so apologies.
The good news is the family are hopefully going to be getting in touch with the Bradley Lowery Foundation now which, if it is the fit that their website suggests, gets them exposure to raise much needed funds and also means my client (and the business partner if they wish) can then both personally donate (point taken) to the charity and get Gift Aid relief (as will the charity) and everyone wins!
They’re not Scottish though (should we get them to relocate) #jokingbeforeyouslaughterme
No - I hesitate to ask what the rules are for a Scottish Partnership donating to a registered charity......
Thank you for responding - that’s exactly the sort of positive useful info I was hoping to find!
Tax fraud is not the clients wish - maximising the donation of himself and potentially his partners is the worthy aim and turning this (not yet made) donation into a legal charity donation whilst helping the family is definitely worth them making enquiries
Update: have spoken to the client this afternoon about this and suggested he looks at the site and speaks to the child’s parents so they can speak to the foundation.
I had a look myself and it seems they fundraise for specific children so it would fit the circumstances perfectly.
Also seems from their T’s and C’s that they use the Gift Aid they benefit from as a charity to cover the admin costs of running the foundation
Something really positive could come out of this (time is not on this child’s side) so thank you - fingers crossed!