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1. Co-operative society shares

   ... by a previous accountant, all of which show zero share capital (it is actually shown as 0, not simply omitted) on ... accounts by the FCA were 2012, which also showed no share capital, neither did any of the previous years going back to ... the FCA has rejected them as they say there must be share capital (which makes sense) However I am unsure exactly what ...

   31st Oct 2019 | Any Answers

2. Divorce can also be very taxing

   Personal tax

   ... loss rule on transfer of assets between spouses ceases for capital gains tax purposes at the end of the tax year in ... treated as made at market value, resulting in a potential capital gains tax due. To give this some context, we can look ... was 90% of the value, then Jeff would be faced with a capital gains tax bill of around $13.5bn. So however painful ...

   26th Sep 2019 | Columnist post

3. Trading Allowance and cessation of business

   ... Allowance. In previous years he has purchased various capital assets (tools, van, etc.) and I have claimed Annual ... the Trading Allowance rules state you do not adjust for capital allowances? I cannot find any HMRC guidance to ...

   28th Sep 2019 | Any Answers

4. Taxcalc Support

   ... first answer was to credit the partner's salary to their capital account then, debit the opening capital. ????? The next suggestion was to credit the ... allocation of the profit at the bottom of the P & L or the capital accounts note. Taxcalc Support ...

   7th Oct 2019 | Any Answers

5. Loss on rental property in year of sale

   ... year. Then decided to sell and in the same tax year made capital gains on the sales and losses on property rental. Is ...

   9th Dec 2019 | Any Answers

6. Extraction of company asset

   ... company asset to himself. Company has nominal share capital but is of significant value.  IFA has come up with ... company formed by share-for-share, with significant share capital/premium. Asset transferred intra-group and then out to client as a capital reduction with CGT at 10%  To be fair, it looks good ...

   2nd Oct 2019 | Any Answers

7. Changing From LLP To Limited - Property Portfolio

   ... a Ltd company. My question is wether there would be any capital gains implications of this transfer and how can the ...

   4th Dec 2019 | Any Answers

8. is this a CGT deductible expense?

   ... never been used for anything. He has made a substantial capital gain and, in an effort to keep the tax bill as low as ... maintenance and therefore not deductible against the capital gain as some sort of improvement or other capital work. Client is arguing strongly against my view and ...

   28th Nov 2019 | Any Answers

9. First BTL & repairs: how does the cash basis work?

   ... BTL flat. I’m wondering how to differentiate between capital and revenue expenses, especially when using the cash ... Repairs carried out before that have to be booked as capital expenses; after that date repairs are revenue exp. ... whether the pre- / post-first letting distinction between capital and revenue exp. for repairs is overridden by the ...

   4th Oct 2019 | Any Answers

10. CGT on disposal of LLP share

    ... £80k Cash  £120k Creditors  £60k Financed by Husband capital ac £135k, Wife capital ac £45k Only trading 18 months so no entrepreneurs ... high, profits circa £500k per annum. And can Wife’s capital either be moved to a creditor in the balance sheet, ...

    27th Dec 2019 | Any Answers