Recent content by Jazz1966

  1. J

    Can a Non Trading Company Pay Salary Out of Retained Profits?

    Thank you for your reply. As its retained profit, the only tax should be PAYE. The Company could just be closed down but I wanted to just take a salary over 10 years or so, running down the retained profit in the business. My accountant reckons it was fine - but subsequently, other things I have...
  2. J

    Can a Non Trading Company Pay Salary Out of Retained Profits?

    Hi, I am around 5 years away from retirement. I run my own Software Consultancy and am the Company's only employee. My wife is the only shareholder. My idea was to to get as much retained profit in my business over the next 5 years. That way, I could take an annual salary during retirement...
  3. J

    VAT and Import Duty Payment Query

    Thank you for all your responses. A bit of background. I recently ordered from China goods totaling around £200. I checked the HS number for Import duty and there was none. This just left me with a £40 VAT bill. When the package arrived it stated the contents were 'Gifts' and the value was $3...
  4. J

    VAT and Import Duty Payment Query

    Hi, I am just starting a new business selling giftware - paintings, small statues etc. I am sourcing the products from abroad - countries like China and India. The ordering is done either online or when I visit that particular country. Goods are delivered to the UK via Royal Mail or DHL. I am...
  5. J

    Import Duty and VAT on Religious Pictures

    Hi, I wonder if anyone can give me some advice. I am currently looking at importing religious pictures from India into the UK. The pictures are gold foil printed with plastic frames. I have two questions: 1. How can I find if VAT and Import Duty are applicable and what the rates are? 2. The...
  6. J

    Probate Catch-22 Situation?

    Hi, Please can someone advise on the following? My understanding is that an executor (who is not a beneficiary) cannot sell assets until after the grant of probate has been obtained. But what happens if the estate needs to pay IHT? Again, my understanding is that the grant of probate will not...
  7. J

    Access to Property on Exchange of Contracts But Before Probate

    Thank you for yo Thank you for your reply. What would be the case if the buyer lodges the full amount with the seller's solicitor rather than the 10% deposit at the exchange of contracts. Under these circumstances, as the full amount has been lodged as security, can the buyer not just be...
  8. J

    Access to Property on Exchange of Contracts But Before Probate

    Thank you for your reply. I am just asking the question on behalf of someone else but will pass your comments on.
  9. J

    Access to Property on Exchange of Contracts But Before Probate

    My friend is an executor of his uncle's will. The estate consists of a small house worth around £400,000 - RICS valuation. The estate is still going through probate. A friend of his likes the house and has made a cash offer of £430,000. She has made this offer as she has relatives in the area...
  10. J

    Strange VPN Question

    Another query, if you are using 'Incognito' mode and rejecting all cookies, how would they ever be able to track you as some replies seem to think they can. All they will see will be the VPN IP address and not yours. Unless they get a court order for your VPN provider. So - unless I am mistaken...
  11. J

    Strange VPN Question

    Thank you, I guess the way around the cookie problem is to browse via 'Incognito' mode.
  12. J

    Strange VPN Question

    Hi, I have a strange VPN question that has me confused. I use NordVPN which should make me anonymous on the internet. I assume that every time I log onto my VPN, I am allocated a different IP address. As someone who loves reading the news, I visited one of my major news sites every day with my...
  13. J

    SDLT Recovery Query

    Or is the SDLT considered to be part of the purchase and included in the purchase cost? As an example. Property Purchase price = £200,000 SDLT = £5000 (made up figure) (Ignoring all other costs) Property sold for £300,000. When calculating CGT, is the original property purchase price figure...
  14. J

    SDLT Recovery Query

    Say my wife and I buy a house as a second house. We would pay SDLT at the current rate plus 3%. If in a few years' time we sell the house and the house has gone up by a considerable amount such that we have to pay CGT. On selling, is the full SDLT paid recoverable against our CGT bill...
  15. J

    Getting Loaned Money Out of a Limited Company

    Not sure whether this is more of a tax forum question :) I have started a limited company - I am the Director. As the company had no funds to start off with, I have had to loan the company money from my personal account - nearly £50,000. Let's say the company makes £10,000 profit in year 1...
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