Recent content by PCD

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    CIC Software

    No it was the first year for the company.
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    CIC Software

    Don't remember having this problem. The client was set up as limited by guarantee when first entered onto Iris Elements. Not sure whether this was included in the information Iris obtained from Companies House or me selecting the type on setup. Looking at it now the business type boxes are...
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    CIC Software

    I managed to use Iris Elements for a CIC last year. The accounts were done as normal on Iris Elements and the CIC34 was downloaded and completed separately. The two documents were submitted direct to Companies House via their website (can't post a link) . I ended up re-entering much of the...
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    Ownership of fixtures when outfitting a building?

    If you are now claiming that these items are yours as part of your freehold property have always had this opinion and reported a taxable benefit in kind when the company carried out the expenditure.
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    Unusual Accountancy business proposition

    You state that you are an 'ICAEW within industry'. What do you actually know about running an accountancy practice? The roles within industry and practice are different. Would ICAEW even give you a practicing certificate without practice experience? Also do the remaining partners of your...
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    Selling clients held in Limited Company

    The client base belongs to the company so if is sold Corporation Tax will be payable on the gain which assuming there is no cost of the asset would be most of the proceeds. Once sold the company could be closed by MVL and the proceeds you receive would likely qualify for BADR. Selling the asset...
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    Accounts on bring year end for LLP slightly forward

    Yes two sets of trading pages. Not sure about DIY software options for the Returns but they will no doubt be available. Just reread the question and although it is not now relevant as you say the period is over 18 months long, if it was under 18 months you could have also filed a single set of...
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    Accounts on bring year end for LLP slightly forward

    There will be two sets of accounts to submit to Companies House but there will be only one Tax Return. The Tax Return for a partnership (including LLP) is for the year ended 5th April. It reports the accounts for the accounting period ending in the year. With an extension of the year two sets of...
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    Striking off a solvent LTD

    What you propose is broadly ok. In the board resolution worth stating the the remaining funds will be distributed to the shareholders as a capital distribution. I would also leave the transferring of funds and closing the bank account until after the DS01 is submitted, but immediately after...
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    Ownership of new company linked to previous company?

    The two companies are separate issues. In respect of the new company it appears that you are proposing to put the same funds in and it would be reasonable for you to have equal ownership. You would of course need a decent shareholders agreement. It appears that the funds will be used to purchase...
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    Transfer asset to director (only one director & SH)

    You can't just transfer assets owned by the company to yourself without considering the tax aspects. You need to remember that the company is a separate legal entity and the company's assets are not yours. The company can however sell the assets to you at a market value. Appropriate professional...
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    Accountant - Am I being taken for a ride ?

    The accountant, particularly as a one man band could have been very busy in January sorting out any final personal tax returns. We are now two weeks into February so he is hopefully catching up on other work including your accounts. Give him a call for a progress report. One slight concern might...
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    Accountant - Am I being taken for a ride ?

    You have already been paying him towards the accounts so it is probably worth contacting him and asking what he needs to complete the first accounts and when they are likely to be ready for your approval. You can then see how he does with them and with any questions you have on them. You will...
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    Carrying back losses caused by employer's pension contribution

    As you suggest that your total remuneration (salary plus pension contribution) is modest I would see no reason to restrict the claim for the pension contribution as an expense. If it creates a loss so be it and a claim for loss relief should be considered. Probably carry back against the...
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    Limitations for legitimate business trip?

    You are off course going on your own with no family going with you? If HMRC question it expect them to ask for an itinerary of the trip showing the time spent on business activities. A small amount of personal activity incidental to the business trip but you would have to show that the purpose...
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