Recent content by taxattack

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    Charging VAT on site space at shows?

    I agree it's worth investigating, but would caution that if some supplies are exempt, partial exemption would apply and not all input tax would be recoverable. Chris
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    Charging VAT on site space at shows?

    This sounds like a licence to occupy land, which is an exempt supply. It may be worth obtaining specific advice from a Vat specialist, because this may have significant implications for your business. For example, if £40k is exempt turnover, you may not need to be registered at all (depending of...
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    VAT Inspection

    For a 2007 return the "old" penalty regime will apply. Assuming it's accepted as an innocent error, and is an isolated incident, penalties (as opposed to interest) will only apply if the understated vat is more than 30% of the "gross amount" of tax, ie the input + the output tax on the return...
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    PAYE Fiasco – should the UKBF accountants help?

    Yes (often longer actually:)) and my understanding is that POCA applies in these cases, subject to professional privilege, if applicable. The point about POCA is that it applies to everyone, not just accountants, but with particular application to those within the regulated sector. The...
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    PAYE Fiasco – should the UKBF accountants help?

    It was not my intention to put everyone off, merely to sound a cautionary note. To repeat myself, and with added emphasis: In my view (and I'm very open to correction) the proposed assistance would not fall within the 2007 Regulations, not being a business transaction, and therefore KYC would...
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    PAYE Fiasco – should the UKBF accountants help?

    No, that's another David Winch! This is the relevant David Winch http://www.mlrosupport.co.uk/ Chris
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    PAYE Fiasco – should the UKBF accountants help?

    David (as usual) raises a very important point. Without wishing to pour cold water on Elaine's excellent initiative, the ML implications need to be considered. In my view (and I'm very open to correction) the proposed assistance would not fall within the 2007 Regulations, not being a business...
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    Ltd Co - dividend Vs Salary

    The £934 is the tax on the part of the grossed up dividend which falls into the higher rate bracket. Chris
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    Ltd Co - dividend Vs Salary

    David A more tax-effective way, other things being equal, is to take a salary of £5715, which gives NI credit for state pension and other benefits. Total taxes would be: CT ((60000-5715)*21%) 11400 Dividend (60000-5715-11400)*10/9 47650 Tax on lower rate dividend nil Tax on upper rate dividend...
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    Self Employment Status Help

    There is no liability to Class 2 NI for periods when you were not a "self-employed earner". If your self-employment ceased, you would identify this on your self-assessment tax return. It may be worth confirming this separately with the NI Contributions Office. Chris
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    Transferring Stock - How much can I claim?

    Yes, it's really a timing issue. Will send you a pm. Chris
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    Transferring Stock - How much can I claim?

    Sorry, didn't mean to alarm you :redface: Don't forget that your opening stock (ie that on hand at the end of your 2nd year, and which will be an adjustment to the second year) will be an addition to the 3rd year costs. Am slightly puzzled by your "25 day year". Do you mean a full year, of...
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    Transferring Stock - How much can I claim?

    The basic rule when you transfer stock to "your own company" is that the transfer is at market value. However, you can override that if both parties, ie yourself and the company, jointly make an election (ie tell HMRC) by January 2013. In this case, the value is the higher of cost or the amount...
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    Ltd Company Accountancy Fees - Am I being ripped off?

    When you transferred the partnership into the company, did they advise about the transfer of assets, including goodwill (if any). Ref the directors loan, have they mentioned benefits in kind, or the disclosure requirements of the Companies Act?. Is the company registered as an employer...
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    Is ir35 a problem for SEO's/Web marketer/Consultants?

    Agreed, who knows what horrors may lie in store for small company taxation in general.
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