Recent content by US_US_Taxes

  1. US_US_Taxes

    Used company credit card by mistake

    I echo the above - Directors loan accounts all the way. I make these mistakes often myself by using a company card.
  2. US_US_Taxes

    Self Assessment and Unpaid Director’s Loan

    What do you do when you have an overdrawn directors loan account? Why do directors loan accounts exist? Let us imagine that a property investor sets up a limited company to buy residential properties. They may have a share capital of £100 (100 X £1 shares) and loans the company £25,000 for the...
  3. US_US_Taxes

    CT61

    Loans you make to the company It can be prudent to lend your company money (particularly at commencement when the company needs capital (cash) to get going) or for your company to lend money to you or a sister company. All loans (individual to company or company to individual) should be...
  4. US_US_Taxes

    SIPP Pension Accounting for a One Man Limited Company

    There are no issues but... Payments made to employee’s pensions As shown in the S34 Income Tax (Trading and Other Income) Act 2005, S54 Corporation Tax Act 2009 that pension contributions are allowable. This is provided that the employer pension contributions is to an employee or director of...
  5. US_US_Taxes

    Director's Loan Question

    Let us imagine that a property investor sets up a limited company to buy residential properties. They may have a share capital of £100 (100 X £1 shares) and loans the company £25,000 for the deposit of a property. This money can be repaid back to the director whenever they want and it will be...
  6. US_US_Taxes

    SDLT and Ltd company

    Your company is a separate entity from you. No 3% SDLT should be chargeable If a limited company owns a property but you do not. I had this argument with my solicitor and had to point to the right part of the legislation.
  7. US_US_Taxes

    Income from Property

    Just to point out my own quote "Optional Addition". I do agree with your points hence why I said option, just to point that to ensure people do not think I am was making a generalised approach :)
  8. US_US_Taxes

    Income from Property

    If she rented the property out did she inform the mortgage company? Optional addition: She could make more money on the rental if she transferred the mortgage from repayment to interest only. If she has not done so already.
  9. US_US_Taxes

    Ltd Co. -w orking from home - claiming costs

    Type into Google "HMRC home working" for better guidance.
  10. US_US_Taxes

    introduction of new assets

    My view is that the are second hand. They are best treated as such if the business is going to be buying them. As such as you say identify reference points such as Amazon or ebay to find valuations. Print these and then transfer the money between the bank accounts to the deemed value. Enter...
  11. US_US_Taxes

    CIS within a partnership

    The main thing is that the matter was resolved :)
  12. US_US_Taxes

    Funding house extension

    I would not advise this on many levels.
  13. US_US_Taxes

    PAYE and CIS

    Sarah by the sounds of it you already have a strong grasp of the process, well done!! :)
  14. US_US_Taxes

    Loughborough or Leicester Accountant needed

    Hi Kevin I am based in Nottingham / Loughborough but suspect that these accounts are too big for me too. Not only that buy I only specialise in property. I often get asked to do accounts for non-property trade activities but don't want them. Is there a possibility of co-working and...
  15. US_US_Taxes

    Lease or buy? And how does a lease work?

    You are right in most cases. As I have worked in procurement departments I would always advise my clients to put these terms in place. Contracts can be amended but appreciate many companies say "These are the terms accept them or leave" but I would generally ask them to enter specific terms...
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