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  1. Replies
    14
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    2,225

    Depends on why you closed the company, the 2 year...

    Depends on why you closed the company, the 2 year rule isn't the only criteria to be met to forfeit the capital treatment. It may be possible to return but you would need professional advice to...
  2. Replies
    11
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    2,358

    Hi Chris I think HMRC lost a case on this but...

    Hi Chris

    I think HMRC lost a case on this but I can't find the details on it at the moment. Anyway, I believe they updated their guidance on the matter (quietly) which can be found at:
    ...
  3. Replies
    34
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    3,006

    You are right, it's not possible in my opinion....

    You are right, it's not possible in my opinion. First off you would need a written contract of employment in place between you and your LTD (paying at least National Minimum Wage etc.) and secondly,...
  4. Replies
    34
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    3,006

    You can still receive up to £30k tax free under a...

    You can still receive up to £30k tax free under a compromise agreement, it doesn't have to be in relation to redundancy. Yes it is harder than it use to be with more items definitely subject to tax...
  5. Replies
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    1,353

    Getting the shares to Harry is the easy part, Tom...

    Getting the shares to Harry is the easy part, Tom & Dick transfer some shares to Harry or the company issue shares to all three parties to achieve the desired split going forward. The hard part comes...
  6. The clause itself is quite vaguely written but in...

    The clause itself is quite vaguely written but in my opinion provided you have a good reason for closing the company (retired, permie etc.) then this clause won't bite and you should be fine...
  7. OP, I'd certainly be getting in touch with Seb...

    OP, I'd certainly be getting in touch with Seb and putting him in touch with your client somehow...

    Martin
    Contratax Ltd
  8. Replies
    37
    Views
    4,073

    If you have done RDEC claims before then I would...

    If you have done RDEC claims before then I would just go down the same line with this project too as you have for others.

    Martin
    Contratax Ltd
  9. If you are using a proper Umbrella company IR35...

    If you are using a proper Umbrella company IR35 can never apply as you need to have 5% of the shares in the company for it to apply and it is irrelevant as you take all your income as PAYE anyway....
  10. Replies
    37
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    4,073

    RDEC is quite a specialist area so it may be...

    RDEC is quite a specialist area so it may be worth paying for a little bit of professional advice on this as depending on the project size there could be a reasonable amount to claim back here.

    My...
  11. Sounds like Freeagent would work really well with...

    Sounds like Freeagent would work really well with you, handles the multi currency pretty well.

    The currency/expense situation sounds strange too, yes the foreign currencies at the year end are...
  12. You don't have to actually withdraw all the money...

    You don't have to actually withdraw all the money owed to you as salary under the deemed payment, you can leave an element in the company to cover next months pension etc. You may also want to change...
  13. Hi Tubazilla I'm with your accountant on this...

    Hi Tubazilla

    I'm with your accountant on this one, the IR35 deemed calculation is done on a cash basis so can only take into account monies received and expenses paid up to and including 5th...
  14. Replies
    19
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    3,810

    I would imagine the clients have already paid...

    I would imagine the clients have already paid monthly fees which would effectively cover the accounts, CT600 etc. so the closure fee is just to de-register from VAT, PAYE etc.? Seems awfully steep to...
  15. Have you asked your accountant? They'd have...

    Have you asked your accountant?

    They'd have said Amazon vouchers aren't 'cash vouchers' as they can't be redeemed for cash only for goods/services so are fine for this purpose.

    Martin...
  16. There is probably quite a strong argument that...

    There is probably quite a strong argument that the VAT isn't reclaimable on the trivial benefit due to 'non business' usage.

    Martin
    Contratax Ltd
  17. Corporation Tax Authorisation

    Also, just for clarity, if your registered office is at your accountants (i'd probably say most companies are) then their authorisation for corporation tax is almost automatic. The authorisation code...
  18. Replies
    3
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    1,339

    Hi SkyRocket Your accountant is correct, you...

    Hi SkyRocket

    Your accountant is correct, you can only get tax relief on Pension contributions in the period they are made.

    The second accountant is wrong, although you can accrue pension...
  19. Short answer, nope. Long answer, a bit of work...

    Short answer, nope.

    Long answer, a bit of work would need doing to review the exact situation, timings , detailed reasoning etc. to make sure there is a strong case to defend against HMRC...
  20. I'm not sure if ICAEW could directly do anything...

    I'm not sure if ICAEW could directly do anything about this as it is a speculative matter at the moment but they could be contacted to follow up if needed i'm sure. Dynamo Accounts is a trading name...
  21. Replies
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    950

    The debate will run and run as to whether or not...

    The debate will run and run as to whether or not having a 'qualified' accountant brings anything extra, you can have good and bad qualified accountants just like you can have good and bad non...
  22. Thread: MVL

    by ContrataxLtd
    Replies
    10
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    5,507

    You shouldn't go far wrong with MVLOnline, not...

    You shouldn't go far wrong with MVLOnline, not used them ourselves (obviously) but have had clients use them and they were extremely happy with the service provided.

    Martin
    Contratax Ltd
  23. CG34

    It would also be good to point out that any valuation can be verified with HMRC (post transaction) using CG34, although this would bring the transaction to their attention but this shouldn't be an...
  24. I could find you loads of companies that would be...

    I could find you loads of companies that would be willing to sell for more than net asset value if you are interested :smile
    Normally I would discount down from net asset value if looking at a...
  25. Entrepreneurs Relief

    Might be worth noting that there is a chance that alphabet shareholdings won't qualify for entrepreneurs relief if/when the time comes to close/sell based on the new changes from the budget. Although...
  26. Replies
    6
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    1,492

    This is not necessarily true, you can easily be...

    This is not necessarily true, you can easily be non resident for tax purposes whilst still having your family in the UK. I would advise the OP to read RDR3 (search HMRC RDR3) which is a very...
  27. You could also look at extending your year end...

    You could also look at extending your year end and making the pension contribution before the new year end to speed up the benefit of the corporation tax saving on the contribution. This could be...
  28. I'm going to stick my neck on the line and...

    I'm going to stick my neck on the line and disagree with the other guys here and saying that if you are purely looking at tax efficiency a salary to the NI threshold is probably the way to go with...
  29. Convincing HMRC that the 'trade benefit' test is...

    Convincing HMRC that the 'trade benefit' test is passed for a retiring shareholder should be relatively straight forward in my opinion, I've certainly never had any issues with this myself. Added to...
  30. Hi Lyber Go speak to your accountant about a...

    Hi Lyber

    Go speak to your accountant about a company purchase of own shares:

    https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/377654/co-pur-own-shares.pdfhttp://

    Yes...
  31. Replies
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    981

    Just be careful here, when a mortgage is involved...

    Just be careful here, when a mortgage is involved then there is deemed consideration on the transfer for stamp duty purposes and this can often lead to a stamp duty implication i.e. stamp duty...
  32. Replies
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    3,733

    I'd expect your accountant to be able to correct...

    I'd expect your accountant to be able to correct this pretty easily then, it is a bit of work to do the recalculations and necessary adjustments but it's in your favour to get this done as you will...
  33. Replies
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    3,733

    I'm presuming that this is because the accountant...

    I'm presuming that this is because the accountant wasn't aware that the travel was 'one off' type travel to places other than your main place of work. I am assuming this because the rules changed...
  34. Hi Glencky If your salary has been processed...

    Hi Glencky

    If your salary has been processed as an employee rather than under one of the director's methods then there could have been either an underpayment or over payment of NI. Don't just...
  35. Replies
    7
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    1,192

    Hi Lewis You may just want to check your...

    Hi Lewis

    You may just want to check your engagement letter to see what fees you agreed to as you probably haven't paid them much so far in the way of accountancy fees and in theory the work needed...
  36. Replies
    12
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    1,396

    Yes (that's the answer you want right?) There...

    Yes (that's the answer you want right?)

    There are probably a lot of reasons why you won't want to though.....
  37. Replies
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    1,317

    Your ARD shouldn't have any impact really, unless...

    Your ARD shouldn't have any impact really, unless you have a particularly seasonal business (presume not?) but if you changed it to 31st March you could then make up your accounts to 5th April each...
  38. Replies
    57
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    9,958

    I see you've been reading the ACCA rule book...

    I see you've been reading the ACCA rule book Simon...
  39. Replies
    11
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    1,995

    I've seen these from Cater Allen and HSBC as well...

    I've seen these from Cater Allen and HSBC as well as the other banks mentioned on here. They seem to be very random as to who needs to complete them though.

    Martin
    Contratax Ltd
  40. Replies
    57
    Views
    9,958

    I'm with Maslins on this one, although there is...

    I'm with Maslins on this one, although there is nothing illegal about this type of marketing (which can be quite successful if done correctly) I don't think it is the right way to target potential...
  41. Replies
    11
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    1,995

    FATCA compliance form by any chance?

    FATCA compliance form by any chance?
  42. Replies
    27
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    4,917

    Key bit there for me, if anything is going to be...

    Key bit there for me, if anything is going to be charged extra it has to be made crystal clear before signing up.
  43. Replies
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    4,917

    Have to disagree with you here SeanT, I think it...

    Have to disagree with you here SeanT, I think it should be made explicitly clear if catch up fees are going to be applied even if they are alluded to in the T&C's. I wouldn't like to be told...
  44. Replies
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    4,917

    I think a bit of perspective is needed here, was...

    I think a bit of perspective is needed here, was an additional fee mentioned at all when you signed up or even mentioned in the terms and conditions? If it was then it seems reasonable that they...
  45. Replies
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    4,069

    Hi TCP I've had first hand experience of a...

    Hi TCP

    I've had first hand experience of a client going through a PAYE compliance check and the inspector picking up on a broadband package provided at the Director's home address. Long story...
  46. It will depend on how long the shares are held...

    It will depend on how long the shares are held for at a time, you would need to check that the matching rules have been applied correctly if you ever hold the same type of share in a company that...
  47. I would imagine most of the accountants on here...

    I would imagine most of the accountants on here are comfortable dealing with this as part of their fee, dependent on the number of transactions. If there are one of two sales/purchases a year it's...
  48. Replies
    15
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    2,781

    This is definitely possible, I've done it myself...

    This is definitely possible, I've done it myself as it worked out much cheaper to keep a personal policy with associated NCB then take out a policy in the company name. You do have to ensure the tax...
  49. If you are using Freeagent (and probably most...

    If you are using Freeagent (and probably most other bookkeeping software) there is very little additional work in moving from FRS to Standard. All you have to do is ensure the correct VAT code/VAT...
  50. If an accountant is advising to stay in just...

    If an accountant is advising to stay in just because it's more work for them then they really shouldn't be an accountant and I think that's a pretty stupid think to guess tbh. I know we looked at a...
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