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  1. Hi, just to clarify: are you saying that you...

    Hi, just to clarify: are you saying that you repaid the loans, or the HMRC calculation of the tax due on the loans? In other words, did you repay the loans to Glen Mae/Procorre, or the tax due to...
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    I agree with the principle of limited company =...

    I agree with the principle of limited company = separate legal identity, etc, and fully understand how these work and the reporting requirements around them - I was using non-legal terminology.
    ...
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    Thanks for the advice - I'm thinking that it's...

    Thanks for the advice - I'm thinking that it's probably cleaner, and less problematic, to keep them separate from the business :-)
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    I don't think it matters that I bought the stock...

    I don't think it matters that I bought the stock before I started trading as I was a genuine collector, so in that respect I'm just like any other private individual who decides to sell some of their...
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    I agree - the logical consequence of this is that...

    I agree - the logical consequence of this is that stock introduced from the owner's private goods should be valued at market value minus a sensible estimate of selling costs?
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    Thanks for your answer - I have a follow up...

    Thanks for your answer - I have a follow up question :-)

    If I bring stock in at current market value, then this will generate a very useful cash flow boost when sold, but is also likely to trigger...
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    Capital introduced

    Hi all,

    I am a sole trader dealing in second hand music memorabilia.

    I would like to introduce some of my own private collection as stock.

    What value should I bring them in at:

    1) Their...
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    Not if they could demonstrate that they were...

    Not if they could demonstrate that they were acting on advice, in the form of a communication from the scheme advisors, or from their accountant?
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    Although, the amendment does specify that "P knew...

    Although, the amendment does specify that "P knew that the loan or quasi loan should have been accounted for as income in the relevant year": doesn't that place a large burden of proof on HMRC - the...
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    So, if we reported the annual LLP profit shares,...

    So, if we reported the annual LLP profit shares, but not the loans, then we would not benefit from NC31? The overdrawn capital balances (loans) were disclosed when HMRC made inquiries, but as they...
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    Fiannce Bill

    Although ... doesn't the fact that they were relying on legislation, i.e. the Finance Bill, to bring the LC into law indicate that, perhaps, HMRC don't have great confidence in being able to use case...
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    Finance Bill

    So this would be based on common law/precedent and the Finance Bill would no longer be relevant (due to the retrospective element being removed)?
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    Finance Bill

    So, on the basis that the LC becomes prospective (I know this is still unlikely), but we still have open years (pre-2017), then on what basis could HMRC apply tax + penalties + interest on us?
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    Finance Bill

    Does anyone know if there are any proposed amendments to the effect that all retrospective elements of the bill are removed? I've clicked through on the link but can't see anything that stands out,...
  15. Can you grant me PM rights please?

    Can you grant me PM rights please?
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