Hey folks. Closed my co. last year with MVL online which was very straightforward - highly recommend them.
On reviewing my tax return my accountant said "The numbers look fine although one very minor point is the cost of your co. shares of £2 could be deducted from the gain. Whilst the amount is immaterial HMRC would expect a cost of the shares."
At incorporation there was only 1 share issued to me and it remained unpaid for the duration of co. existence. There were no other shares issued. Therefore I believe, for the purpose of the capital gains computation, the "cost or market value" should be 0, not £1 (or £2, not sure where he got that from!). Unless you are supposed to put nominal value in?
Accountant has gone on a break so just sense checking here, seems completely immaterial but just want to do the right thing.
Ta
On reviewing my tax return my accountant said "The numbers look fine although one very minor point is the cost of your co. shares of £2 could be deducted from the gain. Whilst the amount is immaterial HMRC would expect a cost of the shares."
At incorporation there was only 1 share issued to me and it remained unpaid for the duration of co. existence. There were no other shares issued. Therefore I believe, for the purpose of the capital gains computation, the "cost or market value" should be 0, not £1 (or £2, not sure where he got that from!). Unless you are supposed to put nominal value in?
Accountant has gone on a break so just sense checking here, seems completely immaterial but just want to do the right thing.
Ta
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