-
Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Recent content by Bradley
-
B
Calling it a day in 12-24 months - and Entrepreneur's relief
The legislation talks about activities and not anything about the size of the investment. Most tax commentators agree that the passive holding of property or cash etc doesn't affect the availability of ER. Some think that doing this isn't even an activity for the purposes of the legislation.- Bradley
- Post #13
- Forum: Accounting / Legal
-
B
Calling it a day in 12-24 months - and Entrepreneur's relief
Non-trading activities Non-trading activities HMRC CG64055 TCGA92/S165A(3) defines a “trading company” as a company which carries on trading activities and does not carry on other activities to a substantial extent. TCGA92/S165A(8) similarly defines “trading group” as a group of companies...- Bradley
- Post #12
- Forum: Accounting / Legal
-
B
Calling it a day in 12-24 months - and Entrepreneur's relief
holding a BTL property doesn't stop you getting ER but the MVL TAAR may holding a BTL property doesn't stop you getting ER but the MVL TAAR may the ER test is to do with time spent on other activities other than trading. If the BTL property is managed by an agent then you probably spend not...- Bradley
- Post #8
- Forum: Accounting / Legal
-
B
What after 40K limit?
Why would you pay a commercial rate of interest? Why would you pay a commercial rate of interest? Surely you would just max out your basic rate band and then take the rest as an interest free loan from your company making sure to clear the balance before the 9 months plus one day time limit...- Bradley
- Post #8
- Forum: Accounting / Legal
-
B
Quick pension query
Don't Agree Don't Agree I'm sure you didn't mean to but you're putting words in my mouth. The decision to limit the quote was deliberate as imo it was implied that the person posting the query was a controlling director. 47105 only applies to friends or relatives because it is not intended...- Bradley
- Post #8
- Forum: Accounting / Legal
-
B
Quick pension query
BIM 46035 BIM 46035 HMRC Business Income Manual states: I.e. it doesn't need to be 100% of income but can be more or less.- Bradley
- Post #6
- Forum: Accounting / Legal
-
B
How much salary do you pay yourself?
I Don't Think HMRC Know Either ... I Don't Think HMRC Know Either ... This is from the IR35 Forum Minutes at HM Revenue & Customs: IR35 Forum - Minutes In other words "we're not inconsistent in our approach but we're going to act to reduce inconsistency". Cake ... eat it ...- Bradley
- Post #12
- Forum: Accounting / Legal
-
B
Directors loan to pay off mortgage
Value Shifting? Value Shifting? HMRC would absolutely not question the timing of a distribution in the way you suggest. I think that you are probably implying that the transactions in securities legislation could apply here but that is not a proper reading of s684 imho. If you're that...- Bradley
- Post #9
- Forum: Accounting / Legal
-
B
Directors loan to pay off mortgage
Read it more carefully ... Read it more carefully ... So you'll see from what is said that they will question it when a loan is repaid in a way that does not result in a tax charge e.g. by temporarily replacing the loan with another loan. Declaring a dividend does create a tax charge albeit...- Bradley
- Post #7
- Forum: Accounting / Legal
-
B
Directors loan to pay off mortgage
Thats Not Correct Thats Not Correct HMRC would not question the repayment of a loan by dividend shortly followed by a new loan. The HMRC manuals talk about loans as being a method of avoiding income tax on dividends so it would be easy to refute an HMRC attack on the basis that a loan had...- Bradley
- Post #5
- Forum: Accounting / Legal
-
B
SIPP payments from LtdCo
I may be misinterpreting you but ... I may be misinterpreting you but ... You can of course make a loss and still get the company to make SIPP payments; whether you've got the cash to do it is another matter. I'd get the company to pay the contributions to the SIPP. After all, paying them...- Bradley
- Post #3
- Forum: Accounting / Legal
-
B
Tax liability dilemma
Do try and think things through Do try and think things through Why on earth would you enter a formal liquidation process? This would not be an insolvent company based on what's been said so far.- Bradley
- Post #11
- Forum: Accounting / Legal
-
B
Tax liability dilemma
No need to pay No need to pay As a warning I would say that if the period to 31st May 2011 is longer than 12 months it could be that the s455 tax is due earlier as it is 9 months after the end of the company's accounting period for tax purposes that matters e.g. 17 months to 31st May 2011 =...- Bradley
- Post #6
- Forum: Accounting / Legal
-
B
'Entrepreneurs Relief' for limited company what is the best strategy to apply for it?
Rip esc c16 Rip esc c16 First of all the lifetime limit is £10m - if only! ESC C16 refers or referred to a procedure whereby you could ask the Revenue for permission to treat dividends paid when informally winding-up as if they were capital gains. The Entrepreneur's Rate - the relief part...- Bradley
- Post #17
- Forum: Accounting / Legal
-
B
'Entrepreneurs Relief' for limited company what is the best strategy to apply for it?
4th Technical Consultation 4th Technical Consultation Your accountant no doubt is referring to the 4th Technical Consultation on the withdrawal of Extra Statutory Concessions. At a time yet to be determined - probably after the summer - you won't be able to treat capital distributions from...- Bradley
- Post #14
- Forum: Accounting / Legal
