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Goodwill tax relief
Hi every body
I will be grateful if someone answer my question. One of my client has paid £5000 to a third party for goodwill in 2018 for acquiring an existing business. Please let me know if there is any corporation tax relief for amortisation on Goodwill?
Please give an example?
Many thanks
Abbas
I will be grateful if someone answer my question. One of my client has paid £5000 to a third party for goodwill in 2018 for acquiring an existing business. Please let me know if there is any corporation tax relief for amortisation on Goodwill?
Please give an example?
Many thanks
Abbas
Re: VAT on sales and purchsae
Okay, well taking them in order:
1) Outside the EU is outside the scope of VAT, so you're spot-on with No VAT.
2) This one is a bit more murky; depending on the particular transaction, it could be 0% or it could be Exempt. Some things (e.g. insurance, postage, travel fares) are exempt. Most of the rest are 0%. There's a fairly complete list available on HMRC's website:
https://www.gov.uk/guidance/rates-of-vat-on-different-goods-and-services
3) Again, can be a few cases:
A sale to the EU would be at 0% for you. Because you are VAT registered, the EU customer would account for their purchase from you under the reverse charge scheme.
A purchase from the EU depends on whether the supplier is VAT registered or not.
If they are not, then it's a 0% transaction.
If they are and they charged you their country's equivalent of VAT, then you would have to reclaim it in their country.
If they are but they did not charge you their equivalent of VAT, then you would account for it under the reverse charge scheme (in which case it has no net effect on your VAT anyway).
I hope all of this has been fairly clear.
1) Outside the EU is outside the scope of VAT, so you're spot-on with No VAT.
2) This one is a bit more murky; depending on the particular transaction, it could be 0% or it could be Exempt. Some things (e.g. insurance, postage, travel fares) are exempt. Most of the rest are 0%. There's a fairly complete list available on HMRC's website:
https://www.gov.uk/guidance/rates-of-vat-on-different-goods-and-services
3) Again, can be a few cases:
A sale to the EU would be at 0% for you. Because you are VAT registered, the EU customer would account for their purchase from you under the reverse charge scheme.
A purchase from the EU depends on whether the supplier is VAT registered or not.
If they are not, then it's a 0% transaction.
If they are and they charged you their country's equivalent of VAT, then you would have to reclaim it in their country.
If they are but they did not charge you their equivalent of VAT, then you would account for it under the reverse charge scheme (in which case it has no net effect on your VAT anyway).
I hope all of this has been fairly clear.
Recommendations for a beard trimmer
Hi Folks
I've recently started growing a beard and in the process of buying my first beard trimmer. The are lots around and don't know which one to buy.
I haven't used a trimmer before so I want one that is easy to use which also gives me minimum chance of 'messing it up'.
Any recommendations greatly appreciated.
Thank You.
I've recently started growing a beard and in the process of buying my first beard trimmer. The are lots around and don't know which one to buy.
I haven't used a trimmer before so I want one that is easy to use which also gives me minimum chance of 'messing it up'.
Any recommendations greatly appreciated.
Thank You.
Re: Treatment of compensation received for road accident
Who received the cheque? Why would it be income?
Unsatisfactory learning delivery system by AAT results in poor performance at Synoptic Assessments
I had my exam on the 9/7/19. I had studied really hard. My previous exam result was 97 per cent. Though no point learning German if they will test you on Chinese. I am very angry with AAT. Most of the questions were completely unfamiliar to me. AAT has no right to test students on material that they failed to deliver. I can write a book about the failures to deliver this course! That's how bad it is. During the year I wrote an anonymous warning letter to my college about unsatisfactory teaching - learning process.
I know I failed this exam and that's was not my expectation. Half a problem - useless lecturers. BUT, when AAT keep their exam questions as Russian KGB keep their top secrets, the lecturers did not know what to prepare us for.
Hello there! You are a LEARNING PROVIDER! (though the word learning is the odd one). You are there to provide quality learning, Why can you not upload some 500 to 5000 practice questions online, that I can at least practice them? When you fail to employ proper lecturers, to provide me with proper books... I paid upfront £1600 or so.
For comparison, I can give you a bilingual dictionary and a Russian grammar textbook and will test you on writing a story in Russian. You will fail . The reason is - the learning process is much more than giving you a textbook and two samples of assessment.
I am going public about AAT as a con learning provider. I am going to write about non existent teaching and non existent support that result in frustration of all those students who fail and fail and fail. That's not them, that AAT fails!
Look at the results, there 10 to 30 per cent of pass (my guess, I asked my college to provide me with the results of passes at first attempt and the number of attempts, so far silence). I looked at the SQA results in accountancy, they have 58% of A and B. Some difference! Managers delivering 10 to 30 per cent of budget would be sacked. And I am not leaving the case about AAT testing me on material they failed to teach.
I know I failed this exam and that's was not my expectation. Half a problem - useless lecturers. BUT, when AAT keep their exam questions as Russian KGB keep their top secrets, the lecturers did not know what to prepare us for.
Hello there! You are a LEARNING PROVIDER! (though the word learning is the odd one). You are there to provide quality learning, Why can you not upload some 500 to 5000 practice questions online, that I can at least practice them? When you fail to employ proper lecturers, to provide me with proper books... I paid upfront £1600 or so.
For comparison, I can give you a bilingual dictionary and a Russian grammar textbook and will test you on writing a story in Russian. You will fail . The reason is - the learning process is much more than giving you a textbook and two samples of assessment.
I am going public about AAT as a con learning provider. I am going to write about non existent teaching and non existent support that result in frustration of all those students who fail and fail and fail. That's not them, that AAT fails!
Look at the results, there 10 to 30 per cent of pass (my guess, I asked my college to provide me with the results of passes at first attempt and the number of attempts, so far silence). I looked at the SQA results in accountancy, they have 58% of A and B. Some difference! Managers delivering 10 to 30 per cent of budget would be sacked. And I am not leaving the case about AAT testing me on material they failed to teach.
PAYE Schemes & Holiday
Hi guys, just a quick question as I am bit confused here. Lets say there was a sole trader who was already operating PAYE scheme (had about 10 employees). The sole trader opened LTD company, HMRC have requested for the sole trader to open a new PAYE scheme for LTD company and cease the sole traders PAYE scheme.
New PAYE scheme have been opened, new employment contracts have been issued, all employees have been moved to new PAYE scheme, started fresh employment with LTD company.
The payroll bureau have simply carried forward all of the holiday pay that employees had accrued while they were on sole traders PAYE scheme to LTD PAYE scheme.
Two questions;
1) Can you do this? Can you roll forward holiday pay when moving from sole trader to LTD and operating under different PAYE schemes?
2) How can I now show in the accounts that holiday pay have been paid? Well for example £100 have been carried forward from sole traders PAYE scheme, therefore this is a liability of a sole trader and not a LTD as LTD is a separate entity? But on the LTD’s payslips to the employees it shows that that’s what’s owing to them from LTD company...
Any help would be appreciated.
New PAYE scheme have been opened, new employment contracts have been issued, all employees have been moved to new PAYE scheme, started fresh employment with LTD company.
The payroll bureau have simply carried forward all of the holiday pay that employees had accrued while they were on sole traders PAYE scheme to LTD PAYE scheme.
Two questions;
1) Can you do this? Can you roll forward holiday pay when moving from sole trader to LTD and operating under different PAYE schemes?
2) How can I now show in the accounts that holiday pay have been paid? Well for example £100 have been carried forward from sole traders PAYE scheme, therefore this is a liability of a sole trader and not a LTD as LTD is a separate entity? But on the LTD’s payslips to the employees it shows that that’s what’s owing to them from LTD company...
Any help would be appreciated.
Re: Using Accounting Software Exam AQ2016 HELP!
Sage 50 is a more advanced version which needs to be downloaded on to your computer. Sage One can be accessed anywhere from the website online.
Re: Spelling mistake on the banner photograph
Thanks for the heads-up. It's now on my to-do list.
Paul
Paul
Re: Completed Foundation Certificate, need advice on next steps with no work experience!
"but that also gives you their monkey laundering cover"
Not sure that Monkey Laundering is entirely ethical or even legal!
Not sure that Monkey Laundering is entirely ethical or even legal!
