Hi, wondering if you may help me.
If our ltd company invested funds into cryptocurrency assets during the financial year, and at the end of the year resulted in negative loss, can that loss be deducted from the 'overall' annual trading activity?
So not treated seperately to the usual business trading activity fianances, and that investment loss be deducted from the total profit within the company that year to calculate the final corporation tax due?
I have had conflicting responses to this so really want to be sure, please can you let me know the below.
On my self-assessment for the past year, being a non-resident - I would not need to declare my own cryptocurrency investments and disposals? Because they are territorial and so remain the affairs of my current residence? – Is this accurate?
So if I have UK property that is all I should include?
If a non UK resident, must I declare personal investments for capital gains on my self assessment?
As far as I understand, it would only be if I had property. And so other personal investments such as Shares, cryptocurrency etc wouldn't need to he declared on the return as a non UK resident, is that correct?
Thanks, I am still not clear on the acquisition of a ltd company. So you mean there is no capital gains tax due on the sale of it at all?
No need to consider Entrepreneurs Relief in this case because being a non-resident means zero tax due on the sale of that UK based company?
I hope someone can help clarify something. If one was to sell their business, there can be the possibility that one qualifies for Entrepreneurs Relief, meaning a much smaller tax rate is applied on the profit of the sale.
I was informed recently if the director/owner of the UK ltd company is a non-resident, then there is no tax applied anyway (no standard tax and no need to apply for Entrepreneurs Relief tax) due to it being a capital gain tax and that there is none due to the non-residency status. Can someone clarify if this is true? That there is no capital gain tax at all on the sale of the business is applied and all profits of sale are then not taxed?
Yes, I realise it was a mistake after but it was done, and so my question now is what do I do about that? If I purchased the investment using £5k sent through me first, all accounted for and now the investment has been sent to the company balance sheet; should I take it back and just mark down the £5k to be identified as a Director dividend withdrawal?
Or, can it be established as a company investment still, because the company has holds investment now - which sent from me?
I have a question please I need assistance with.
Recently I made an investment for my ltd company, where I sent £5,000 from the company bank to my own personal account, as that personal account had an already-connected exchange account to purchase shares in a new project (I didn't realise I could actually open a corporate account to do this until after!)
I made the purchase directly and send the received investment to a new ltd company wallet – so it is all accounted for and held with the company now, but the process to purchase it using the £5k was made through the director's own bank transfer and thus would show movement to the director as a withdrawal on the statement.
My question is, can this be remarked and noted in accounts as a company investment still without any problems? (as the purchased stock is now in the company account control with any gains/losses being correctly accounted for annually)
Or, would I have to remark this as a personal withdrawal due to the way it was sent to the director first?
Please let me know, as my accountant is not sure how to note it on records so I want to be certain.
Either way is actually fine, but in this case, I preferred the company to have this investment rather than it be a £5k dividend the director received, as I want the company to gradually begin building up some investments using post-tax profits from the business.
Dear agent support,
In terms of a UK Ltd company trading for 3 years – If the company wishes to purchase regular investments in stocks/bitcoin for example, Is this considered ok to do so through the ltd company as long as all correctly accounted for?
There is no need for a second company?
The main business activity is trading online retail, so I am talking about a investing a monthly amount from business funds for longer term hold appreciation. (for example £500)
If one is a UK non-resident, do they have to declare personal investment assets (shares, stocks, crypto etc.) in their annual UK self-assessment?
Note this is not income, I am referring solely to assets that are not subject to any UK cap gains taxation due to non-resident status.
So for the items where no cap gains are taxed in the UK, does one need to declare them in a self-assessment return or not?