HMRC Admin 13 Response

Hi

You can use the HMRC tool to calculate the value of the company car: 
Which tax year do you want to calculate for?

Then you can use this link to calculate your income tax:
Check your Income Tax for the current year. 

We are unable to offer financial advice. 

Thank you

Hi Normally, making an investment that yields investment income would not count as a trading activity. If you are carrying out these transactions, specifically trading as a business, then the income and expenses would be declared on a self assessment tax return as self employment income. Where the investments are carried out as an individual and not a business, then the gains would be taxed as capital gains. Thank you

Hi

We cannot advise advise how much tax will be payable, only explain how you can calculate the liability.  
There is a calculator at  Tax when you sell property: Work out your gain.  
As there is no capital gains tax arising from the transfer of assets between husband and wife, your mum will receive your late father's 50% share free of capital gains tax, using the acquisition cost in 2008, so the whole acquisition cost will be that paid in 2008.  
The calculator will also require details of income such as pensions, state pensions etc.  
Following on from the calculator is a link to register for a capital gains account, where the gain can be reported and the tax paid.  
Please note that if there is a gain, your mum will have 60 days from the completion date, to report and pay the capital gains tax.

Thank you

Hi

If you are providing services overseas which the Place of Supply Rules deem as Outside The Scope of VAT then this is not taxable turnover and would not go towards the current £90k threshold for Registration purposes.
Please see the guide below:
Place of supply of services (VAT Notice 741A) Section 6
If you make only supplies overseas which would be taxable in the UK then you can register voluntarily for VAT.
Please see the guidance below, specifically section 2.9
Who should register for VAT (VAT Notice 700/1)
If you make specified supplies of insurance or finance you are also able to register voluntarily for VAT.
Please see section 2.7 of the following guidance:
Who should register for VAT (VAT Notice 700/1)
If you become registered for VAT voluntarily and you make supplies to customers in the UK then you will need to charge VAT in the normal way
Once you become VAT registered you are allowed to reclaim VAT as input tax if the VAT is incurred in the furtherance of your business.
You are also entitled to reclaim VAT incurred prior to your Registration date.
Please see the guidance below:
VAT guide (VAT Notice 700) Section 10 & VAT guide (VAT Notice 700) Section 11

I would recommend choosing option 2 on the application. It is still a voluntary registration as there is no requirement to register for VAT and that is already assumed on the application.

Thank you

Hi The UK business customer does not need to be VAT registered in order for the reverse charge procedure to be used. For the reverse charge to be applicable the customer needs to be in business. This could be as a limited company or as a sole trader for example. When providing services from overseas it is always beneficial to get some evidence to show that the UK customer is in business and receiving your supply for a business purpose. If the parent company supplies these kind of services then the UK business customer would need to account for the VAT on the reverse charge procedure. Thank you

Hi

If the parent company supplies these kind of services then the UK business customer would need to account for the VAT on the reverse charge procedure.

Please see the guidance below as to how the reverse charge procedure works:
Place of supply of services (VAT Notice 741A) Section 5

Thank you

Hi HMRC will only accept that a business is established in the UK if the business is incorporated with Company's house and it does receive supplies at it's registered office. Although there is no precise definition of what these business type supplies would be, the supplies would have to be of a kind that helps or allows the business to trade. The receipt of correspondence for example would not be deemed 'a supply'. Thank you

Hi

Please see the guidance at:
Complete your VAT Return to account for import VAT

Thank you
 

Hi
If your individual share of the rental income for the tax year exceeds £10,000.00 (i.e., before allowable expenses), or your individual share of the rental profit for the tax year exceeds £2,500.00 (i.e., after allowable expenses) then you are required to register for Self Assessment and send a Self Assessment tax return to report your income and pay any tax that may be due. 
You should register before the 5th October following the end of the tax year. To register, please visit: Check how to register for Self Assessment.  
If your income / profit falls below the limits mentioned above, you can report your rental income to HMRC in writing without completing a Self Assessment return. 
The address to write to is: Pay as You Earn and Self Assessment, HM Revenue and Customs, BX9 1AS
If you write to us, please provide details of your total rental income, and a list of any allowable expenses you’ve claimed when calculating your profit. 
For help calculating your taxable profit, please visit  Work out your rental income when you let property. 
If you and your wife have unequal beneficial interests in the property and are receiving anything other than a 50/50 share of the rental profits, then you can use our ‘Form 17’ to declare your unequal shares Declare beneficial interests in joint property and income

Thank you

Hi Please call the Employer Helpline on 0300 200 3200 to discuss further. Thank you