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If the business is owned by an individual and they use a car for business then you adjust for private use in the CA comp.
If a ltd co owns the car then no private use adjustmentThe dates in the question you have provided are several years out of date – are you using the latest manual. My dates are Oct 11, June 12 and Sept 18? Dee died 1.3.24
In order to stop someone borrowing money after April and repaying it before March so that the amount outstanding on 6/4 and 5/4 are both nil (and therefore no loan bik) you use the amount at the begining of the loan and the end of the loan to work out the BIK
The answer should be – 120 +70/2This is loss relief in the opening years of a trade – look at the manual/watch the lecture to get full explanation.
The loss of £25k in 22/23 can be carried back 3 years FIFO to 19/20 and be relieved in fullFirstly you are overthinking this question. You have answered it correctly. We dont know about his wife so do not assume.
IHT is 30kNo private adjustment becasue the company owns the car. She will pay tax on the private use via the BIK rules
I think you are right. It may be that the writer of the question meant to say January 25? I am not sure but I would have split the year
I can see why you asked this.
I’m thinking that C and E are not in a group as C only owns 51% so therefore E is automatically excludedMarion is under 6 months so they cannot yet claim
Jousting has not been written off
Armour is over four years old – they should have claimed beforeThats an unusual question in so far as the property was bought a long time ago and available 8 years ago. I think that’s why
Yes you’re being asked to deal with the gain in 2024 but what happened before has an impact on the figures you use in 2024.
Correct – the £586250 is the total of the taxable amount and the IHT paid – the gross chargeable amount
in this situation you would always use opening years first becasue you go back further and generate a tax refund
