Miscellaneous questions

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Miscellaneous questions

Postby i_lose_flips » Sun Dec 04, 2011 3:44 am

Hi there,

I have a few questions I hope you can answer for me:

1) In the final year of trade, would a balancing charge increase or decrease a tax adjusted trading loss?

2) If an employee repays a taxable loan from say £70,000 to below £5,000, would the benefit be computed any differently using the average/strict method given that is has gone below £5,000?

3) In question 13 of the BPP kit, you are asked to calculate the balancing payment for an employee. In which circumstance would this occur? I thought the personal allowance would simply be adjusted in the next tax year and balancing payments only related to self-employed people.

4) If less than £100,000 is spent on long-life assets, do they get thrown into the main pool instead?

5) If companies happen to receive rental income from a furnished property, are they still entitled to a wear and tear allowance as per individuals?

6) Under gift relief, if you pay less than cost for an asset, what would your base cost be? MV on date of gift less gift relief less price paid?

Many thanks!
i_lose_flips
 
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Re: Miscellaneous questions

Postby i_lose_flips » Wed Dec 07, 2011 1:51 am

Never mind, found the answer to most of these!
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