Streetwise Thread - Tax Posts

[fluffystuff]

Re: Bank threatening to appoint L.P.A. receivers.

Garlok, with utter respect, I am afraid you are quite wrong concerning corporation tax, only a Limited Company is liable for this as planB has stated.
Yes, there are certain legal returns a Limited Liability Partnership ( LLP ) for example, is obliged to make, but the partners in that business are taxed as individuals via self assessment. Likewise, a simple partnership is taxed in the same way.

My husband and I have, over the years, been involved with all three scenarios.

x

[Streetwise]

Re: Bank threatening to appoint L.P.A. receivers.

Sorry planB I would not start boasting about that in public. I think that it became law with the enactment of the Companies Act 2006 but it may have been a piece of legislation which crept onto the Book via a Finance Act at about the same time, BUT and its a HUGE BUT, all self employed, trades, sole proprieterships, partnerships, LLP's clubs, associations, societies and I believe charities were brought under the umbrella of the regulations governing Corporation Tax and most of the necessary regulations of keeping records. There are some small exemptions to the record keeping side but they have to be applied properly and all the necessary returns made to HMRC. The real reason that not much has been done about it is the lack of resources within HMRC. A lot of people have deluded themselves into believing that it does not apply to them or that they will not get caught.

However in a case like this where an estate that has not been discharged properly (clearly admitted so by the OP) do you really think that HMRC will not suddenly sit up and take notice? They have watchers actually charged with these tasks! From what i can see of the OP's posts and rsponses to the questions raised he is on the road to a claim by the bank that he behaved negligently as the executor of his PARTNER'S (common law wife) estate. He cleverly avoided all references to the "business" yet this business he claims holds significant assets of the estate. Has he examined in detail the books of account for this business? Clearly not on his own admission hence the assumption will be made that this is a business "below the radar" and operating in the shadows..

Hey I am the side of everyone seeking help on this forum, but what the hell do you think will happen if anyone really gets the bit between their teeth over this? This all based on the responses he has made all over these and other forums. If heaven forbid I was the creditor and a forensic accountant I would already be in the High Court taking him apart by the seams. And it seems to be the case that the bank have already sussed this out and are moving against him apace.

regards
G

How can the estate be discharged properly if I cant get the bank to play Ball, all that's in the Estate is the Family Home and my late partners share in the flats that may or may not make a profit.

[garlok]

Re: Bank threatening to appoint L.P.A. receivers.

I don't think streetwise is not being honest. Perhaps he's just not business savvy. Isn't corporation tax only relevant if the business was a limited company? I have a business partner and we're both sole traders. No corporation tax issues for us.

I also don't think the OP is wasting my time.

Sorry planB I would not start boasting about that in public. I think that it became law with the enactment of the Companies Act 2006 but it may have been a piece of legislation which crept onto the Book via a Finance Act at about the same time, BUT and its a HUGE BUT, all self employed, trades, sole proprieterships, partnerships, LLP's clubs, associations, societies and I believe charities were brought under the umbrella of the regulations governing Corporation Tax and most of the necessary regulations of keeping records. There are some small exemptions to the record keeping side but they have to be applied properly and all the necessary returns made to HMRC. The real reason that not much has been done about it is the lack of resources within HMRC. A lot of people have deluded themselves into believing that it does not apply to them or that they will not get caught.

However in a case like this where an estate that has not been discharged properly (clearly admitted so by the OP) do you really think that HMRC will not suddenly sit up and take notice? They have watchers actually charged with these tasks! From what i can see of the OP's posts and rsponses to the questions raised he is on the road to a claim by the bank that he behaved negligently as the executor of his PARTNER'S (common law wife) estate. He cleverly avoided all references to the "business" yet this business he claims holds significant assets of the estate. Has he examined in detail the books of account for this business? Clearly not on his own admission hence the assumption will be made that this is a business "below the radar" and operating in the shadows..

Hey I am the side of everyone seeking help on this forum, but what the hell do you think will happen if anyone really gets the bit between their teeth over this? This all based on the responses he has made all over these and other forums. If heaven forbid I was the creditor and a forensic accountant I would already be in the High Court taking him apart by the seams. And it seems to be the case that the bank have already sussed this out and are moving against him apace.

regards
G

[PlanB]

Re: Bank threatening to appoint L.P.A. receivers.

Now we have yet another contradiction and another complication which I was concerned about in earlier posts. I said "partner" and "legal spouse" etc. Was told in no uncertain terms "WIFE" Now told in this most recent post by the OP "NOT MARRIED". Blimey this is a mess and I am going to speak with Niddy later in the day as I am beginning to have serious doubts about all of this and wasting my time and efforts and those of everyone else on this forum.

If the OP cannot be honest with himself let alone us then we have nothing to offer. I surprised at the reluctance shown to go get a solicitor instructed, or perhaps I am beginning to. The small matter of Corporation tax returns as now required for businesses, clubs associations, charities etc has not even been tackled yet concerning the "business" which has been freely admitted exists.

I don't think streetwise is not being honest. Perhaps he's just not business savvy. Isn't corporation tax only relevant if the business was a limited company? I have a business partner and we're both sole traders. No corporation tax issues for us.

I also don't think the OP is wasting my time.

[garlok]

These posts are a combination of removed posts from the main thread here: --> http://forums.all-about-debt.co.uk/s...-P-A-receivers

Thanks

Niddy


Thanks Mrs D. Absolutely correct. Now we have yet another contradiction and another complication which I was concerned about in earlier posts. I said "partner" and "legal spouse" etc. Was told in no uncertain terms "WIFE" Now told in this most recent post by the OP "NOT MARRIED". Blimey this is a mess and I am going to speak with Niddy later in the day as I am beginning to have serious doubts about all of this and wasting my time and efforts and those of everyone else on this forum.

If the OP cannot be honest with himself let alone us then we have nothing to offer. I surprised at the reluctance shown to go get a solicitor instructed, or perhaps I am beginning to. The samll matter of Corporation tax returns as now required for businesses, clubs associations, charities etc has not even been tackled yet concerning the "business" which has been freely admitted exists.

regards
G