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A B C D E F G H I J K
1 1 Ricardo Ltd
1.1
- The fundamental principle of confidentialy is at threat due to the implied VAT work as this principle prevents the company's
2 accountant from disclosing confidential information acquired as a result of professional relationship.
- Self interest is also a fundamental pricniple at threat as Ricardo Ltd has implied that VAT advisory way may be available
meaning that the firm have an interest in gaining this work therefore may disregard this error to secure the work.
1.2
- The firm should advise the finance director of Ricardo Ltd to disclose the error to HMRC and pay back the £24,000.
- As the engagement letter does not give authority to disclose the error to HMRC the fimr should ask Ricardo Ltd for authority
to disclose.
- The firm should warn Ricardo Ltd of the possible legal consequnces of the refusal to allow her to disclose th error, including
4 interest and penalties.
- The firm should advise Ricardo Ltd that if it refuses to allow her to advise HMRC of the error then they will have to resign. If
the firm do ressign they must not disclose to HMRC why they have ceased to act.
- The firm should document the advice given to Ricardo Ltd.
- If Ricardo Ltd do not inform HMRC or allow the firm to disclose this means a crime has been committed and the error can be
covered under anti-money laundering legislation. This may then require the firm to make a SAR to the NCA.
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1 2 Spice Ltd
3 2.1 SDLT
4 0-125000 3% 125000 3750
5 125001-250000 5% 125000 6250
6 250001-925000 8% 200000 16000
7 450000 26000
SDLT Payable
9
26000
10
Land transaction form and SDLT is payable 14 days after the transaction occuring thus should have been paid 24th May 2019.
11 As the land transaction form was submitted 14th July 2020, which is over a year late than the due date the maximum pentalthy
is the tax chargeable i.e 26000
12
13
14 2.2
- VAT is payable on the purchase price of both at a standard rate of 20% because these are new buildings used for
15
commercial purposes.
- Lease of any building is an exempt supply which means that Spice Ltd may not be able to recover VAT. However, if Spice Ltd
decide to opt to tax which means they opt to waive the exemption from VAT so that input tax relating to supply can be
recovered. If they want to do this it means they must charge standard rated VAT on Lease of the building - rents and lease
16
premiums. This also means that standard rated VAT must apply to the sale of the building within 20 years of opting to tax since
opting to tax is irrecoverable for 20 years, after 6 month cooling period. Also, if Spice Ltd decide to opt to tax this election is
made on the whole building and by Spice Ltd and is not transferable.
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119
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1 3 David
3 3.1
October 2012 July December

4
2018 2019
5 CLT CLT PET
6 Transfer value 265000 25000
7 AE CY -3000 -3000
8 AE PY -3000
9 Chargeable transfer 157000 259000 22000
10
11 Chargeble amount 157000 259000
12 NRB -157000 -168000
13 Taxable amount 0 91000
14 Lifetime tax @ 20% 0 18200
Gross chargeable 157000 259000

15
transfer
16
Gross chargeable More than 7 years 259000

17
transfer
18 Fall in value relief 0
19 NRB available -157000
20 Taxabl amount 102000
21 IHT @ 40% 40800
22 Tapered amount 20400
23 QSR
24 Lifetime tax paid -18200
25 Death tax 145000
26
27
28 Death estate
29 London home 645000
Farmland - no APR, no 222000

30
BPR
31 Shares in Ashton Ltd
32 1250-250 = 1000 13.6 13600
33 1000/4800 0.21
34 Funeral -6450
35 Less charity exemption
36
37 3.2
38 Gain on sculpture W1 11440
1/5
39 Gain on treasury stock 13500
W2
40 Gain on land W2 25845
41 AEA -12000
42 Capital gains 38785
43
Capital gains tax 7757

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payable @ 20%
45
46 W1 Scuplture
47 Normal gain 5/3
48 proceeds 17000 5/3(15640-6000) 16067
49 auctioner fees -1360
50 cost -4200
51 gain 11440
52
53 W2 Stocks
54 proceeds 29500
55 cost -16000
56 13500
57
58 W3 Land
59 Proceeds 75000
60 Selling costs -3700
61 Cost -45455
100000*
62
(75000/75000+900000)
63 Gain 25845
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1 4 Monello Training Ltd
4.1 UK Overseas Prop Overseas Total

3 Income Income 1 Prop Income
2
5 UK Income 400000
Overseas prop income 1 150000

6
126000*(100/84)
Overseas prop income 2 140000

7
107800*(100/77)
8 TTP 400000 150000 140000
9 Corporation tax @ 19% 76000 28500 26600 131100
10 Less DTR:
11 Overseas prop 1 (W1) -24000
12 Overseas prop 2 W2 -26600
13 Corporation tax payable 80500
14
15 DTR Prop 1
16 Lower of:
Overseas tax suffered 24000

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(150000*0.16)
18 UK Tax 28500
19 Therefore 24000
20
21 DTR Prop 2
22 Lower of:
Overseas tax suffered 32200

23
(140000*0.23)
24 UK Tax 26600
25 Therefore 26600
26
27
28 4.2
29
30 Gain on land 406339
31 Gain on shares 7622318 7622318
32 Gain on offices
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34 Chargeable gains
35
36 Land
37 Proceeds 445000
1/5
38 Cost
100000* -33086
39
(445000/445000+900000)
40 Unindexed gain 411914
41 Indexation allowance
(278.1-238)/238 = -5575
42
0.168*33086
43 0.168 406339
44
45 Shares
46 Proceeds 7685000 s104 pool
Cost -35000 8000 22000 207.03- 0.214

47
170.7/170.7
48 Unindexed gain 7650000 4000 20000 0.214*22000 4708 26708
Less indexation (62682- -27682 12000 42000 20000

49
35000)
50 7622318 4 46708
51 35000 15974
278.1- 0.342 62682

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207.03/207.03
53 0.342*46708 15974
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What is the unindexed gain on land?

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10/13/2020 HtmlTable examples

4 0-125000 3% 125000 3750

5 125001-250000 5% 125000 6250

6 250001-925000 8% 200000 16000

October 2012 July December

5 CLT CLT PET

6 Transfer value 265000 25000

9 Chargeable transfer 157000 259000 22000

11 Chargeble amount 157000 259000

12 NRB -157000 -168000

13 Taxable amount 0 91000

14 Lifetime tax @ 20% 0 18200

Gross chargeable 157000 259000

Gross chargeable More than 7 years 259000

18 Fall in value relief 0

19 NRB available -157000

20 Taxabl amount 102000

21 IHT @ 40% 40800

22 Tapered amount 20400

24 Lifetime tax paid -18200

25 Death tax 145000

29 London home 645000

Farmland - no APR, no 222000

32 1250-250 = 1000 13.6 13600

35 Less charity exemption

38 Gain on sculpture W1 11440

42 Capital gains 38785

Capital gains tax 7757

47 Normal gain 5/3

48 proceeds 17000 5/3(15640-6000) 16067

49 auctioner fees -1360

60 Selling costs -3700

1 4 Monello Training Ltd

4.1 UK Overseas Prop Overseas Total

Overseas prop income 1 150000

Overseas prop income 2 140000

8 TTP 400000 150000 140000

9 Corporation tax @ 19% 76000 28500 26600 131100

11 Overseas prop 1 (W1) -24000

12 Overseas prop 2 W2 -26600

13 Corporation tax payable 80500

Overseas tax suffered 24000

Overseas tax suffered 32200

30 Gain on land 406339

31 Gain on shares 7622318 7622318

40 Unindexed gain 411914

46 Proceeds 7685000 s104 pool

Cost -35000 8000 22000 207.03- 0.214

48 Unindexed gain 7650000 4000 20000 0.214*22000 4708 26708

Less indexation (62682- -27682 12000 42000 20000

278.1- 0.342 62682

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