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Thread: Anyone who needs TAX / Accounting Advice

  1. #71
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    Quote Originally Posted by Imp View Post
    Hi i meant entertainment for staff such as year end functions or team building events.
    AFAIK you won't be able to claim input VAT on the end of year staff function, but teambuilding might also be described as training...
    The trouble with opportunity is it normally comes dressed up as work.

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    Hi Itai. I have a property business and may receive funds from abroad from potential investors. Are these funds deemed to be income in the current tax year (i.e. when funds are received)? Would my business be taxed on the entire funds or may I deduct certain costs/expenses etc.? What rate of tax would that be...??
    I would appreciate some input if you can assist. I am not very good at the finance stuff...
    Many Thanks

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    If the funds are an investment (loan or equity) then they are not income and are not taxed.

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    Share Transfer

    Hi Itai,

    My Client has shares in a company( Lets call this company X). Now he wants to start a new company (company Y). He wants to use the shares that he owns in company x as initial capital in company Y. This will then be the only assets in company Y. What would the tax effect be on this transaction?


    Regards

    Juan-Pierre

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    Hi,

    I have the following query in regards to the tax treatment of interest:

    Hypothetically speaking, if I started a company but could not obtain a bond in the companies name to purchase a property. If I obtain the bond in my personal capacity to fund buy the property in the companies name creating a loan account owing to me in the company, so not to be out of pocket the company will pay me the interest on the loan account which equals the amount of interest I am charged on the bond.

    Now the question is the interest earned from the business is that taxable?

    I feel this is not as the bond was specifically obtained to fund the purchase of the building, thus there must be some sort of exemption that I can play the interest paid on the bond against the interest earned from the company(loan account created due to using the bond the purchase the property in the companies name).

    Please can anyone assist in this regard.

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    You, in your personal capacity, would claim the interest on mortgage as an expense against the loan interest received. Presumably they would equate each other.

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    Quote Originally Posted by Andromeda View Post
    You, in your personal capacity, would claim the interest on mortgage as an expense against the loan interest received. Presumably they would equate each other.
    Thank you for the response, is there any article you can direct me to that would support this?

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