To:Ali
CC:Craig Muncie
From:Claire Keane
Date:02/11/2011
Re:Information regarding Badges of make do and ad valorem tax Overview
Information regarding Badges of Trade and VAT Overview
BUSINESS impose OUTCOME 5
CLAIRE KEANE
AS A RESULT OUR DISCUSSION devil WEEKS AGO WHEN YOU ADVISED ME OF YOUR CONCERNS OVER TAX ISSUES DUE TO YOUR pursual OF RESTORING CARS WHICH YOU ARE THEN ABLE TO SELL ON FOR PROFIT, I HAVE COMPOSED THIS MEMO. AS I DO not HAVE ENOUGH entropy TO ADVISE OR take in RECOMMENDATIONS ON THESE CONCERNS, I HAVE PROVIDED RELEVANT INFORMATION WHICH SHOULD go YOU IN DETERMINING IF YOU SHOULD REGISTER AS SELF assiduous FOR INCOME TAX PURPOSES. I HAVE ALSO INCLUDED INFORMATION REGARDING VAT REGISTRATION, ACCOUNTING AND ADMINISTRATION FOR YOUR CONSIDERATION.
For your ease I name not conformed with the traditional memo layout but have quite broken the information down into five sections with sub sections particularisation the key points of the subject. These sections are as follows.
1. Badges of Trade
2. Value Added Tax
3. VAT principles
4. VAT Accounting
5.
VAT Administration
Section 1
Badges of Trade
It is important to firstly indentify if the buying, modifying and selling of the cars tummy be classed as trading. This is necessary because non-trade transactions are taxed differently. and then a number of tests have been developed to asses this. These are what as known as Badges of Trade which I have outline for you below.
Profit Seeking Motive
When a transaction is entered into it is necessary to regain if there has been a profit seeking motive. It is not needfully the existence of a profit that is important, it is the motive to earn one. If this motive has been the initial factor behind it then this is strong deduction of trading, but is in itself conclusive.
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