Although not addressed in this case, the legal and accounting fees incurred by the sale of shares by the owner/manager are also taxable benefits when paid by the company, but often transactions involving the sale of shares also require some significant corporate work as part of the transaction. If there is an equitable distribution of those costs between the company and the shareholder(s), the amounts allocated to the company should be deductible without benefiting from taxable benefits to shareholders. The rule here is that you can claim maintaining/improving your required skills in business, but not acquiring new skills. For example, an IT contractor who participates in a computer course is allowed, but learning to become a pilot would not be allowed. On the other hand, expenses incurred by a company to prevent any change in the identity of shareholders are not allowed. For more information about takeover bids, see BIM38260. As with a car, you can also claim for a motorcycle a mileage of 24p per mile and 20p per mile for a bike. Don`t forget to write down your miles, even cycling to the bank for business is allowed. In court, it was accepted that the US$1500 lawyer`s fees paid for the establishment of the family trusts were personal and represented the benefits of the shareholders.
However, the company argued that the reorganization of the company, including the reorganization and modification of the company`s share capital and the freezing of the estate, were necessary business expenses of the company and not expenses in the personal interest of the owner/manager. If you need the help of a lawyer and their service is related to the transaction, the fees are eligible. When it comes to capital positions, costs must be activated by investments. If you pay for the legal work of raising capital or drawing up shareholder agreements, these fees are also not allowed. While each proceeding depends on its own facts, this decision of the Finanzgericht, in Truck Base Corporation against Queen, has jurisdiction to assert that the company has its own legitimate interest and that the expenses it will incur incurred in connection with those interests should be deductible from the company, even if the shareholders have a significant personal interest: close the freezing of the succession or establish a shareholders` agreement. as in this case….