DISTORTED THE INCOME TAX BASE AND DID NOT CORRECT THE ERROR

 4 - DISTORTED THE INCOME TAX BASE AND DID NOT CORRECT THE ERROR

If an error is found in the calculation of the tax base relating to the previous tax (reporting) period, in the current tax (reporting) period, the Small Business Accountants in Walsall tax base and the tax amount is recalculated for the period in which the specified error was made.

If it is impossible to determine the period of the error, the recalculation of the tax base and the amount of tax is performed for the tax (reporting) period in which the error was detected.

The taxpayer has the right to recalculate the tax base and the amount of tax for the tax (reporting) period, in which an error related to the previous tax (reporting) period was detected, also in cases where the mistake led to the excessive payment of tax (clause 1 of article 54 Tax Code of the UK Federation, Letter of the Ministry of Finance of UK dated 08/10/2017 No. 07-01-09 / 51246).

5 - VAT DEDUCTION BY THE LESSOR IN CASE OF TERMINATION OF THE LEASE AGREEMENT AND RETURN OF LEASE PAYMENTS

In the event of a change in the terms or termination of the contract and the return of advances paid for the upcoming supply of goods (performance of work, provision of services) sold in the UK Federation, the VAT amounts calculated by sellers and paid by them to the budget are subject to deductions. Other cases are not provided for by Chapter 21 of the Tax Code of the UK Federation.

VAT is shown by the lessor to the lessee and paid by the lessor to the budget for leasing services, in the event of termination of the contract and the return by the lessor to the lessee of a part of the amount of lease payments corresponding to the repurchase value of the leased asset paid by the lessee, the lessor cannot claim for deduction (Letter of the Ministry of Finance of Uk dated 11.09.2018 No. 03-03-06 / 1/64977).

6 - COMPENSATION OF EXPENSES TO THE LESSOR

The lessor forms the initial cost of the leased asset, including all expenses for the purchase or manufacture of the object, its delivery, bringing it into a condition suitable for use, with the exception of refundable taxes accounted for in expenses (clause 1 of article 257 of the Tax Code of the UK Federation). Property costs are written off by means of depreciation (clause 10, article 258 of the RF Tax Code). If the lessor is compensated for part of the funds from other sources, for example, from the federal budget, then the amount of compensation cannot be recognized as part of the initial cost (Letter of the Ministry of Finance of Uk dated January 21, 2016 No. 03-03-06 / 1/1942).

7 - LACK OF REGISTRATION WITH THE IFTS

In cases established by the legislation of the UK Federation, the right to property that is leased and/or the lease agreement are subject to state registration (clause 1 of article 20 of the Federal Law of October 29, 1998, No. 164-FZ "On financial lease (leasing)") ... In this case, registration is carried out by agreement of the parties in the name of either the lessor or the lessee.

The lessor or lessee, information about which was received from the registering authorities in accordance with paragraph 4 of Art. 85 of the Tax Code of the UK Federation, is subject to registration with the tax authority at the location of the leased asset - real estate or vehicles (Letter of the Federal Tax Service of Uk dated July 23, 2014 No. BS-4-11 / 14146 @).