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Where Taxpayers and Advisers Meet

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by jpcentral
Wed Jul 20, 2016 8:30 am
Forum: Capital Gains Tax, CGT
Topic: Letting relief - need to be on a commercial basis?
Replies: 6
Views: 1944

Re: Letting relief - need to be on a commercial basis?

Most of those sound like revenue expenses to me so would normally be deductible against income - but there are a lot of rules covering this area and a lot more information required before giving a definitive answer. If the property was in need of that sort of expenditure it could give a reason for n...
by jpcentral
Tue Jul 19, 2016 4:56 pm
Forum: Capital Gains Tax, CGT
Topic: Letting relief - need to be on a commercial basis?
Replies: 6
Views: 1944

Re: Letting relief - need to be on a commercial basis?

Letting on an uncommercial basis doesn't affect your right to Letting Relief or PRR. What it does affect is the ability to create a loss for income tax purposes. If a property is let to a friend/relative at a rent which is below the market rent for that property, expenses can only be claimed up to t...
by jpcentral
Tue Jul 19, 2016 8:47 am
Forum: International Tax
Topic: Liquidation of sale or return goods from USA
Replies: 1
Views: 916

Re: Liquidation of sale or return goods from USA

That is a long post. There are all sorts of questions which could be asked and a detailed fact find would probably take a couple of hours just to get to grips with the overall situation and the mechanics of the business but let me put forward some thoughts. 1. Your UK company holds (and presumably o...
by jpcentral
Sat Jul 16, 2016 11:54 am
Forum: Business Tax
Topic: Self-employed and HMRC self assesment
Replies: 1
Views: 1162

Re: Self-employed and HMRC self assesment

You sound as if you are making it too complicated. Your tax return is for a full year, even though your self employed income may only have been for a part year. One of the questions on the self employment pages of a self assessment return is, "If your business ceased after 5 April 2015 but before 6 ...
by jpcentral
Fri Jul 15, 2016 8:19 am
Forum: Income Tax
Topic: Two Pensions What Tax
Replies: 2
Views: 752

Re: Two Pensions What Tax

At the end of the day, you will be taxed on your total income - Pension 1 + Pension 2 + Part Time job. These will all be added together and your personal allowance deducted to arrive at a taxable amount. This will be taxed at 20%. Pension 1 = £3,200 Pension 2 = £6,600 Part time job = £6,000 (as an e...
by jpcentral
Wed Jul 13, 2016 8:50 am
Forum: Income Tax
Topic: Employed to Self-Employed.
Replies: 1
Views: 625

Re: Employed to Self-Employed.

Ultimately it will make no difference because all of the information will be entered on a tax return and the overall tax calculated.

From a short term cashflow perspective, using your tax code on your employment income makes sense.
by jpcentral
Wed Jul 13, 2016 8:47 am
Forum: Property Taxation
Topic: accountant or IFA ??
Replies: 3
Views: 985

Re: accountant or IFA ??

Accountants, mortgage brokers and IFAs often work together because they have different areas of expertise. You will probably find that an accountant has the best overview but will not be up to date with the vagaries of the mortgage market. IHT planning often requires input from accountants and IFAs ...
by jpcentral
Thu Jul 07, 2016 5:12 pm
Forum: Property Taxation
Topic: Ltd Company or Sole Trader for 'property Trading'
Replies: 1
Views: 614

Re: Ltd Company or Sole Trader for 'property Trading'

Is anything that straightforward? There are a lot of factors to take into account. I recently spent two hours with a potential client with a similar question looking at the different options and risks involved - and he then thought of more questions. He arrived at a decision which suited his particu...
by jpcentral
Wed Jul 06, 2016 1:42 pm
Forum: Company Taxation
Topic: Staff Training
Replies: 1
Views: 993

Re: Staff Training

The general principle is that training for staff is a deductible expense and doesn't constitute a benefit in kind. It might be worth your while making an agreement that should the employee leave within (say) one year of completing the course, the cost of the course is refundable. Whether or not this...
by jpcentral
Tue Jul 05, 2016 5:37 pm
Forum: VAT & Excise Duties
Topic: VAT and zero rated items on same invoice
Replies: 4
Views: 1187

Re: VAT and zero rated items on same invoice

This is an area where the guidance can be interpreted in different ways so a definitive answer may not be possible. I would start with the question of whether your customer is VAT registered and therefore able to reclaim the VAT. If the customer can reclaim VAT, just charge it for safety because HMR...

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