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Where Taxpayers and Advisers Meet

Search found 1836 matches

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by wamstax
Thu Jan 23, 2020 1:50 pm
Forum: Business Tax
Topic: Legal Fees for Work Permit
Replies: 2
Views: 168

Re: Legal Fees for Work Permit

Unfortunately such an expense is not incurred wholly and exclusively for the purposes of earning the profits of any trade. Additionally it is not necessarily incurred in the performance of any office or employment as it would not be incurred by every holder of such office or employment
by wamstax
Wed Jan 15, 2020 12:07 am
Forum: Capital Gains Tax, CGT
Topic: CGT allowance
Replies: 5
Views: 300

Re: CGT allowance

And by the way it’s wamstax not warmstax
by wamstax
Wed Jan 15, 2020 12:06 am
Forum: Capital Gains Tax, CGT
Topic: CGT allowance
Replies: 5
Views: 300

Re: CGT allowance

Yes as long as your lettings are of the same type e.g. full rental/ tenants repairing lease etc and you would arrive at your property portfolios net profit by adding together profits/losses of all the properties that were available for letting in the year in your portfolio.
by wamstax
Tue Jan 14, 2020 6:09 pm
Forum: Capital Gains Tax, CGT
Topic: CGT allowance
Replies: 5
Views: 300

Re: CGT allowance

Repairs "to restore" to an habitable state that declined during someone's period of ownership can hardly in my view be classed as capital improvements given that the property seems to have previously been habitable but declined during the letting period. Only recourse would have been to carry these ...
by wamstax
Mon Jan 06, 2020 11:27 am
Forum: Capital Gains Tax, CGT
Topic: CGT and insurance payouts
Replies: 2
Views: 348

Re: CGT and insurance payouts

As you didn’t pay the costs of refurbishment it being covered by the insurance payout the answer is a lemon. You can claim the costs of refurbishment but must reduce the expenses by the amount of the insurance recovery
by wamstax
Mon Aug 26, 2019 10:05 pm
Forum: Company Taxation
Topic: Offsetting Business losses against Income Tax
Replies: 2
Views: 17895

Re: Offsetting Business losses against Income Tax

Yes but to add to Pawncob's explanation I would amplify that TRADE losses can only be set off against other income IF and only if a trade is carried on on a commercial basis with a view to profits but in the event a loss is incurred. If the trade never actually starts then it would not be a trade lo...
by wamstax
Sun Aug 18, 2019 10:48 am
Forum: Capital Gains Tax, CGT
Topic: Returns from third party shares
Replies: 7
Views: 9886

Re: Returns from third party shares

If there was any suggestion that you invest in cash then I would ensure that you are comfortable losing a £1m as it smacks of shadiness and I would rethink the whole proposal and a good bit more
by wamstax
Tue Aug 06, 2019 1:44 pm
Forum: Capital Gains Tax, CGT
Topic: CGT One Year Rule, I am in Shock.
Replies: 15
Views: 20489

Re: CGT One Year Rule, I am in Shock.

Read here and unfortunately apart from FURNISHED HOLIDAY LETTING the simple letting of domestic property is not a trade and therefore you are not a trader ( in relation to the simple letting) and you cannot get S152 deferral relief See https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg...
by wamstax
Tue Jul 30, 2019 11:28 am
Forum: Capital Gains Tax, CGT
Topic: CGT One Year Rule, I am in Shock.
Replies: 15
Views: 20489

Re: CGT One Year Rule, I am in Shock.

Unfortunately unless the gain is not £400k you are likely to be paying around £100k in tax with little opportunity to reduce that unless during your ownership you carried out capital improvements ( not claimed against the tax on letting income) that were reflected in the state or nature of the prope...
by wamstax
Thu Jul 25, 2019 2:31 pm
Forum: Tax Investigations and Enquiries
Topic: letter about foreign income and gains
Replies: 11
Views: 18081

Re: letter about foreign income and gains

Hi There Does it have a certificate requiring you to certify that your tax returns are correct and that you have nothing to disclose? If so it could be a generic letter based on information received by HMRC under the "global" common reporting standards. You would also have to check that you did not ...

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