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Where Taxpayers and Advisers Meet

Search found 217 matches

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by Brian Clarke
Tue Nov 22, 2016 6:30 pm
Forum: Capital Gains Tax, CGT
Topic: CGT
Replies: 7
Views: 1019

Re: CGT

Sorry about the delay in replying. So to confirm ...if we sell our PPR and move into the ex rental and make that our PPR, there would be CGT if it was sold in the future even though it would be our PPR? We don't intend to move from the ex-rental once we move in. Yes, there would be CGT in respect of...
by Brian Clarke
Sun Oct 16, 2016 5:41 pm
Forum: Capital Gains Tax, CGT
Topic: Capital gains on buy out from ex girlfriend
Replies: 13
Views: 2229

Re: Capital gains on buy out from ex girlfriend

I bought a house with my ex girlfriend , about 15 years ago and this was a joint mortgage . Unfortunately we split up about 8/9 years ago , where upon splitting up I moved out of the house and began renting her brothers house . Renting was the only option at the time ,because she didn't have the fu...
by Brian Clarke
Sun Oct 16, 2016 5:20 pm
Forum: Capital Gains Tax, CGT
Topic: Spread betting forex account
Replies: 1
Views: 529

Re: Spread betting forex account

Spread betting is betting, not a business as such, or a job. Betting is free of income tax for the gambler - the reasoning behind this is, I believe, that if the gains were taxed, then the losses would have to be allowed as well. And as we know, the bookie wins. If it ever gets to the point where yo...
by Brian Clarke
Sun Oct 16, 2016 5:11 pm
Forum: Capital Gains Tax, CGT
Topic: CGT
Replies: 7
Views: 1019

Re: CGT

I understand I would be liable for CGT if I sold the property on the gain from probate value to sale price on my mother's half, but I intend to downsize and move into the property selling our main residence. Just wanted to know if there would be any problems doing this and how I would stand regardi...
by Brian Clarke
Sun Aug 02, 2015 12:01 pm
Forum: Business Tax
Topic: Directors loans
Replies: 1
Views: 805

Re: Directors loans

I wonder if not engaging an accountant will save you money... Anyway, aside from that, you need to do a spreadsheet showing all the amounts paid in from the private account, and the NON-business expenses taken out. Sort it into date order, and see how the balance goes. If the balance is always a cre...
by Brian Clarke
Tue Jan 27, 2015 10:00 am
Forum: General
Topic: Declaring income I don't receive
Replies: 5
Views: 1589

Re: Declaring income I don't receive

But when I actually get it in my hands in the future I presume I don't want to declare that in any tax return or I'll be getting taxed twice. Correct. What you get "in your hands" is irrelevant; what appears in the partnership tax return is crucial. As a partner, you're entitled to see partnership ...
by Brian Clarke
Tue Jan 27, 2015 9:48 am
Forum: Capital Gains Tax, CGT
Topic: CGT on home owned 50:50 with dad
Replies: 3
Views: 725

Re: CGT on home owned 50:50 with dad

First the good news: you can claim for the cost of the extension - it's improvement expenditure. Now the bad news: you can't claim any private residence exemption because, on the facts you give, it was never a residence of yours. Would gifting half of the house to my mum improve the situation in a f...
by Brian Clarke
Tue Jan 27, 2015 9:35 am
Forum: General
Topic: Tax deducted At Source On Private Pension?
Replies: 1
Views: 762

Re: Tax deducted At Source On Private Pension?

There's too little information in your question to provide a clear answer.

There must be some paperwork somewhere. Did you do this through an IFA? It's your money - demand a written accounting from whoever did this.
by Brian Clarke
Tue Jan 27, 2015 9:32 am
Forum: General
Topic: Declaring income I don't receive
Replies: 5
Views: 1589

Re: Declaring income I don't receive

I think there's a terminology problem here. You say you're in a partnership, but partnerships don't pay "dividends". Partners are taxed instead on their share of the taxable profits, regardless of whether any profits are paid to partners or not.

Explain more about the £2,000 a year.
by Brian Clarke
Thu Jan 15, 2015 5:48 pm
Forum: Capital Gains Tax, CGT
Topic: CGT Loss carried forward
Replies: 2
Views: 591

Re: CGT Loss carried forward

As it happens, I needed to do the same thing this year. I put a note in Box 19 of the main return.

"The Capital Gains pages are not required to be entered this year, but note that there are brought forward capital losses
of £[figure] that are being carried forward to next year."

That's it.

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