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Where Taxpayers and Advisers Meet

Search found 16 matches

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by ackersj
Sat Jan 11, 2020 2:26 pm
Forum: Business Tax
Topic: Closure of Ltd Company
Replies: 1
Views: 650

Closure of Ltd Company

I have worked as an IT contractor through a Ltd Co for 5 years and I am about to retire and close the Ltd. My accountant had initially said they would prepare the final accounts as normal ( ie. included in my monthly fee ) and I could close the company down myself via the less than £25K route. They ...
by ackersj
Wed Jun 19, 2019 5:48 pm
Forum: Property Taxation
Topic: selling a BTL and change of ownership
Replies: 10
Views: 12085

Re: selling a BTL and change of ownership

Doh ! I used an online calculator and didn't state it was Residential Property, yes agreed 18%.
by ackersj
Mon Jun 17, 2019 12:03 pm
Forum: Property Taxation
Topic: selling a BTL and change of ownership
Replies: 10
Views: 12085

Re: selling a BTL and change of ownership

Another thought. If the kitchen/bathroom was deemed to be repairing a worn out bathroom and kitchen can I put that as an expense against the rental income of the now empty house ( and two other ongoing rentals ). It would actually be financially advantageous to do it that way.
by ackersj
Mon Jun 17, 2019 11:49 am
Forum: Property Taxation
Topic: selling a BTL and change of ownership
Replies: 10
Views: 12085

Re: selling a BTL and change of ownership

Thanks for the replies. I am actually upgrading the kitchen and bathroom to get a better sales price, I wouldn't call it high end but it's better than the original. I'll have a good read before I do my tax return. It's not a huge amount of money either way as hopefully I'll get all the capital gain ...
by ackersj
Fri Jun 14, 2019 9:18 am
Forum: Property Taxation
Topic: selling a BTL and change of ownership
Replies: 10
Views: 12085

Re: selling a BTL and change of ownership

The question has been answered fully many times. Your wife can gift you half the property. This does not need to be done at the land registry. A declaration of trust is sufficinet. Repairs are not an allowable cost. It depends wat you mean by rennovations. Thanks for the reply. I have read more of ...
by ackersj
Thu Jun 13, 2019 9:27 pm
Forum: Property Taxation
Topic: selling a BTL and change of ownership
Replies: 10
Views: 12085

Re: selling a BTL and change of ownership

Is a Declaration of Trust a better way to do it ?
by ackersj
Thu Jun 13, 2019 9:23 pm
Forum: Property Taxation
Topic: selling a BTL and change of ownership
Replies: 10
Views: 12085

Re: selling a BTL and change of ownership

ps. I have noticed some similar posts but none of them got answered fully
by ackersj
Thu Jun 13, 2019 9:19 pm
Forum: Property Taxation
Topic: selling a BTL and change of ownership
Replies: 10
Views: 12085

selling a BTL and change of ownership

I wonder if anyone can help me !? My wife has been the 100% owner of a BTL property for approx 5 years. The property has recently become empty and we are renovating it and intend selling it. I expect we'll make a profit of around £50K on the original purchase price with renovation costs of around £1...
by ackersj
Tue Apr 03, 2007 3:20 am
Forum: General
Topic: childrens tax position
Replies: 4
Views: 845

<t>Sorry I didn't fully explain, the 200K is the total left so there is no IHT issues and yes the intention is to do a deed of variation with my Dad's half to leave it to my children.<br/> <br/> Does them being under 18 mean we MUST create a trust, or can I ( or my father ) informally manage the acc...
by ackersj
Tue Apr 03, 2007 1:16 am
Forum: General
Topic: childrens tax position
Replies: 4
Views: 845

<t>My grandafther has just died and left approx 200K to myself and my father. My father would like to pass his 100K to my 2 children ( toddler and a baby ) and we are looking into the various options. Am I correct that we could just open bank accounts and/or buy shares in the kid's names and if the ...

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