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Where Taxpayers and Advisers Meet

Search found 11 matches

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by PeterLondon
Tue Sep 03, 2019 10:22 am
Forum: Income Tax
Topic: Both property and trading income
Replies: 5
Views: 673

Re: Both property and trading income

Declared the income and then claim the allowance rather than omit entirely Strictly speaking there is no need to complete a self employment page if one doesn't want too - hmrc specific advise on sa103f is as follows. Total receipts from self-employment and miscellaneous income (see box 17 ‘Other ta...
by PeterLondon
Tue Sep 03, 2019 10:17 am
Forum: Income Tax
Topic: Both property and trading income
Replies: 5
Views: 673

Re: Both property and trading income

Thanks to both of you for your replies. When I came to complete her form one of the questions was do you have self employed income of more than £1,000 and she does not. This meant there was no subsidiary sheet to fill in at all. I was confused as she has both Trading income less than £1,000 + Proper...
by PeterLondon
Mon Sep 02, 2019 8:26 pm
Forum: Income Tax
Topic: Both property and trading income
Replies: 5
Views: 673

Both property and trading income

A friend of mine has Income from property of about 17,500 = Rent of £20,000 less 2,500 expenses mostly agency fees So 17,500 taxable So clearly she should not claim the £1,000 tax free allowance on property income I have helped her fill in that part of her tax return Trading income of about £500 sel...
by PeterLondon
Fri Feb 27, 2015 5:01 pm
Forum: Capital Gains Tax, CGT
Topic: EIS shares given to charity
Replies: 8
Views: 1467

Re: EIS shares given to charity

Thanks if I do sell up it will be a few years ahead so I do now wish to waist anyone time with something that has no immediate business potential. I guess my situation is that I will wish at sometime to sell up and increase my giving to charity. I know giving shares to charity with a large capital g...
by PeterLondon
Thu Feb 26, 2015 5:54 pm
Forum: Capital Gains Tax, CGT
Topic: EIS shares given to charity
Replies: 8
Views: 1467

Re: EIS shares given to charity

Thank you very much for your replies especially as I phrsaed my question so badly. In terms of what I am trying to achieve in 1998 to 2002 I bought 15 flats mostly in Battersea. I paid £1.7 million for them and I guess they are worth about £6.0 million now . I have an agent who does most of the work...
by PeterLondon
Mon Feb 23, 2015 8:24 pm
Forum: Capital Gains Tax, CGT
Topic: EIS shares given to charity
Replies: 8
Views: 1467

EIS shares given to charity

I have a property which I think would sell for £310k , I paid £150k for it. In the future I wish to give about £40k a year to charity. I will assume the annual CGT allowance is £10k to make the numbers easy. Q1 Suppose I sell the property and over that the year and the next two tax years I buy £50k ...
by PeterLondon
Tue Feb 25, 2014 1:09 am
Forum: Capital Gains Tax, CGT
Topic: PPR/CGT on 2 different properties
Replies: 7
Views: 1145

Re: PPR/CGT on 2 different properties

I would be very interested if HMRC did accept this as I have stopped renting to more than one lodger for a couple of years now as the extra rent I receive would only be slightly more than the capital gain.
by PeterLondon
Thu Mar 21, 2013 1:45 am
Forum: Capital Gains Tax, CGT
Topic: allowable expenses and effect on CGT for 3 lodgers
Replies: 9
Views: 1738

Re: allowable expenses and effect on CGT for 3 lodgers

I have looked on a number of forums where this question has been asked and in summary they say "The Inland Revenue say that having more than one lodger means PPR would be resticted but they may be wrong" I would like to rent out two rooms in my flat but will not incase I loose PPR , I mostly want to...
by PeterLondon
Sun Jan 08, 2012 1:55 pm
Forum: Capital Gains Tax, CGT
Topic: House Shared with two lodgers
Replies: 2
Views: 556

Re: House Shared with two lodgers

Please excuse my poor calculation above I hope the general question is clear aboput how the PPR is reduced if at all by having more than oen lodger The revenue seem to think it is I was checking the internet and not wishing to muddy the water the link below appeared that coins the term lodger relief...
by PeterLondon
Sun Jan 08, 2012 1:20 am
Forum: Capital Gains Tax, CGT
Topic: House Shared with two lodgers
Replies: 2
Views: 556

Re: House Shared with two lodgers

Corrected
(1) I would pay tax on 35% of £800k * (17/20) - £238k less 40k letting release = £198k tax liability @28%I would pay tax

Corrected
on 35% of £800k * (10/20) - £140k less 40k letting release = £100k tax liability@28%

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