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Where Taxpayers and Advisers Meet

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by accountant@uktaxshop
Wed Apr 28, 2004 2:01 am
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Is stamp duty applicable to remove brothers name from deeds.
Replies: 6
Views: 2689

Mike,

The % will depend entirely on how the deeds where drawn up in the first place. This is the first thing you need to look at.

The personal CGT allowance is £8200 for 2004/5.

Regards,

James Smith
by accountant@uktaxshop
Mon Apr 26, 2004 1:12 pm
Forum: Capital Gains Tax, CGT
Topic: Divorce and capital gains tax
Replies: 1
Views: 1166

<r>Jane,<br/> <br/> Your husbandÂ’s occupation alone will not necessarily remove CGT entirely from the property unless you have owned it for only a short while, but it will certainly help.<br/> <br/> Given the property is currently used as a holiday let it will already be eligible for some rather po...
by accountant@uktaxshop
Mon Apr 26, 2004 1:09 pm
Forum: Property Taxation
Topic: What tax is payable...
Replies: 1
Views: 1852

<r>Carmella,<br/> <br/> Probably is the answer.<br/> <br/> The fact your partner lives with you and lets it out means this property cannot be his main residence. (The IR are presumably aware the property is being let out)<br/> <br/> However by living in the property as his main residence your partne...
by accountant@uktaxshop
Mon Apr 26, 2004 1:06 pm
Forum: Property Taxation
Topic: Mortgage Interest
Replies: 2
Views: 1539

<r>You can offset mortgage interest equivalent to the value of the property when it first entered into your lettings business.<br/> <br/> Eg if it was £100k when you started to let, and worth £200k now, you can offset a loan equivalent to the £100k.<br/> <br/> I suggest Bill you take a look at BI...
by accountant@uktaxshop
Mon Apr 26, 2004 12:58 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Is stamp duty applicable to remove brothers name from deeds.
Replies: 6
Views: 2689

<r>Mike,<br/> <br/> You say that your brother is on the deeds. Even if you have signed up for a 50/50 share, the transfer would not trigger stamp duty as the only value stamp able is the amount of the mortgage o/s on the portion gifted. <br/> <br/> In this case less than £35,000, on which there is ...
by accountant@uktaxshop
Mon Apr 26, 2004 12:52 pm
Forum: Company Taxation
Topic: Directors personal bank a/c's in a company
Replies: 1
Views: 1544

<r>Len,<br/> <br/> This would unfortunately be seen as a withdrawal of funds (a loan) as you and the company are different legal entities.<br/> <br/> If you loan more than £5000 there are tax implications, so in general you wouldn’t enter into this sort of arrangement unless you have already got a...
by accountant@uktaxshop
Mon Apr 26, 2004 12:47 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Ltd Company NI Contributions
Replies: 2
Views: 2244

<r>There is no NI to pay if you havenÂ’t paid a salary, although you will still need to make PAYE returns if you have registered for PAYE.<br/> <br/> NI computations are slightly different for directors vs regular employees hence 2 booklets.<br/> <br/> If you need some help getting everything in ord...
by accountant@uktaxshop
Mon Apr 26, 2004 12:44 pm
Forum: General
Topic: Self employed and a director of a separate company. How to be paid - dividends or wages?
Replies: 2
Views: 1434

<r>There is no issue with you being self employed and a director of a limited company.<br/> <br/> In general taking salaries will prove costly in terms of employers NI, so a dividend route is the "normal" arrangement. <br/> <br/> For a salary Income tax, employers NI and employees NI will be deducte...
by accountant@uktaxshop
Mon Apr 26, 2004 12:35 pm
Forum: Company Taxation
Topic: Transferring car out of company
Replies: 2
Views: 1549

<r>Andrew,<br/> <br/> You should go through this with your accountant, but the short answer is you can only take it out of your (presumably ltd) company when you change the vehicle.<br/> <br/> Unfortunately cone taken the decision is for the lifetime, you canÂ’t change as and when you chose.<br/> <b...
by accountant@uktaxshop
Mon Apr 26, 2004 12:32 pm
Forum: Capital Gains Tax, CGT
Topic: Can I avoid CGT after Buy2Let for 1 year?
Replies: 6
Views: 2286

<r>Tyce,<br/> <br/> The above amateur diagnosis is along the right lines.<br/> <br/> By your wife living in the property up until October 2003 full Principle Private Residence will have been established.<br/> <br/> This will then enable the final 3 years of ownership to be exempt from any CGT even i...

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