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Where Taxpayers and Advisers Meet

Search found 1486 matches

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by LozaACCS
Sun Oct 08, 2017 4:31 pm
Forum: Capital Gains Tax, CGT
Topic: Capital Gain on Gifted Property
Replies: 6
Views: 4526

Re: Capital Gain on Gifted Property

As stated, it matters not whether the property is sold or gifted to you, the transaction will be between connected persons so the provisions of S286 TCGA 1992 apply, this means all transactions are treated as taking place at market value, there would not be a possibility of the donors CGT being redu...
by LozaACCS
Sun Oct 08, 2017 9:11 am
Forum: Savings & Investments, Pensions & Retirement
Topic: Annual allowance (£40,000)
Replies: 2
Views: 3292

Re: Annual allowance (£40,000)

If you have merely transferred funds from one exempt approved scheme to another without taking benefits from either then you will not have triggered a benefit crystallisation event (there are 13 of them), your AA will not have been exceeded and the 3 years carry forward will be irrelevant, if it wer...
by LozaACCS
Tue Sep 26, 2017 8:26 am
Forum: Capital Gains Tax, CGT
Topic: Storage Pod worthless
Replies: 4
Views: 4263

Re: Storage Pod worthless

Apologies if my post was unclear What I tried to explain was that a claim can be made when an asset becomes worth "next to nothing" to treat the sale proceeds as nil, the claim thus enables the original cost to be recognised as a loss without an actual disposal taking place, you could then (as you s...
by LozaACCS
Mon Sep 25, 2017 9:06 am
Forum: Capital Gains Tax, CGT
Topic: Storage Pod worthless
Replies: 4
Views: 4263

Re: Storage Pod worthless

I have had a look on the internet at this, I assume the investment was not made through a pension scheme. I think the first thing to establish is what exactly did you buy, was it a storage pod which would generate rental income or was it a more complex structure involving a franchise arrangement ena...
by LozaACCS
Fri Sep 22, 2017 8:21 am
Forum: Capital Gains Tax, CGT
Topic: Entrepreneurs relief
Replies: 3
Views: 4897

Re: Entrepreneurs relief

He might If the business were a sole trader then the eventual disposal of the property (associated with the disposal of all or part of the business) could qualify, the gain qualifying on the property would be restricted to the amount relating to the business use (2/20). If you incorporated then you ...
by LozaACCS
Thu Sep 21, 2017 8:24 am
Forum: Capital Gains Tax, CGT
Topic: Entrepreneurs relief
Replies: 3
Views: 4897

Re: Entrepreneurs relief

ER is available to persons who make a material disposal of business assets. For a sole trader material means that the business was owned by the person for at least one year prior to cessation. For a disposal of shares material means the disposal of shares in his personal trading company in which he ...
by LozaACCS
Wed Sep 20, 2017 9:08 am
Forum: Tax Investigations and Enquiries
Topic: VAT and self assessment
Replies: 1
Views: 5890

Re: VAT and self assessment

I encountered this issue some years ago in a POCA case. You are correct in that the income you previously declared was subsequently found to be overstated so your SA liability proved to be incorrect. You would need to pursue a claim for re payment with HMRC, the obstacles which I suspect will defeat...
by LozaACCS
Wed Sep 20, 2017 8:10 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: New regime for Class 2 NI
Replies: 3
Views: 4738

Re: New regime for Class 2 NI

I think the abolition from 06/04/18 is generally a positive move, class 4 NI has long been bemoaned by the self employed as a misnomer, since it buys no benefits whatever there would not be any logic in a small profits limit, those tax payers view the effective rate of tax as 29% (58% from a purely ...
by LozaACCS
Tue Sep 19, 2017 6:47 am
Forum: Income Tax
Topic: Accepting Gift Vouchers
Replies: 2
Views: 11846

Re: Accepting Gift Vouchers

Accounts prepared for tax purposes should follow GAAP subject to legislation in certain areas. The general principle is that income must be in the form of money or moneys worth, there is no equivalent for traders of the BIK rules applying to employees, so the issue is generally one of, Does the rece...
by LozaACCS
Fri Sep 01, 2017 8:53 pm
Forum: Income Tax
Topic: Directors and Self assessment
Replies: 10
Views: 4639

Re: Directors and Self assessment

Robbob We have encountered this on a number of occasions, it usually arises when clients apply for a mortgage and are asked to produce an SA302 for the years concerned. I do absolutely agree that if a notice is issued under section 8 of the management act then it should be filed unless a valid reaso...

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