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Where Taxpayers and Advisers Meet

Search found 4097 matches

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by pawncob
Fri May 10, 2019 12:52 pm
Forum: Property Taxation
Topic: Rent-a-Room in annexe?
Replies: 1
Views: 113

Re: Rent-a-Room in annexe?

If it's assessed for council tax then it forms a distinct dwelling, so no rent a room available. (But who would know?)
by pawncob
Tue May 07, 2019 1:03 pm
Forum: Capital Gains Tax, CGT
Topic: Capital expenditure
Replies: 5
Views: 105

Re: Capital expenditure

It's an addition in the CGT computation.
by pawncob
Tue May 07, 2019 10:18 am
Forum: Capital Gains Tax, CGT
Topic: Capital expenditure
Replies: 5
Views: 105

Re: Capital expenditure

In which case it's capital!
by pawncob
Mon May 06, 2019 9:59 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on Short Sales - timing and allowable costs
Replies: 1
Views: 58

Re: CGT on Short Sales - timing and allowable costs

You haven't made a profit until it's realised. When you closed out in May 2019 was the earliest that you could calculate the profit, so it falls in 2019/20.
by pawncob
Mon May 06, 2019 9:56 pm
Forum: Business Tax
Topic: Advice for new ltd company
Replies: 1
Views: 111

Re: Advice for new ltd company

I suggest you ask an accountant to explain this to you, or even better, undertake the book-keeping for you.
by pawncob
Mon May 06, 2019 9:53 pm
Forum: Capital Gains Tax, CGT
Topic: CGT selling BTL
Replies: 1
Views: 77

Re: CGT selling BTL

No. PPR relief is time apportioned over the total period of ownership. Your claim would be 24/138 of the gain (approx)
by pawncob
Mon May 06, 2019 9:49 pm
Forum: Capital Gains Tax, CGT
Topic: Capital expenditure
Replies: 5
Views: 105

Re: Capital expenditure

No, it's a replacement, so it's deductible as repairs and renewals against current income.
by pawncob
Fri May 03, 2019 12:20 pm
Forum: Income Tax
Topic: Cease trading but weekly receipts thereafter
Replies: 4
Views: 115

Re: Cease trading but weekly receipts thereafter

Reduce the payments to under £1000 pa and you won't have to declare them.
by pawncob
Fri May 03, 2019 12:18 pm
Forum: Tax Investigations and Enquiries
Topic: Not paid tax or filed tax return in 20 years. Help!
Replies: 12
Views: 219

Re: Not paid tax or filed tax return in 20 years. Help!

@Jholm Using those figures, HMRC say no tax return is required.
https://www.gov.uk/check-if-you-need-tax-return
by pawncob
Tue Apr 30, 2019 9:12 pm
Forum: Capital Gains Tax, CGT
Topic: Former property and cgt
Replies: 6
Views: 130

Re: Former property and cgt

It's irrelevant.

The gain is the sale price less the cost, which is known.
You can claim PPR relief and letting relief against the gain.

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