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Where Taxpayers and Advisers Meet

Search found 4251 matches

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by pawncob
Thu Jan 23, 2020 7:50 pm
Forum: Income Tax
Topic: Deferral relief
Replies: 2
Views: 125

Re: Deferral relief

Yes
https://www.gov.uk/government/publications/enterprise-investment-scheme-and-capital-gains-tax-hs297-self-assessment-helpsheet
by pawncob
Thu Jan 23, 2020 7:44 pm
Forum: Income Tax
Topic: Interaction between VAT and income tax
Replies: 2
Views: 280

Re: Interaction between VAT and income tax

Why would you register for VAT?
1. You're earning $ so not in the UK and not liable to VAT
2. With a turnover of £42k you don't have to register.
by pawncob
Wed Jan 22, 2020 11:59 am
Forum: Property Taxation
Topic: Income from tenancy in common
Replies: 2
Views: 257

Re: Income from tenancy in common

Yes. You'll need to complete Form 17.
https://www.gov.uk/government/publications/income-tax-declaration-of-beneficial-interests-in-joint-property-and-income-17
by pawncob
Wed Jan 22, 2020 11:57 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Split of gift and 7 year gift rule
Replies: 1
Views: 217

Re: Split of gift and 7 year gift rule

No capital gains tax arises on the gift, since it's merely the cancellation of a debt a far as "A" is concerned and an outright gift to "B".
by pawncob
Mon Jan 20, 2020 5:24 pm
Forum: Income Tax
Topic: Sole Trader - Sale of assets
Replies: 1
Views: 237

Re: Sole Trader - Sale of assets

If you've claimed Capital allowances on your gear, when you sell it the sale proceeds in excess of the written down value are taxable. Have you charged the cost of the gear against your profit in the past? If so the sale proceeds are taxable and form part of your profit. If you haven't charged the p...
by pawncob
Thu Jan 16, 2020 5:13 pm
Forum: Capital Gains Tax, CGT
Topic: Calculating CGT on shares after US company divided into 2 separate companies
Replies: 1
Views: 342

Re: Calculating CGT on shares after US company divided into 2 separate companies

Assuming that you don't have the company's price split when they separated, apportion the cost between the two.

$3840 x 26/50 $1996.80
$3840 x 24/50 $1843.20

But if you sell both at the same time, the split doesn't matter as the total gain will be the same.
by pawncob
Thu Jan 16, 2020 5:08 pm
Forum: Income Tax
Topic: Question about Partnerships/Self-employment with Spouse
Replies: 2
Views: 451

Re: Question about Partnerships/Self-employment with Spouse

1. No.
2.Yes.
3. Payments would be made to the partnership.
by pawncob
Thu Jan 16, 2020 5:04 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: Future planning...advice needed PLEASE!
Replies: 2
Views: 667

Re: Future planning...advice needed PLEASE!

I think it's a brilliant idea and I wish you happiness in your future life.

Please read the disclaimer at the bottom of this post, and bear in mind that no one on here is going to offer you financial advice (even if they're qualified to do so). It's a taxation forum.
by pawncob
Thu Jan 16, 2020 4:58 pm
Forum: Capital Gains Tax, CGT
Topic: HELP ON PROPERTY CGT
Replies: 3
Views: 475

Re: HELP ON PROPERTY CGT

As the land is within the permitted area of 500sqm the disposal of the land would have been exempt (all PPR relieved), but when did you get planning permission?
by pawncob
Tue Jan 14, 2020 5:53 pm
Forum: Capital Gains Tax, CGT
Topic: CGT allowance
Replies: 5
Views: 303

Re: CGT allowance

Strictly they're revenue items and deductible against income. However, if the place has not been let since the repairs, you could claim that they're improvements to the property and deductible against CGT.

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