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Where Taxpayers and Advisers Meet

Search found 93 matches

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by simpsonite
Wed Nov 28, 2018 1:03 pm
Forum: Income Tax
Topic: Dental practice
Replies: 2
Views: 226

Re: Dental practice

So, an element of risk then with this approach if HMRC revisit - All of a sudden my client could be landed with a VAT problem down the road! A safer approach - Denplan private client work to ltd company & NHS to him personally as a sole trader. All expenses are invoiced to him personally , with payr...
by simpsonite
Tue Nov 27, 2018 5:08 pm
Forum: Income Tax
Topic: Dental practice
Replies: 2
Views: 226

Dental practice

Hi all, I have a dentist client who is about to start trading in practice. His income is made up of NHS work in addition to private client work. The approach was to incorporate - however, the NHS work cannot be transferred across to the company. My approach therefore is to subcontract the supply of ...
by simpsonite
Mon Oct 01, 2018 1:11 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on Chinese residential property
Replies: 1
Views: 274

CGT on Chinese residential property

Hi all, My Chinese client who is UK resident for tax purposes has sold her parents Chinese residential property to the Chinese authorities. She has confirmed that no Chinese tax was due because of the compulsory nature of the disposal. She will therefore be liable to UK CGT on this disposal. I am wo...
by simpsonite
Thu Oct 05, 2017 12:54 pm
Forum: Capital Gains Tax, CGT
Topic: Capital Gain arising while non-resident
Replies: 3
Views: 2923

Re: Capital Gain arising while non-resident

All of the gain is taxable when you become UK resident for tax purposes.
So in the tax year that you return - ensure the properties are sold before you become UK resident.
by simpsonite
Wed Oct 04, 2017 3:25 pm
Forum: Income Tax
Topic: Site based contractor paid via umbrella company
Replies: 1
Views: 17323

Site based contractor paid via umbrella company

Hi all, My client is a site based contractor. The contractor he worked for operated an umbrella company for payroll( The company did not reimburse for travel & subsistence). As such even though he might have worked at various sites I feel he is now caught by the new tax provisions for travel & subsi...
by simpsonite
Tue Jun 20, 2017 2:10 pm
Forum: Capital Gains Tax, CGT
Topic: Income tax allowance and CGT
Replies: 2
Views: 648

Re: Income tax allowance and CGT

.....except not all of the £73,400 gain is liable at 18%.
the element that takes her above basic rate threshold (32k for 16/17) is liable to the top rate of 28%.

so based on no other income £41,400 @ 28% = £11,592
£32,000 @18% = £5,760
by simpsonite
Tue Jun 20, 2017 12:48 pm
Forum: Capital Gains Tax, CGT
Topic: Hope value
Replies: 2
Views: 556

Re: Hope value

ok, thanks for your input.
Much as I thought.
Cases with "hope value" that I have dealt with have based around probate .


Thanks
by simpsonite
Mon Jun 19, 2017 12:08 pm
Forum: Capital Gains Tax, CGT
Topic: Hope value
Replies: 2
Views: 556

Hope value

Hi All, My client bought a plot of land back in 89/90 for £30k. He had planning permission and built his own personal residence on 2/3rds of the land purchased. It appears that he did not have planning permission to build on the remaining 1/3rd. However, in 06 planning permission was granted and he ...
by simpsonite
Fri Jan 06, 2017 12:24 pm
Forum: Capital Gains Tax, CGT
Topic: Furnished Holiday Letting & Let relief for CGT
Replies: 3
Views: 825

Re: Furnished Holiday Letting & Let relief for CGT

Thanks for that bd6759.

Owen V Elliot (1990) completely slipped my mind ;)

A FHL is going to be residential as would a guest house for short term letting purposes.
by simpsonite
Thu Jan 05, 2017 12:09 pm
Forum: Capital Gains Tax, CGT
Topic: Furnished Holiday Letting & Let relief for CGT
Replies: 3
Views: 825

Furnished Holiday Letting & Let relief for CGT

Hi all, My client lived in his main residence for six years , he then moved out and converted the property into a Furnished Holiday Let. It was been let out as such ever since prior to sale in 15/16. In addition to PPR relief. would my client also be entitled to let relief? Let relief would normally...

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