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Where Taxpayers and Advisers Meet

Search found 72 matches

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by Nonimous
Wed Feb 05, 2020 6:05 pm
Forum: Income Tax
Topic: Partnership
Replies: 1
Views: 213

Partnership

Client has informed us well after the event that he bought a property, extended it, built a second property in the garden and has now sold the lot As intention was only ever to make a profit rather than to live in it, and he was a builder/developer in the past, we think it should be treated as a tra...
by Nonimous
Fri Nov 15, 2019 4:08 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Literary Estate
Replies: 1
Views: 441

Literary Estate

Hi, I have been given one of these to deal with

I think I should be treating it as a trust with a trade, but would be interested in other opinions.
by Nonimous
Mon Jun 17, 2019 12:57 pm
Forum: Property Taxation
Topic: Overages
Replies: 2
Views: 5718

Overages

Client sold inherited farmland in 2015 with a side agreement that if the buyer was able to get planning permission and implement it (which appears to mean starting work) then she would receive an additional payment. The additional payment consists of a percentage of the value of the land when planni...
by Nonimous
Fri May 17, 2019 4:42 pm
Forum: Income Tax
Topic: Creating a tax liability with the marriage allowance
Replies: 1
Views: 565

Creating a tax liability with the marriage allowance

Just starting a 2018/19 return and have had a thought. Mr M has a total income of £11760, which is below the personal allowance of £11,850. If he surrenders 10% of his personal allowance he will have a personal allowance of £10,660. Of the £1100 which is now taxable, £300 is savings income so is tax...
by Nonimous
Thu Mar 14, 2019 5:44 pm
Forum: VAT & Excise Duties
Topic: pre-option expenses
Replies: 1
Views: 485

pre-option expenses

Client owns a pub and has let it to someone else to run a business in Property was not opted. Client has signed a lease which is silent on whether VAT is due (lots of 'if's) and has had the first quarter of rent Client has now realised that if they register for VAT and opt to tax then they can recov...
by Nonimous
Tue Feb 12, 2019 10:34 am
Forum: VAT & Excise Duties
Topic: revoked option
Replies: 1
Views: 470

revoked option

I am fairly happy with this but one of the partners seems to think there must be a catch.. Client bought property sometime in the 1990s and opted to tax it Once the 20 years were up they revoked the option They now want to deregister the business from VAT As far as I can see, the property is no long...
by Nonimous
Mon Jan 28, 2019 6:12 pm
Forum: International Tax
Topic: Swiss tax
Replies: 1
Views: 546

Swiss tax

Greetings My client received a huge Swiss dividend paid out in June 2017, The Swiss collected 35% tax, and we got some of that refunded so that in effect, 15% was paid to Switzerland. The refund did not arrive until September 18 because the Swiss authorities mislaid the paperwork Client is now compl...
by Nonimous
Fri Apr 20, 2018 3:11 pm
Forum: VAT & Excise Duties
Topic: Input VAT and property formerly used for trade
Replies: 2
Views: 1229

Input VAT and property formerly used for trade

New client owns a building from which they used to trade. They now let it but have not yet opted to tax They have also made substantial repairs and, because they did not realise they needed to opt to tax the building once they were letting it if they wanted the VAT back, they have reclaimed the inpu...
by Nonimous
Wed Mar 14, 2018 3:18 pm
Forum: VAT & Excise Duties
Topic: grants, contracts, vat, management charges
Replies: 1
Views: 1008

grants, contracts, vat, management charges

Client is a charitable organisation. Client receives grants from various sources which it then passes down to various partner organisations (they invoice it as they complete various tasks) retaining some as a management charge. Client is very anxious that not all of the income should be treated as i...
by Nonimous
Fri Feb 09, 2018 5:13 pm
Forum: VAT & Excise Duties
Topic: deisgn and build contracts
Replies: 3
Views: 818

Re: deisgn and build contracts

yes that would work, is there anything to watch out for other than SDLT?

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