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Where Taxpayers and Advisers Meet

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by Nonimous
Mon Jun 17, 2019 12:57 pm
Forum: Property Taxation
Topic: Overages
Replies: 2
Views: 1624

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: 240

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: 215

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: 220

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: 260

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: 1080

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: 953

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: 735

Re: deisgn and build contracts

yes that would work, is there anything to watch out for other than SDLT?
by Nonimous
Fri Feb 09, 2018 1:17 pm
Forum: VAT & Excise Duties
Topic: deisgn and build contracts
Replies: 3
Views: 735

deisgn and build contracts

Client (who is a property developer) has planning permission to build 3 properties but wants to let rather than sell. Am assuming lease is under 20 years Client is aware that residential property lets are exempt thus any VAT due on construction will be irrecoverable. My initial thought would be to g...
by Nonimous
Thu Feb 01, 2018 6:19 pm
Forum: VAT & Excise Duties
Topic: Payment methods and discounts
Replies: 1
Views: 605

Payment methods and discounts

rather an odd one A is doing some marketing with B and setting up a website. B has a business involving payment methods for tourists visiting the UK, a bit like having a prepaid Credit card So far so simple. A is providing a VATable service to B. We don't act for B However, B is charging commission ...

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