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Where Taxpayers and Advisers Meet

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by mullet
Sat Mar 23, 2013 1:07 am
Forum: Capital Gains Tax, CGT
Topic: Entrepeneurs relief - do I qualify?
Replies: 2
Views: 730

Re: Entrepeneurs relief - do I qualify?

Are you just selling your stock, or are you disposing of your knowhow and the right to grow/develop do whatever you do. If the latter, then it sounds like a capital disposal to me and entrepreneurs' relief will apply if all qualifying conditions are met.
by mullet
Fri Mar 22, 2013 1:31 am
Forum: Property Taxation
Topic: UK Taxpayer ROI rental income paid into ROI account
Replies: 3
Views: 899

Re: UK Taxpayer ROI rental income paid into ROI account

Exchange rate - in strictness the spot rate when each payment of rent is received. In practice HMRC shouldn't mind an average for the year as long as it is reasonable and hasn't fluctuated wildly.
by mullet
Fri Mar 22, 2013 1:30 am
Forum: Property Taxation
Topic: UK Taxpayer ROI rental income paid into ROI account
Replies: 3
Views: 899

Re: UK Taxpayer ROI rental income paid into ROI account

If resident and domiciled in the UK, your client has to declare his worldwide income in his UK tax return, whether or not it is remitted to the UK. He may well have to declare the property income in Ireland as well, and thus become involved in double taxation relief. But wait for other posts, as I a...
by mullet
Fri Mar 22, 2013 1:26 am
Forum: Capital Gains Tax, CGT
Topic: CGT on inherited house
Replies: 3
Views: 1163

Re: CGT on inherited house

It could be that some of the gain could be exempt as it would be classed as a dwelling occupied by a dependant relative. Basically if an individual disposes of a property owned by him on 5.4.98 that was occupied rent free by a dependant relative on that date, and the relative continued to live ther...
by mullet
Fri Mar 22, 2013 1:24 am
Forum: General
Topic: Advice
Replies: 19
Views: 5177

Re: Advice

I applied to not have the tax deducted as I would do it myself, knowing that the tax office are quicker in taking your money than paying it back
So you made a inaccurate (fraudulent?) claim to HMRC? That isn't clever.
by mullet
Thu Mar 21, 2013 6:37 pm
Forum: Income Tax
Topic: CIS4 tax refund
Replies: 7
Views: 1765

Re: CIS4 tax refund

I have additional question regarding #1. What if I lost it and have just a copy/scan ready to print? Is it ok? :)
It should be ok. Send it in with a covering letter, they should be able to verify it from their internal records.
by mullet
Wed Mar 20, 2013 8:56 pm
Forum: Income Tax
Topic: Annual rail season ticket
Replies: 3
Views: 3041

Re: Annual rail season ticket

If you have no other loans from your employer then £1,300 is not reportable as a beneficial loan and no taxable benefit arises. The restriction in your tax code matches the ticket cost and has the effect of charging income tax on the value of the ticket - which is clearly wrong if you are reimbusing...
by mullet
Wed Mar 20, 2013 8:47 pm
Forum: Income Tax
Topic: CIS4 tax refund
Replies: 7
Views: 1765

Re: CIS4 tax refund

1. Send the original and keep a copy. 2. If you were given a P45 you should not have received a P60 from that employment. But if you received a P60 instead of a P45 then yes, send that. 3. You generally send a P91 if HMRC send you one for completion. But there is no harm in sending HMRC your employm...
by mullet
Wed Mar 20, 2013 12:59 am
Forum: Income Tax
Topic: Tax timing question
Replies: 7
Views: 1674

Re: Tax timing question

Surely the tax is due either in the following year, or at the point when self assessment is submitted? Let's guess that we're talking about 2012-13. If the bonus is paid on or before 05-04-2013 then tax is due via PAYE to the extent that the tax code/tax tables calculate the tax deduction. Any furt...
by mullet
Sun Mar 17, 2013 1:54 pm
Forum: General
Topic: Avoiding Tax on rental income by selling to wife
Replies: 2
Views: 3126

Re: Avoiding Tax on rental income by selling to wife

I think that if / when my wife sells in the future then she would be liable for CGT if she sold for £220K plus, but think that this is preferable. No - there is a fly in the ointment. Legislation states that you will be deemed to dispose of the asset to your wife for an amount of consideration that...

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