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Where Taxpayers and Advisers Meet

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by Huw Williams
Tue Apr 01, 2014 10:58 am
Forum: Income Tax
Topic: Who should pay PAYE underpayment
Replies: 5
Views: 1236

Re: Who should pay PAYE underpayment

The taxpayer of course, because he can only claim credit for the tax on his P60

If the same amount gets paid twice, surely we all benefit from the government's deficit reduction :roll:
by Huw Williams
Mon Nov 25, 2013 12:36 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Circular transaction and IHT
Replies: 16
Views: 2792

Re: Circular transaction and IHT

Having read through all the posts, I wondered whether anyone had considered the POAT rules? Father has given an asset (his old house) and continues to benefit from it (after house swap). Do the Pre-Owned Asset Rules apply in this case? Also I was confused about why father was paying tax on the rent ...
by Huw Williams
Mon Oct 17, 2005 10:34 am
Forum: Business Tax
Topic: when to be a partner
Replies: 1
Views: 1165

<r>Short questions often want long answers and yours depends on so many different things.<br/> <br/> If someone else is preparing the partnership figures, they will tell you what your share of the profit is (for whatever period or periods are appropriate depending on the accounting date used by the ...
by Huw Williams
Mon Oct 17, 2005 10:09 am
Forum: Property Taxation
Topic: Property rented out to a company
Replies: 7
Views: 1735

<t>As I read the rules when an individual sells an asset, CGT rollover reliefs is only available if the individual is trading and the asset is used in the business.<br/> <br/> Relief is extended if the asset is used by that individual's personal company (broadly one in which he holds 5%) or in which...
by Huw Williams
Fri Oct 14, 2005 12:26 pm
Forum: Income Tax
Topic: Have I paid too much tax?
Replies: 1
Views: 1255

<r>The first thing is to check your tax code. It sounds as though this may have changed at the same time as your pay rise. <br/> <br/> If there is a different code number you should have been told by the Revenue before it happened.<br/> <br/> If this does not explain it, ask the pay office at your e...
by Huw Williams
Fri Oct 14, 2005 12:21 pm
Forum: International Tax
Topic: Tax implications for cash gift from Rep. Of Ireland domiciled parent to child living in UK
Replies: 1
Views: 1261

<r>I think there is a fundamental difference between the UK and Eire inheritance tax systems.<br/> <br/> In essence the UK system only taxes gifts by UK domiciled people (or of UK based assets) in some circumstances:<br/> <br/> they are not made to an individual; or<br/> they were made less than 7 y...
by Huw Williams
Fri Oct 14, 2005 12:14 pm
Forum: Property Taxation
Topic: Property rented out to a company
Replies: 7
Views: 1735

<t>If I have understood it correctly, you are asking about the rental of one residential property to a company which uses it in its trade.<br/> <br/> I think the question is whether renting it to the company is a trade, not whether the company is trading. <br/> <br/> Is it your company? If it is the...
by Huw Williams
Thu Oct 13, 2005 9:23 am
Forum: Property Taxation
Topic: Property rented out to a company
Replies: 7
Views: 1735

<r>I think the answer is NO. <br/> <br/> I am not certain, but this sounds like a rental business and my undertstanding is that rental property is usually an investment asset and does not qualify for the higher taper or rollover relief.<br/> <br/> If you have more than one property there may be a po...
by Huw Williams
Thu Oct 13, 2005 8:27 am
Forum: Capital Gains Tax, CGT
Topic: sale of PPR house any CGT due?
Replies: 1
Views: 1127

<r>PPR - have you lived there as your main residence? If so the rules almost certainly mean any gain is exempt. If you only lived there part of the time, it is just possible there is a taxable gain or a disposal you need to report to the Revenue. <br/> <br/> How do you prove it? Where does you mail ...
by Huw Williams
Wed Oct 12, 2005 12:21 am
Forum: Company Taxation
Topic: selling a business
Replies: 2
Views: 1201

<r>Yes<br/> <br/> But the issue sounds as though you need to find a local adviser and go through all the details with them.<br/> <br/> Whilst the forum can provide general advice you need specific advice<br/> <br/> Huw Williams<br/> Nottingham<br/> <br/> 0115 914 6846<br/> <br/> <EMAIL email="enquir...

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