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Where Taxpayers and Advisers Meet

Search found 3106 matches

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by bd6759
Sat Sep 28, 2019 10:17 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on House rented during part of ownership
Replies: 2
Views: 509

Re: CGT on House rented during part of ownership

Have you read the SA108 notes

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/787347/sa108_notes_2019.pdf
by bd6759
Wed Sep 25, 2019 11:39 pm
Forum: General
Topic: Milage expense calculation
Replies: 5
Views: 813

Re: Milage expense calculation

You don't need to reimburse yourself anything. On the other hand, you can draw out as much business profits as you wish. They are your profits and you will be taxed on them whether you draw them or not. You do not count the petrol or any other motor expenses as "expenses" in your profit and loss acc...
by bd6759
Wed Sep 25, 2019 11:25 pm
Forum: Tax Investigations and Enquiries
Topic: Tax query for 2013-2014 - overpaid
Replies: 7
Views: 1260

Re: Tax query for 2013-2014 - overpaid

You "Presume" it's for unpaid tax, but that may not be the case. It may be that you have found a sympathetic Inspector who has opened the enquiry to make sure you get your refund (I know I did this once or twice in my Revenue days). : That's nonsense. This isn't a s9A enquiry into a tax return. HMR...
by bd6759
Wed Sep 25, 2019 11:20 pm
Forum: Income Tax
Topic: tax on rental income
Replies: 16
Views: 1661

Re: tax on rental income

I think pawncob means that trusts over land must be in writing (although not necessarily by deed)
by bd6759
Wed Sep 25, 2019 11:17 pm
Forum: International Tax
Topic: Declaring income from foreign properties
Replies: 2
Views: 505

Re: Declaring income from foreign properties

All expenditure incurred solely for the purpose of the letting business is allowed as long as it is not capital expenditure. Generally letting agents fees and repairs are allowed. You need to apportion the letting income so that it coincides with the tax year: 9/12ths of one calendar year plus 3/12t...
by bd6759
Tue Sep 24, 2019 11:26 pm
Forum: International Tax
Topic: Dual tax resident - selling a UK property... CGT!
Replies: 5
Views: 680

Re: Dual tax resident - selling a UK property... CGT!

I should have read all of the question
by bd6759
Tue Sep 24, 2019 9:24 am
Forum: International Tax
Topic: Dual tax resident - selling a UK property... CGT!
Replies: 5
Views: 680

Re: Dual tax resident - selling a UK property... CGT!

Article 13(6) does not apply.

This is immovable property referred to at 13(1), so will be taxed in UK even if you are resident in Spain.
by bd6759
Tue Sep 24, 2019 9:10 am
Forum: General
Topic: Milage expense calculation
Replies: 5
Views: 813

Re: Milage expense calculation

Work out the cost using 45p per mile. Deduct this as an expense when you prepare your business accounts.
by bd6759
Tue Sep 24, 2019 9:08 am
Forum: General
Topic: Fixing the most important tool
Replies: 2
Views: 592

Re: Fixing the most important tool

The rules require expenditure to be solely for the purpose of your business.
by bd6759
Tue Sep 24, 2019 8:31 am
Forum: Income Tax
Topic: Taxi business via ltd company but car owned by director/shareholder
Replies: 3
Views: 678

Re: Taxi business via ltd company but car owned by director/shareholder

I would say here there is an argument to get two quotes for you car insurance - one for normal sdp and one for taxi driver - and the business can reimburse the extra costs associated with running a taxi business - as that cost would be exclusively business related additional expense. No. That canno...

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