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Where Taxpayers and Advisers Meet

Search found 3121 matches

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by bd6759
Mon Mar 30, 2020 6:46 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Cash gifts
Replies: 5
Views: 316

Re: Cash gifts

But it is not a gift. I gift my newsagent £1 every morning and he gifts me a newspaper! In exchange for your father giving you the property, you will give him £100k. He is selling it to you for that amount. There is nothing preventing him from doing that. There will be no tax for him to pay if it is...
by bd6759
Sat Mar 28, 2020 1:03 pm
Forum: Business Tax
Topic: Taxation: S. Ireland but reside in Scotland
Replies: 1
Views: 426

Re: Taxation: S. Ireland but reside in Scotland

Tax is not payable based on a passport, and companies do not have passports. In what way do you think the DTA will help you? Break this down. Where do you think a person (or a company) based in UK, earning in UK, and resident in UK, should be paying tax? There is an obvious answer and that would be ...
by bd6759
Sat Mar 28, 2020 12:41 pm
Forum: Business Tax
Topic: Do you have personal allowance as limited?
Replies: 2
Views: 362

Re: Do you have personal allowance as limited?

Yes. YOU do.

But your company doesn’t, and the income/profits belong to the company.

You’ll get taxed at the personal tax rates on the income you take out of the company.
by bd6759
Wed Mar 18, 2020 5:39 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Principal Private Residence claim
Replies: 6
Views: 644

Re: Principal Private Residence claim

The time limit is 4 years in all cases. S42(2) only requires that the claim is made in the return, or in an amended return, if it is possible. After the time limit for amending has expired it is not possible to make the claim in the return, but a stand alone claim is still possible until the 4 year ...
by bd6759
Sat Mar 14, 2020 12:29 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on donated garden land
Replies: 9
Views: 983

Re: CGT on donated garden land

If the land is added to the house, then we have a merged asset. s43 TCGA comes into play, which allows the cost of both.
by bd6759
Fri Mar 13, 2020 12:33 am
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Strange Situation for Higher Rate SDLT
Replies: 20
Views: 1258

Re: Strange Situation for Higher Rate SDLT

You disposed of an interest in a dwelling in August 2019, and have three years from that date to purchase a new dwelling and avoid the HRAD.
by bd6759
Sat Mar 07, 2020 3:53 pm
Forum: Capital Gains Tax, CGT
Topic: Any CGT reliefs available?
Replies: 4
Views: 502

Re: Any CGT reliefs available?

You need to acquire something to roll it over into

The shops wont qualify
The trade, assets and goodwill belong to the company, not the shareholders. The shareholders will not have made a disposal liable to CGT.
by bd6759
Tue Mar 03, 2020 8:47 pm
Forum: Property Taxation
Topic: Stamp duty Refund
Replies: 3
Views: 457

Re: Stamp duty Refund

He can claim a refund is he disposes of a main residence within three years. This does not mean 3 years plus 3 months.

I'm not sure what "giving away" means. What is the purpose of the parenthesis?
by bd6759
Fri Feb 28, 2020 12:56 am
Forum: General
Topic: Pre-trade expenses. Self-employed person. Tax deduction
Replies: 4
Views: 1504

Re: Pre-trade expenses. Self-employed person. Tax deduction

Worth noting that there is huge difference between "company" and "sole trader". A sole trader is not a company. The treatment of expenditure and the tax consequences are not the same.
by bd6759
Fri Feb 28, 2020 12:44 am
Forum: Property Taxation
Topic: Withdrawing Funds when a Company owes Money to the Director
Replies: 2
Views: 510

Re: Withdrawing Funds when a Company owes Money to the Director

Repaying capital is not an expense. The company will pay tax on £30K profits.

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