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Where Taxpayers and Advisers Meet

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by bd6759
Fri Aug 16, 2019 12:16 am
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: taking a property in lieu of debt
Replies: 4
Views: 696

Re: taking a property in lieu of debt

Possible SDLT assessed at full market value - the transferor being a family member. Transfer to family member does not affect SDLT, which is charged on consideration. additional possible CGT burden on the current owner. It's a building company, so there wont be any CGT. However, it is not clear how...
by bd6759
Sat Aug 03, 2019 9:44 pm
Forum: Property Taxation
Topic: Property Development Business Structure
Replies: 5
Views: 792

Re: Property Development Business Structure

In both cases losses can be carried forwards and set against profits of the same trade.
by bd6759
Sat Aug 03, 2019 9:32 am
Forum: Business Tax
Topic: Flat rate mileage to Partnership or Personal?
Replies: 6
Views: 1036

Re: Flat rate mileage to Partnership or Personal?

... the partnership bank account is used for diesel costs You'll need to stop doing that, or charge it to the partners' capital accounts. The diesel is not used exclusively for the trade, therefore is not wholly a tax allowable expense. Why not engage an accountant? That is a tax deductible expense.
by bd6759
Tue Jul 30, 2019 7:29 pm
Forum: Income Tax
Topic: Sole trader
Replies: 5
Views: 784

Re: Sole trader

You pay tax on your profits. That is the difference between your income and your expenses.

But you seem very confused. A sub-contractor on CIS is self-employed. The CIS just ensures that tax is paid. You will probably have paid hundredsvif not thousands of pounds too much tax over the years.
by bd6759
Sun Jul 28, 2019 4:41 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: PAYE 16/17 - help with claiming a rebate?
Replies: 1
Views: 560

Re: PAYE 16/17 - help with claiming a rebate?

The FTT Tax Judge would have been able to explain to you how to calculate your tax, and would know that the small claims court has no jurisdiction to hear tax matters: that is the reserve of the FTT. You cannot calculate a tax rebate by looking at the tax you paid. You first need to look at the amou...
by bd6759
Fri Jul 26, 2019 10:51 pm
Forum: Property Taxation
Topic: Should I buy a commercial property investment through a company or as an individual?
Replies: 3
Views: 814

Re: Should I buy a commercial property investment through a company or as an individual?

An y question that begins "should I" don't get many responses because you are asking for personal advice. No one can tell you what you should do based on a forum post. Given that you are looking to invest a significant sum for a long term gain, your first move should be to speak with a professional ...
by bd6759
Fri Jul 26, 2019 10:44 pm
Forum: Business Tax
Topic: Coporation tax due changed over time period
Replies: 1
Views: 564

Re: Coporation tax due changed over time period

Corporation tax is self-assessed. How much did you self-assess?
by bd6759
Fri Jul 26, 2019 10:42 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Is renting an office tax deductible for a PAYE employee
Replies: 5
Views: 705

Re: Is renting an office tax deductible for a PAYE employee

Apologise for my shortcomings. I meant to type "do not", which makes my next sentence more coherent.
by bd6759
Wed Jul 24, 2019 11:12 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Is renting an office tax deductible for a PAYE employee
Replies: 5
Views: 705

Re: Is renting an office tax deductible for a PAYE employee

The contract has little to do with it. The duties of the employment do require the expense. It is not one that each and every holder of that employment would need to incur, therefore it is not allowable.

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