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Where Taxpayers and Advisers Meet

Search found 3069 matches

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by bd6759
Sun Jun 16, 2019 12:58 pm
Forum: General
Topic: SATR - Deduction in March but repair in May.
Replies: 8
Views: 134

Re: SATR - Deduction in March but repair in May.

Wouldn't that be easier and more accurate? No. It what way is it easier or accurate to put in an incorrect amount one year and a negative correction the following the year? If that were remotely possible and accurate, I'll claim a £10,000 expense this year and correct it next year. It will help wit...
by bd6759
Sat Jun 15, 2019 7:25 pm
Forum: General
Topic: SATR - Deduction in March but repair in May.
Replies: 8
Views: 134

Re: SATR - Deduction in March but repair in May.

Your cost is £145.
by bd6759
Fri Jun 14, 2019 5:55 pm
Forum: General
Topic: SATR - Deduction in March but repair in May.
Replies: 8
Views: 134

Re: SATR - Deduction in March but repair in May.

The letting agents dedcuting money to cover a cost is not in itself an expense. It is you reimbusring them for the cost that they met on your behalf that is the expense. If you are using the cash basis, you account for it when the contractor was paid, otherwise you account for it when you became obl...
by bd6759
Fri Jun 14, 2019 12:57 pm
Forum: Property Taxation
Topic: selling a BTL and change of ownership
Replies: 9
Views: 139

Re: selling a BTL and change of ownership

Improvement usually means adding an extension or some other capital expenditure. It seems to me that you are repairing a worn out bathroom and kitchen, unless you are putting in high end fixtures and fittings. It would be unusual to do that to simply sell the property. If you are modifying the prope...
by bd6759
Fri Jun 14, 2019 12:49 pm
Forum: Income Tax
Topic: Divide tax debt between spauses
Replies: 2
Views: 68

Re: Divide tax debt between spauses

This is a legal question rather than a tax one. From a tax perspective the debt is enforceable only on you, and HMRC can only chase you for payment. From a legal perspective it can be argued that this is a debt of the marriage in the same way as property is an asset of the marriage. Its for your sol...
by bd6759
Fri Jun 14, 2019 12:44 pm
Forum: Income Tax
Topic: seeking HMRC approval for claiming a capitalloss on the sale of apartments in Bulgaria in 2009
Replies: 2
Views: 81

Re: seeking HMRC approval for claiming a capitalloss on the sale of apartments in Bulgaria in 2009

You cannot do this. A loss is only an allowable loss if it has been notified to HMRC in the same way as you would make a claim. The time limit for making a claim is 4 years so you are now out of time. There are no provisions to extend the time limit. s16(2A) Taxation of Chargeable Gains Act 1992 say...
by bd6759
Thu Jun 13, 2019 10:22 pm
Forum: Property Taxation
Topic: selling a BTL and change of ownership
Replies: 9
Views: 139

Re: selling a BTL and change of ownership

The question has been answered fully many times.

Your wife can gift you half the property. This does not need to be done at the land registry. A declaration of trust is sufficinet.

Repairs are not an allowable cost. It depends wat you mean by rennovations.
by bd6759
Thu Jun 13, 2019 10:16 pm
Forum: Company Taxation
Topic: use of home allowance
Replies: 2
Views: 98

Re: use of home allowance

Are you employed or self employed?
by bd6759
Tue Jun 11, 2019 10:43 pm
Forum: Property Taxation
Topic: incorporating my properties into limited company
Replies: 5
Views: 130

Re: incorporating my properties into limited company

Incorporation relief is a possibility for CGT, but difficult to get. It also means you get shares for the value of your assets rather than cash.

Can't think of any way to avoid SDLT, but MDR may be claimable to reduce the bill.

This shouldn't be a "do it yourself" transaction.

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