This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Search found 2960 matches

Go to advanced search

by bd6759
Mon Jan 14, 2019 2:07 pm
Forum: Income Tax
Topic: Tax on Store Credit (self-employed)?
Replies: 2
Views: 55

Re: Tax on Store Credit (self-employed)?

Declare the amount you receive. That is the full value of your profits.
by bd6759
Mon Jan 14, 2019 1:56 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Submission of an HS295 - does the timing matter?
Replies: 1
Views: 60

Re: Submission of an HS295 - does the timing matter?

There is no specific time limit for making a claim, therefore the normal time limit at s43 TMA will apply - that is 4 years from the end of the tax year of the gift.
by bd6759
Sun Jan 13, 2019 4:01 pm
Forum: Income Tax
Topic: Foreign TV upgrade tax deductible
Replies: 1
Views: 50

Re: Foreign TV upgrade tax deductible

Installation - no

Subscription for channels - yes
by bd6759
Sat Jan 12, 2019 8:09 pm
Forum: Income Tax
Topic: 80% tax for property income on self assessment tax return
Replies: 3
Views: 88

Re: 80% tax for property income on self assessment tax return

It seems quite clear that insufficient tax was deducted via the PAYE system. To test this, fill out your tax return without entering the property pages and see what is owed. Then fill it out using the property page. The difference is the tax due on the property income.
by bd6759
Fri Jan 11, 2019 8:07 pm
Forum: Property Taxation
Topic: When you sell your property, how long do you have to let HMRC know
Replies: 2
Views: 72

Re: When you sell your property, how long do you have to let HMRC know

Bur remember, a property sale takes place on the date when the contracts are exchanged, not the date of completion.
by bd6759
Thu Jan 10, 2019 8:55 pm
Forum: Property Taxation
Topic: Transferring Share of Property + Inheritance Tax
Replies: 9
Views: 123

Re: Transferring Share of Property + Inheritance Tax

...unless there are other tax efficient way of doing this?

Thanks
Downsize, and gift the released equity.
by bd6759
Wed Jan 09, 2019 8:03 pm
Forum: Income Tax
Topic: No income from buy to let
Replies: 3
Views: 82

Re: No income from buy to let

You only need to complete a tax return if HMRC have given you notice to do so. In the absence of a notice, your only obligation is to tell HMRC if you have a liability to tax. If you have no tax to pay, you have no obligation. You will need to tell HMRC (before 5 October 2019) that you have liabilit...
by bd6759
Wed Jan 09, 2019 8:00 pm
Forum: Property Taxation
Topic: Avoiding loss of NRCGT relief to Apr/15 on return to UK
Replies: 4
Views: 74

Re: Avoiding loss of NRCGT relief to Apr/15 on return to UK

Then it wouldn't really be a disposal.
by bd6759
Wed Jan 09, 2019 7:56 pm
Forum: Income Tax
Topic: Van purchase on cash basis accounting
Replies: 8
Views: 98

Re: Van purchase on cash basis accounting

Agreed. If you put the cost though as an expense, so can only claim the actual running costs, not the mileage rates.
by bd6759
Wed Jan 09, 2019 6:59 pm
Forum: Company Taxation
Topic: Drawing money from Ltd company as interest
Replies: 3
Views: 394

Re: Drawing money from Ltd company as interest

Nothing. The funds are surplus to requirements so are not needed and it will be seen as simple tax avoidance. IF only you could do this :) :) :)
Can you quote any statute to support that?

Go to advanced search