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Where Taxpayers and Advisers Meet

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by bd6759
Wed Jul 01, 2020 10:19 pm
Forum: Income Tax
Topic: Covid-19 and Pattern of Occupation
Replies: 4
Views: 477

Re: Covid-19 and Pattern of Occupation

Hi Sorry. There is no definition of "available to let", but the object is the property, The law says: " The availability condition is that, during the relevant period, the accommodation is available for commercial letting as holiday accommodation to the public generally..." I'd argue strongly that t...
by bd6759
Wed Jul 01, 2020 9:47 pm
Forum: Tax Investigations and Enquiries
Topic: Help - Friend in trouble with HMRC
Replies: 16
Views: 1943

Re: Help - Friend in trouble with HMRC

Bill
I think that making the phone call will be hardest thing for her to do. Getting her to do that is the start.
by bd6759
Wed Jul 01, 2020 5:16 pm
Forum: Tax Investigations and Enquiries
Topic: Help - Friend in trouble with HMRC
Replies: 16
Views: 1943

Re: Help - Friend in trouble with HMRC

Adding to the doom, your friend needs to be aware that tax evasion is a crime. If she has bought her house and cars with the proceeds of a crime (and the proceeds are the undeclared earnings, not just the tax that has been evaded) these will be confiscated under the proceeds of crime act -the reason...
by bd6759
Wed Jul 01, 2020 5:02 pm
Forum: Income Tax
Topic: Covid-19 and Pattern of Occupation
Replies: 4
Views: 477

Re: Covid-19 and Pattern of Occupation

There is no need for any specific COVID relaxation. The existing legislation covers period where the letting conditions is not met in exceptional circumstances. The only criteria is that the other condition must be met, its only the 105 days condition that is missed. Get factsheets HS253 (google it)...
by bd6759
Tue Jun 30, 2020 9:45 pm
Forum: Income Tax
Topic: Dividends - top top slice or not?
Replies: 2
Views: 710

Re: Dividends - top top slice or not?

I agree.

Your salary 68,000 less PA 11,850 is £56,150.
This is taxed £34,500 @ 20% = £6,900, and 21,650@ 40% = £8,660. Total tax on salary £15,560

Interest £1,000 less savings allowance £500. Tax £500 @ 40% = £200.

Dividends £2,000 @ 0% and £7,000 @ 32.5% = £2,275.

Total tax £18,035
by bd6759
Sat Jun 27, 2020 3:34 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Wrong start date on employment history
Replies: 3
Views: 467

Re: Wrong start date on employment history

Both these dates fall in the same tax year, to do not affect your tax at all.

If you want it corrected, ask HMRC to change the date on your history, but it will not make any difference to anything.

Personally I wouldn't bother with such a trivial matter.
by bd6759
Sat Jun 27, 2020 1:38 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: P11D Deadline passed. How to correct and return tax?
Replies: 10
Views: 915

Re: P11D Deadline passed. How to correct and return tax?

Yes. DLA is a balance sheet item.

Presumably your salary or dividends are CR to the DLA, but as long as any overdrawn amount is cleared within 9 months there is no s455 tax issue.
by bd6759
Sat Jun 27, 2020 1:35 pm
Forum: Property Taxation
Topic: BTL allowable expenses
Replies: 2
Views: 512

Re: BTL allowable expenses

If you buy properties that are in a state of disrepair that require renovation to make them suitable for letting, the costs are capital and not expenditure to deduct against letting income. This property was purchased to be your home, however temporary. The costs, if revenue, are unlikely to be part...
by bd6759
Thu Jun 25, 2020 8:50 am
Forum: Company Taxation
Topic: Company Van - No personal use
Replies: 5
Views: 675

Re: Company Van - No personal use

Because it was bought from a connected person.
by bd6759
Wed Jun 24, 2020 5:31 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: P11D Deadline passed. How to correct and return tax?
Replies: 10
Views: 915

Re: P11D Deadline passed. How to correct and return tax?

The account doesn't even need to be good. Mildly competent is sufficient. The DLA is a bookkeeping account. It is where you record all of your personal transactions with the company. You do record these somewhere? In the case of your gym subscription, the current entries are CR Bank, DR Gym. You wou...

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