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Where Taxpayers and Advisers Meet

Search found 3010 matches

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by bd6759
Sun Feb 24, 2019 11:18 pm
Forum: Property Taxation
Topic: Disclosure ?
Replies: 1
Views: 158

Re: Disclosure ?

You don't need to tell HMRC that you are not liable to tax, but you do if you are.
by bd6759
Fri Feb 22, 2019 12:30 pm
Forum: Capital Gains Tax, CGT
Topic: CGT, unearned income?
Replies: 5
Views: 186

Re: CGT, unearned income?

Under UK tax rules, gains are not income (neither earned nor unearned).

CSA rules follow the tax rules - see step 1 https://www.gov.uk/how-child-maintenance-is-worked-out/how-the-child-maintenance-service-works-out-child-maintenance
by bd6759
Thu Feb 14, 2019 10:39 pm
Forum: Property Taxation
Topic: Transfer BTL to joint ownership with spouse to reduce GCT
Replies: 3
Views: 151

Re: Transfer BTL to joint ownership with spouse to reduce GCT

It is tax planning, but it is using what the law was designed for. You don’t need to change anything at the Land Registry. Just create a declaration of trust. This is a statement, in writing, by you that you hold the property for the benefit of yourself and your wife in equal proportions. Google it ...
by bd6759
Thu Feb 14, 2019 4:49 pm
Forum: Income Tax
Topic: Marriage allowance - HMRC confused
Replies: 15
Views: 411

Re: Marriage allowance - HMRC confused

I stand corrected. I made the schoolboy error of glancing at the legislation as enacted, rather than as amended. Even then I have no excuse because such a provision was contained at s20. Section 192(4) Finance Act 2004 (relief at source) says: If (apart from this section) income tax at the higher ra...
by bd6759
Thu Feb 14, 2019 12:48 pm
Forum: Income Tax
Topic: Marriage allowance - HMRC confused
Replies: 15
Views: 411

Re: Marriage allowance - HMRC confused

The article says
Standard definition of basic rate applies, therefore subject to pension / gift aid contributions
I say that has no statutory basis and is wrong.
by bd6759
Thu Feb 14, 2019 11:06 am
Forum: Income Tax
Topic: Marriage allowance - HMRC confused
Replies: 15
Views: 411

Re: Marriage allowance - HMRC confused

The first question you need to ask yourself is what statutory authority you have for extending the basic rate band. I don't think you will find one. Any person who earns more that the limits set out in s10 ITA will be liable to tax at the higher rate. The fact that there are reliefs that can reduce ...
by bd6759
Tue Feb 12, 2019 6:21 pm
Forum: Business Tax
Topic: Accounting period for new partnership
Replies: 4
Views: 236

Re: Accounting period for new partnership

@bd6759

Surely with the dates quoted the commencement provisions and overlap profits are in point (unless an A/Cs Y/E of 5 April is chosen).
No. That’s nonsense.
by bd6759
Mon Feb 11, 2019 9:24 pm
Forum: VAT & Excise Duties
Topic: VAT is taking it’s toll on ‘holiday let’ business – is there any way to reduce this?
Replies: 5
Views: 271

Re: VAT is taking it’s toll on ‘holiday let’ business – is there any way to reduce this?

Increase your fees. Include VAT so that those registered can reclaim.

Sort out your 70% expenses. What savings can be made?
by bd6759
Mon Feb 11, 2019 9:13 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Termination Payment Tax
Replies: 1
Views: 126

Re: Termination Payment Tax

It's an arithmetic question.

£10,000 - £4,500 = £5,500.

You are reducing the pay by £10,000 , but also reducing the tax by £4,500. The net difference is £5,500
by bd6759
Mon Feb 11, 2019 9:05 pm
Forum: General
Topic: general
Replies: 1
Views: 152

Re: general

Out it in writing.

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