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Where Taxpayers and Advisers Meet

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by bd6759
Fri Sep 13, 2019 10:23 am
Forum: General
Topic: Sole Trader different Tax/Accounting Year
Replies: 3
Views: 230

Re: Sole Trader different Tax/Accounting Year


Your second base period will be the 12 months ending on 31/12/2020.
I mean 31/12/2019
by bd6759
Wed Sep 11, 2019 9:02 pm
Forum: General
Topic: Sole Trader different Tax/Accounting Year
Replies: 3
Views: 230

Re: Sole Trader different Tax/Accounting Year

You can compile your accounts to whatever date you like. You can have a 2 month period or a long 14 month period to 31 December. But you really should have thought about that before now. For tax purposes, your first base period ends on 5 April, so it will be either: a) your 31/12/18 accounts plus 3/...
by bd6759
Sat Sep 07, 2019 11:19 am
Forum: Capital Gains Tax, CGT
Topic: CGT on residential home
Replies: 5
Views: 266

Re: CGT on residential home

IF you are working abroad, that is a period of "deemed residence". If the law says you are deemed to be living there, it does not matter if it was let or not: you are deemed to be there, therefore it counts as an exempt period for CGT.
by bd6759
Mon Sep 02, 2019 1:41 pm
Forum: Capital Gains Tax, CGT
Topic: Getting gifted and then selling a farmhouse
Replies: 7
Views: 913

Re: Getting gifted and then selling a farmhouse

Sorry I meant to say that it was eligible for gift holdover relief as it is agricultural property.
I wouldn't take that for granted.

To answer you main question, the transactions in land rules will not apply. There needs to be some form of development, not simply a quick sale.
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: 2212

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: 2434

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: 2989

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: 2272

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: 1680

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...

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