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Where Taxpayers and Advisers Meet

Search found 11 matches

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by swandive
Mon Jan 21, 2019 1:56 pm
Forum: Income Tax
Topic: Can Self Employed pay themselves an income?
Replies: 5
Views: 402

Re: Can Self Employed pay themselves an income?

just reading further and it is said that these types of withdrawal from the business account to personal account are called 'drawings' quote: "Drawings are the Owner's Personal Income, all income of the business owner must be taxed no matter where it came from. As drawings have effectively already b...
by swandive
Mon Jan 21, 2019 12:20 pm
Forum: Income Tax
Topic: Can Self Employed pay themselves an income?
Replies: 5
Views: 402

Can Self Employed pay themselves an income?

This is probably a silly question for those tax savvy here. I have a business and a personal account and periodically transfer from the former to the latter to cover living expenses. My business does not currently turnover a lot (~15k) So in terms of the self assessment/Tax return for the business, ...
by swandive
Mon Oct 08, 2018 9:51 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: To Gift or to inherit overseas property?
Replies: 4
Views: 701

Re: To Gift or to inherit overseas property?

Neither method would incur a tax liability in the UK. There may be tax consequences in Serbia, and these should be looked into via an appropriate specialist there. With regards to disposal, the normal rules for CGT will apply. i.e. the gain will be calculated by reference to the difference between ...
by swandive
Fri Oct 05, 2018 2:27 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: To Gift or to inherit overseas property?
Replies: 4
Views: 701

To Gift or to inherit overseas property?

My wife's mother (a Serbian national) has been diagnosed with terminal cancel so the question is, should the mother gift her Serbian property to her daughter (my wife) while still alive or should it simply be inherited after her death? Either way, once the mother has passed the intention is to sell ...
by swandive
Wed Mar 15, 2017 1:44 pm
Forum: Income Tax
Topic: offsetting against last years loss
Replies: 1
Views: 1040

offsetting against last years loss

If a self employed person made a loss last year, can this loss be rolled forward to offset profits for this year?

If so , where in the self assessment is this detailed?

thx in advance
by swandive
Thu Jun 04, 2015 10:56 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Deed of Variation - Deprivation of capital?
Replies: 1
Views: 501

Deed of Variation - Deprivation of capital?

If part of a spouse's estate, who died intestate, is given to a sibling via a Deed of Variation, prior to granting of probate, (therefore by-passing the surviving spouse) when the surviving spouse subsequently enters a claim for pension credits, would such actions be viewed by the authorities as dep...
by swandive
Mon Jun 01, 2015 5:14 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Informal Will
Replies: 6
Views: 782

Re: Informal Will

many thx
by swandive
Wed May 27, 2015 9:14 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Informal Will
Replies: 6
Views: 782

Re: Informal Will

And is the IoV the same as a Deed of Variation?
by swandive
Wed May 27, 2015 8:10 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Informal Will
Replies: 6
Views: 782

Re: Informal Will

thx for your reply.

Can we still do an IoV if the Will cannot be found?

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