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Where Taxpayers and Advisers Meet

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by SteLacca
Fri Jul 05, 2019 3:08 pm
Forum: Property Taxation
Topic: Tax efficient way to gift commercial property to spouse
Replies: 7
Views: 249

Re: Tax efficient way to gift commercial property to spouse

If you gift the property to your wife she also acquires your history for tax purposes, so base cost for CGT purposes. This is unavoidable with a gift. As you have identified, bequeathing the property to her would mean her base cost is probate value for CGT purposes, but leaves you with the concerns ...
by SteLacca
Fri Jun 28, 2019 1:35 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Critical illness and dental insurance
Replies: 4
Views: 222

Re: Critical illness and dental insurance

Are the figures on the P11D premiums paid over and above your contribution via payroll?
by SteLacca
Fri May 17, 2019 10:23 am
Forum: Capital Gains Tax, CGT
Topic: CGT / ER
Replies: 2
Views: 190

Re: CGT / ER

Have a look at Investor's Relief. https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg63500p
by SteLacca
Tue May 07, 2019 4:12 pm
Forum: General
Topic: Mistake on privious tax return
Replies: 4
Views: 194

Re: Mistake on privious tax return

Is this a property overseas that was your home at some point, or is it your home concurrently with your UK home?

If the former, I wouldn't worry about it (provided you are not deriving income from it), and if the latter, it depends....
by SteLacca
Tue May 07, 2019 4:07 pm
Forum: Tax Investigations and Enquiries
Topic: Not paid tax or filed tax return in 20 years. Help!
Replies: 12
Views: 506

Re: Not paid tax or filed tax return in 20 years. Help!

@JHolm: I recommend not trusting HMRC on this, but rather take a look at TMA 1970 S.7 and S.8, which is what the law says. You will find what the law says is very different than what HMRC says, and the law trumps HMRC every day of the week.
by SteLacca
Thu Apr 18, 2019 12:06 pm
Forum: Income Tax
Topic: Tax no remuneration - HMRC reaction?
Replies: 1
Views: 126

Re: Tax no remuneration - HMRC reaction?

With regards to the salary paid to your wife, it should be commensurate with the work she does (and so a salary that would be paid at arm's length to a 3rd party) to remove any chance of a successful challenge from HMRC. Dividends are a slightly different matter, and the devil is in the detail. HMRC...
by SteLacca
Fri Apr 12, 2019 9:46 am
Forum: Company Taxation
Topic: Will they or won’t they.... late filing.
Replies: 3
Views: 179

Re: Will they or won’t they.... late filing.

HMRC will not reject them, though do it quickly. If HMRC assess and you go past four years you won't be able to displace HMRC's assessment.
by SteLacca
Wed Mar 20, 2019 3:02 pm
Forum: Capital Gains Tax, CGT
Topic: Capital treatment of unquoted company buy back of shares
Replies: 2
Views: 181

Re: Capital treatment of unquoted company buy back of shares

There's a clearance procedure: https://www.gov.uk/government/publications/seeking-clearance-or-approval-for-a-transaction
by SteLacca
Thu Feb 21, 2019 1:22 pm
Forum: Business Tax
Topic: We Searching a Software to report Sales Tax.
Replies: 1
Views: 170

Re: We Searching a Software to report Sales Tax.

Start here: https://www.gov.uk/guidance/software-for-sending-income-tax-updates
by SteLacca
Thu Feb 14, 2019 12:57 pm
Forum: Capital Gains Tax, CGT
Topic: Entrepreneurs Relief
Replies: 1
Views: 160

Re: Entrepreneurs Relief

What does the rest of the group look like? The criteria is not a disposal of of shares in the holding company of a trading company, but is a disposal of shares in the holding company of a trading group. If there are other subsidiary companies that hold investments, then you need to consider whether ...

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