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Where Taxpayers and Advisers Meet

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by SteLacca
Fri May 17, 2019 10:23 am
Forum: Capital Gains Tax, CGT
Topic: CGT / ER
Replies: 2
Views: 158

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: 149

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: 404

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: 114

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: 151

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: 165

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: 156

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: 148

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 ...
by SteLacca
Tue Feb 12, 2019 2:53 pm
Forum: Business Tax
Topic: Accounting period for new partnership
Replies: 4
Views: 337

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).
by SteLacca
Mon Feb 11, 2019 4:00 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Telephones at NIC & EO temporarily out of order
Replies: 31
Views: 1852

Re: Telephones at NIC & EO temporarily out of order

When does 'temporarily' become permanently?
It's HMRC speak, much the same as "We are experiencing unusually high call volumes and you may have to wait a bit longer", whilst these unusually high call volumes have been the norm for the past three years.

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