This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Search found 309 matches

Go to advanced search

by AnthonyR
Thu Jun 11, 2020 12:58 pm
Forum: Capital Gains Tax, CGT
Topic: CGT 30 day form
Replies: 18
Views: 1666

Re: CGT 30 day form

https://www.gov.uk/government/collections/self-assessment-helpsheets-capital-gains

and SA108 may help
If it's as simple as an SA108 I'll be pretty happy - I'll expect a random special purpose form though.

Although in any case, the 2020/21 SA108 isn't even on there...
by AnthonyR
Wed Jun 10, 2020 1:51 pm
Forum: Capital Gains Tax, CGT
Topic: CGT 30 day form
Replies: 18
Views: 1666

Re: CGT 30 day form

Having phoned HMRC and discussed it with one of their CGT technical advisers they know nothing about a paper form and haven't been advised anything regarding the system...

Apparently there is a form, but no one knows where to find it or how to send it out.
by AnthonyR
Wed Jun 10, 2020 12:59 pm
Forum: Capital Gains Tax, CGT
Topic: CGT 30 day form
Replies: 18
Views: 1666

Re: CGT 30 day form

Having finally got the client set up we've reported the gain, which in the grand scheme of HMRC forms wasn't too bad (not as bad as the NRCGT disclosure form). However, the client has disposed of two properties on different dates in April and you must report each disposal date on a separate return. ...
by AnthonyR
Tue Apr 28, 2020 7:36 pm
Forum: Capital Gains Tax, CGT
Topic: CGT 30 day form
Replies: 18
Views: 1666

Re: CGT 30 day form

Having just logged in to file my first 30 day CGT return for an elderly client who disposed of a rental property on 12th April I've discovered that I can't actually report it without her setting up her own "Capital Gains Tax on UK property account" under her own government gateway account. Which she...
by AnthonyR
Mon Mar 16, 2020 6:45 pm
Forum: Company Taxation
Topic: Company Debt Assignment
Replies: 0
Views: 604

Company Debt Assignment

Client owns and runs Trade Co and Prop Co 100%. Over the years Trade co has loaned a significant amount to Prop Co to finance the purchase of property. Client is now considering selling Trade Co and needs to tidy up the loan account prior to sale. As connected companies a loan write off should be ta...
by AnthonyR
Sun Dec 29, 2019 4:35 pm
Forum: Business Tax
Topic: Going LTD
Replies: 2
Views: 818

Re: Going LTD

If you can't afford an accountant you probably shouldn't be transferring to a limited company unless you have experience preparing formal accounts as it requires the preparation of statutory accounts in a particular format, tax returns for the company, personal tax returns recognising the income. Ho...
by AnthonyR
Mon Dec 09, 2019 3:14 pm
Forum: Property Taxation
Topic: BICT
Replies: 1
Views: 609

Re: BICT

If you sell them, you pay CGT and if you then acquire flats then you'll have an SDLT charge on the purchases. Is that going to put you in a better position than just holding the HMOs (I appreciate it's not all about the finances and HMOs are hard work)? Transferring the properties into a company wou...
by AnthonyR
Tue Nov 26, 2019 8:54 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Transferring property into sons name
Replies: 1
Views: 437

Re: Transferring property into sons name

If your father transfers the property to you as a gift then this will trigger capital gains tax on the gain since he has owned it, with tax at 18/28% (after annual exemption). If he does this before 6 April he will have until Jan 2021 to pay the tax, if he does it on or after 6 April he will have to...
by AnthonyR
Thu Nov 21, 2019 12:19 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: RNRB and Pecuniary gifts
Replies: 8
Views: 1471

Re: RNRB and Pecuniary gifts

Where part of the property is sold in order to settle the pecuniary legacy the estate will not benefit from the RNRB; the property is not specifically left to a direct descendent. The property must be “closely inherited” ie the property must pass under a will or intestacy to the deceased’s lineal d...
by AnthonyR
Thu Nov 21, 2019 12:18 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: RNRB and Pecuniary gifts
Replies: 8
Views: 1471

Re: RNRB and Pecuniary gifts

Just to be difficult (or perhaps to simply the matter) is there a need to have specific pecuniary legacies if the estate is simply being split between the 5 children/grandchildren? Just appoint a percentage to each of them and there's no fear of the RNRB being lost as there isn't this complication. ...

Go to advanced search