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Where Taxpayers and Advisers Meet

Search found 432 matches

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by someone
Tue Nov 17, 2020 4:08 pm
Forum: Capital Gains Tax, CGT
Topic: HMRC Capital gains worksheet : Lease extension
Replies: 1
Views: 567

Re: HMRC Capital gains worksheet : Lease extension

Hi, When using the HMRC SA Capital gains worksheet for a residential property sale. Which category does the cost of a lease extension go into ? Is it added to the cost of acquisition , improvements, or Deduction, if any, in respect of reliefs and elections ? Thanks I would assume it's a capital imp...
by someone
Mon Oct 12, 2020 10:35 am
Forum: Capital Gains Tax, CGT
Topic: named property- capital gains tax
Replies: 5
Views: 668

Re: named property- capital gains tax

Thanks fir info but I have heard that if the property is still your main property and you are now renting that that remans my main property for tax purposes and so is capital gains tax free. Thats what Im hoping! I think there are special rules around divorce, but absent them, it would have to be a...
by someone
Sun Oct 11, 2020 4:05 am
Forum: Income Tax
Topic: Underpayment being taxed 143.48
Replies: 3
Views: 678

Re: Underpayment being taxed 143.48

143.48 is suspiciously close to 1/104 of 15000 (and even closer if you assume it's 50% of one weeks pay calculated daily in a leap year) You don't say how much your partner is earning but I thought there was an upper limit to how much back tax would be collected such that you always keep 50% of your...
by someone
Thu Oct 08, 2020 3:30 pm
Forum: Property Taxation
Topic: Dividing two properties via transfer of equity
Replies: 4
Views: 680

Re: Dividing two properties via transfer of equity

Yes, you will each have to pay CGT on your share of the profit on the house you are disposing of.

Yes, SDLT is potentially in scope - N.B. it's consideration - and the value of the share you're disposing of will count towards that.
by someone
Thu Oct 01, 2020 8:46 am
Forum: Property Taxation
Topic: Underpaid tax on savings interest for 18/19, how to resolve?
Replies: 6
Views: 826

Re: Underpaid tax on savings interest for 18/19, how to resolve?

I am not an accountant. I believe, by law, you MUST correct your previous TR. To knowingly submit an incorrect tax return this year, even if it's in HMRCs favour, is an offence. I'm not saying that people don't "do the right thing and correct their tax paid" by adjusting their current year to includ...
by someone
Wed Sep 30, 2020 6:16 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: joint assets automatically pass to surviving spouse
Replies: 10
Views: 1421

Re: joint assets automatically pass to surviving spouse

I think you have it backwards. There is no inheritance tax on the assets that pass from wife to husband regardless of whether that's via a will, via intestacy law, or due to joint ownership. The part of the wife's estate that did not pass to the husband is in scope for IHT. But I think, from your nu...
by someone
Wed Sep 30, 2020 10:33 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Surplus income
Replies: 1
Views: 268

Re: Surplus income

It's not obvious what you're referring to but I'm guessing it's "gifts out of surplus income". No documentation is required - however, it will be very helpful to the executors if the donor has documented the gifts, their income and their expenses so that it's obvious that the gifts were made out of ...
by someone
Mon Sep 28, 2020 3:20 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Changing ownership proportion with spouse as tenants in common
Replies: 4
Views: 467

Re: Changing ownership proportion with spouse as tenants in common

The 3% surcharge is not in scope for transfers between H&W.

So assuming this was done under the current SDLT thresholds there is no SDLT due.
by someone
Mon Sep 28, 2020 10:50 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: NI when both employed and self employed.
Replies: 3
Views: 391

Re: NI when both employed and self employed.

Many thanks. That makes as much sense to me as NI ever has!
by someone
Mon Sep 28, 2020 9:54 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: NI when both employed and self employed.
Replies: 3
Views: 391

NI when both employed and self employed.

If the employment income is above the LEL then is there any need/benefit to paying class 2 NI for self employment? A friend is confused because they're never previously been asked to pay class 2 NI. They have recently made a voluntary payment for an incomplete year from a few years ago where they we...

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