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Where Taxpayers and Advisers Meet

Search found 244 matches

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by AdamS93
Sun Jan 19, 2020 5:54 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on main residence I've also rented out
Replies: 3
Views: 348

Re: CGT on main residence I've also rented out

You cannot rollover the gain in the situation to describe. If you sell property A before 5th April 2020, you will benefit from letting relief in addition to PPR so I would imagine that there would be no CGT to pay. If you sell after 5th April, then you will lose letting relief and will probably have...
by AdamS93
Thu Jan 16, 2020 7:52 pm
Forum: Business Tax
Topic: Transferring my new electric car to a newly formed limited company
Replies: 1
Views: 469

Re: Transferring my new electric car to a newly formed limited company

No. One of the conditions for 'first year allowances' is that the asset must be new and unused which won't be the case. Have you also considered the balancing charge that may arise in the partnership accounts?
by AdamS93
Wed Jan 15, 2020 2:55 pm
Forum: VAT & Excise Duties
Topic: VAT Ltd property purchase
Replies: 2
Views: 414

Re: VAT Ltd property purchase

Yes. The rent you charge your tenants will be exempt from VAT and as a result, any of the VAT incurred on the improvements to the property will not be recoverable. The company will also be a partially exempt trader. You might benefit from some de-minimis rules. Probably best advised to get some paid...
by AdamS93
Mon Jan 06, 2020 8:50 am
Forum: Property Taxation
Topic: Transfer property to Ltd Company/SPV
Replies: 2
Views: 327

Re: Transfer property to Ltd Company/SPV

1) you’ll have to crunch the numbers. For letting relief, you’ll have to get a move on as from 6th April 2020 letting relief is being abolished.. 2) Stamp Duty Land tax will be payable based on the market value at the date of transfer. The ‘consideration’ is deemed to be market value when transferri...
by AdamS93
Tue Dec 24, 2019 10:35 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: First home - should I pay higher SDLT?
Replies: 2
Views: 701

Re: First home - should I pay higher SDLT?

Yes, SDLT higher rates will apply unless you sell your BTL property.
by AdamS93
Tue Dec 24, 2019 12:27 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: Can I claim higher rate tax relief on employer's contributions?
Replies: 3
Views: 977

Re: Can I claim higher rate tax relief on employer's contributions?

You only enter contributions made out of your net salary. As all your contributions are made via your employment it is likely that you obtain tax relief at source (i.e. they deduct the pension contributions before calculating your tax) so no additional tax relief is due so you wouldn't put anything ...
by AdamS93
Sun Nov 10, 2019 10:59 am
Forum: Property Taxation
Topic: Quick query on SPV to purchase investment property
Replies: 2
Views: 781

Re: Quick query on SPV to purchase investment property

The company will pay corporation tax on its profits. The mortgage repayments are not an expense of the company, like the receipt of the mortgage is not taxable income. You would be best advised to engage an accountant as there are some strange rules when letting property via a company that often go ...
by AdamS93
Sun Nov 03, 2019 12:29 pm
Forum: Income Tax
Topic: Who pays tax on rental income
Replies: 5
Views: 1694

Re: Who pays tax on rental income

The beneficial owner of the property will declare the rental income. You cannot choose you declares the income. It looks like your eldest son is the beneficial owner. If he were to transfer the property to his brother, then there will be all sorts of CGT/Stamp Duty Land Tax/Income tax issues. You ne...
by AdamS93
Sun Oct 20, 2019 10:40 am
Forum: General
Topic: Enterprise Management Incentive Scheme
Replies: 2
Views: 11123

Re: Enterprise Management Incentive Scheme

As long as your conditions don't breach the EMI conditions found in Sch5 ITEPA 2003 you're good to go.

As for a standard formula, there isn't one. There is no one size fits all as some EMI companies will have assets of <£1m and some up to £30m.
by AdamS93
Sun Oct 20, 2019 10:35 am
Forum: Savings & Investments, Pensions & Retirement
Topic: Investment flipping with silent partner
Replies: 4
Views: 10873

Re: Investment flipping with silent partner

Sounds like you're in a partnership.

On the basis of facts provided, any profits made will be subject to income tax not CGT.

Best to get some professional advice around the best way to structure everything.

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