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 238 matches

Go to advanced search

by AdamS93
Sun Nov 10, 2019 10:59 am
Forum: Property Taxation
Topic: Quick query on SPV to purchase investment property
Replies: 2
Views: 689

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: 1342

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: 9855

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: 9569

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.
by AdamS93
Sun Oct 20, 2019 10:32 am
Forum: Income Tax
Topic: Claiming professional expenses after retirement
Replies: 2
Views: 8534

Re: Claiming professional expenses after retirement

No. If you incur expenses for employment you can offset these against your employment income only. As you don't have employment income, this cannot be done. You can only offset losses against other income (sideways loss relief) if there is a commercial trade (i.e. view to profit) - as you are workin...
by AdamS93
Wed Oct 09, 2019 8:59 am
Forum: Capital Gains Tax, CGT
Topic: Members Voluntary Liquidation (MVL)
Replies: 1
Views: 5219

Re: Members Voluntary Liquidation (MVL)

The TAAR relates to events after the MVL HMRC cannot give clearance even if they wanted too. As for ER, the large cash balance could mean the trading requirement for ER is not met. I believe you can get clearance for s165 TCGA 1992 (gift relief) for which the definition of trading company is the same.
by AdamS93
Fri Oct 04, 2019 1:00 pm
Forum: VAT & Excise Duties
Topic: VAT on new commercial building
Replies: 1
Views: 5861

Re: VAT on new commercial building

You are correct (your client may be reclaiming a lot of VAT, but the vendor will be paying it over to HMRC).

You just have to keep one eye on the capital goods scheme (sale, change of use etc.)

Make sure there is all the valid paperwork!
by AdamS93
Mon Sep 30, 2019 10:36 am
Forum: Business Tax
Topic: Ltd company tax / directors loan question....
Replies: 2
Views: 5086

Re: Ltd company tax / directors loan question....

Sounds like you are getting in a mess with large sums of money at stake. Now is definitely the time to get professional advice before it is too late.
by AdamS93
Sun Sep 29, 2019 3:37 pm
Forum: Business Tax
Topic: SALE OF LTD COMPANY BUSINESS – SHAREHOLDER TAXATION
Replies: 4
Views: 5406

Re: SALE OF LTD COMPANY BUSINESS – SHAREHOLDER TAXATION

Company sells assets, company pays corporation tax on the gains it realises. The cash in the company can then be withdrawn from the company how the shareholders wish (presuming shareholders and directors are same individuals) and then taxed in the hands of the shareholders accordingly. There will be...
by AdamS93
Sat Sep 28, 2019 3:05 pm
Forum: Business Tax
Topic: SALE OF LTD COMPANY BUSINESS – SHAREHOLDER TAXATION
Replies: 4
Views: 5406

Re: SALE OF LTD COMPANY BUSINESS – SHAREHOLDER TAXATION

You seem to be confused.

Who has sold what? Have you sold the shares of the company or has the company sold its trade and assets? The answer to this will then determine the tax implications.

Go to advanced search