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Where Taxpayers and Advisers Meet

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by AdamS93
Fri Feb 15, 2019 4:41 pm
Forum: Property Taxation
Topic: Transfer BTL to joint ownership with spouse to reduce GCT
Replies: 3
Views: 99

Re: Transfer BTL to joint ownership with spouse to reduce GCT

Thanks, very helpful. Will there be an issue with declaring the change of beneficial ownership immediately before the sale? The existing 100% ownership has worked for us as regards income tax on the rental income, but we want to change it before disposal to plan for CGT. I assume my conveyancing so...
by AdamS93
Sun Feb 10, 2019 8:33 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: Pensions allowance and relief - returned from overseas
Replies: 3
Views: 96

Re: Pensions allowance and relief - returned from overseas

Yes, that’s correct. It is irrelevant what you have earnt in previous years. You can contribute what you like, but there will be no tax relief beyond 100% of your net relevant earnings. If you contribute more than the available annual allowance (including carried forward allowances) you will face an...
by AdamS93
Sun Feb 10, 2019 1:29 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: Pensions allowance and relief - returned from overseas
Replies: 3
Views: 96

Re: Pensions allowance and relief - returned from overseas

A, B and C are all slightly wrong in my opinion. In 2018/19 (the current tax year). You can make gross personal contributions up to 100% of your net relevant earnings period. Any contributions on top of this will not attract tax relief. Therefore, unless you have relevant earnings in excess of £40k,...
by AdamS93
Wed Feb 06, 2019 5:11 pm
Forum: Property Taxation
Topic: Boxes 26 and 44, 2017/2018 SA Tax Return
Replies: 6
Views: 95

Re: Boxes 26 and 44, 2017/2018 SA Tax Return

Yes, box 44 is incorrect.

Whether it will make a difference or not will depend on if she has paid any tax and the amount of rental income.

Off topic but £11,181 is a lot of interest to be paying with the way interest rates are currently.
by AdamS93
Sat Feb 02, 2019 12:38 pm
Forum: VAT & Excise Duties
Topic: Help please, how to claim VAT refund for a non VAT registered person
Replies: 5
Views: 141

Re: Help please, how to claim VAT refund for a non VAT registered person

Very unfortunate circumstances! Keep in contact with the liquidator. They should act in the best interest of the creditors. I'm no insolvency practitioner but I believe there are special rules around deposits upon liquidation. You want to find out where all the money has gone (i.e. have the director...
by AdamS93
Fri Feb 01, 2019 6:34 pm
Forum: International Tax
Topic: transfer of income from offshore
Replies: 3
Views: 116

Re: transfer of income from offshore

Remittance is very complicated.

If you bring income to the UK it will be considered a remittance. If you transfer it to your wife first (or children for that matter) it doesn't get around this, it will still be a taxable remittance.
by AdamS93
Thu Jan 31, 2019 9:43 pm
Forum: Income Tax
Topic: UK Ltd Company, Sole Director, Living Abroad
Replies: 1
Views: 74

Re: UK Ltd Company, Sole Director, Living Abroad

Without further information it is hard to say for sure. The most likely scenario is that the company remains UK resident as incorporated in the UK so it will pay UK corporation tax on its profits. As you are non resident, you are only taxed in the UK on your UK income. Dividends are disregarded inco...
by AdamS93
Wed Jan 30, 2019 11:55 am
Forum: Income Tax
Topic: Income Shifting between spouses
Replies: 7
Views: 140

Re: Income Shifting between spouses

Retrospectively, there is nothing you can do, you can't rewrite history unfortunately. Moving forward, you may be able to do something but I am guessing the shares your wife has received is from some sort of employee share scheme meaning there will be restrictions on what she can do with them (i.e. ...
by AdamS93
Wed Jan 30, 2019 9:04 am
Forum: Income Tax
Topic: Optimising EIS Reliefs
Replies: 1
Views: 73

Re: Optimising EIS Reliefs

You can only claim income tax relief for the year of investment or the prior year.

What you should’ve done is invested over 3 years. EIS reinvestment relief can be carried back up to 3 years, unlike the income tax relief.
by AdamS93
Tue Jan 29, 2019 9:04 am
Forum: Income Tax
Topic: Can Self Employed pay themselves an income?
Replies: 5
Views: 144

Re: Can Self Employed pay themselves an income?

I’m sorry, but you’re well off the mark. As a sole trader you get taxed on your profit. Your drawings are irrelevant, they are not taxable income and they are not an allowable expense This is a fundamental principle, and if you struggle to get your head around this, there could be other mistakes you...

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