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Where Taxpayers and Advisers Meet

Search found 233 matches

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by AdamS93
Wed Oct 09, 2019 8:59 am
Forum: Capital Gains Tax, CGT
Topic: Members Voluntary Liquidation (MVL)
Replies: 1
Views: 147

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: 116

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: 126

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: 230

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 The cash in the company can then be withdrawn from the company how the shareholders wish (presuming shareholders and directors are same individuals) and then taxed in the hands of the shareholders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: 230

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.
by AdamS93
Wed Sep 18, 2019 4:22 pm
Forum: Company Taxation
Topic: Loan to director
Replies: 2
Views: 284

Re: Loan to director

No. you have to repay the loan within 9 months of the end of the chargeable accounting period - the end of the chargeable accounting period will not change if you change your period of account (two different things). Why not declare a dividend? The cash will have to be extracted from the company at ...
by AdamS93
Tue Sep 17, 2019 3:35 pm
Forum: Capital Gains Tax, CGT
Topic: Gifting Property to Brother
Replies: 2
Views: 306

Re: Gifting Property to Brother

1. you will pay the SDLT higher rates as you already have a dwelling unless you sell it.

2. The transfer will save SDLT but you will be paying capital gains tax on transfer

3. Seek professional advice

Your parents have done you out of any first time buyer benefits unfortunately.
by AdamS93
Sun Sep 15, 2019 9:03 am
Forum: Capital Gains Tax, CGT
Topic: Can i gift my property and live in btl
Replies: 7
Views: 267

Re: Can i gift my property and live in btl

Gifting your property to your children will remove any first time buyer reliefs they would get when they want to join the property ladder as well (SDLT etc). The rent paid to the children will be taxable income for them. Property has historically been a good investment, but it certainly isn't a tax ...
by AdamS93
Sun Sep 01, 2019 8:12 am
Forum: Capital Gains Tax, CGT
Topic: Getting gifted and then selling a farmhouse
Replies: 7
Views: 3488

Re: Getting gifted and then selling a farmhouse

It would depend on who is gifting it to you.
by AdamS93
Sat Aug 03, 2019 8:17 am
Forum: Property Taxation
Topic: Property Development Business Structure
Replies: 5
Views: 5163

Re: Property Development Business Structure

The best advice one can give would be to get an accountant on board. There are plenty of traps that you could fall foul of, especially dealing with property. Most in your position would go down the ltd route, but everyone's situation is very different! On the basis of the facts provided, you are onl...

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