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Where Taxpayers and Advisers Meet

Search found 26 matches

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by TaxAdviser2018
Wed May 16, 2018 11:46 am
Forum: Company Taxation
Topic: MVL with overdrawn director’s loan
Replies: 2
Views: 1443

Re: MVL with overdrawn director’s loan

Notwithstanding the test case, you should repay the overdrawn director's current account (DCA) balance so that the statutory conditions (set out in s458 of Corpration Tax Act 2010) are satisfied in relation to the repayment of the DCA. The company can then be liquidated. This should provide a degree...
by TaxAdviser2018
Wed May 09, 2018 2:59 pm
Forum: Income Tax
Topic: Setting up a partnership 10 months after starting it
Replies: 1
Views: 812

Re: Setting up a partnership 10 months after starting it

In simple terms, you could consider the provisions of section (1) of the Partnership Act 1890 which remains the legislation applying to unincorported (or general) partnerships: The definition of partnership is "Partnership is the relation which subsists between persons carrying on a business in comm...
by TaxAdviser2018
Mon Apr 30, 2018 12:44 am
Forum: Income Tax
Topic: Worldwide disclosure facility
Replies: 1
Views: 609

Re: Worldwide disclosure facility

The letter you received regarding HMRC's Worldwide Disclosure Facility (WDF) should include a form for you to complete, sign and return to HMRC. You can then provide the relevant information for each tax year through HMRC's portal. If you already use HMRC's portal for self-assessment, then you can p...
by TaxAdviser2018
Thu Apr 26, 2018 4:02 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: no inheritance tax - 60.000 pounds?
Replies: 5
Views: 949

Re: no inheritance tax - 60.000 pounds?

Where an individual is deemed domiciled in the UK for IHT purposes their estate is taxed in the UK on their worldwide estate. If they are not deemed domiciled, then the estate is taxed on UK situs assets only. The rules on IHT deemed domiciled rules changed from 6th April 2017 (see https://www.gov.u...
by TaxAdviser2018
Tue Apr 24, 2018 10:20 pm
Forum: Capital Gains Tax, CGT
Topic: CGT responsibility of executors
Replies: 2
Views: 631

Re: CGT responsibility of executors

On the basis that you and your brother were the beneficial owners then Ms X would not be required to report any income from the property to HMRC. This is because only the beneficial owners are liable to tax on the income arising from the property. If your brother gifted Ms X an amount equivalent to ...
by TaxAdviser2018
Tue Apr 24, 2018 4:49 pm
Forum: Company Taxation
Topic: Land transfer from Ltd Co to individual
Replies: 5
Views: 1551

Re: Land transfer from Ltd Co to individual

One option you may wish to consider is to formally liquidate the company with the capital distribution on a liquidation being tax under the capital gains tax provision. There is anti-avoidance legislation that will tax the distribution on you as income should you commence the same or similar activit...
by TaxAdviser2018
Tue Apr 24, 2018 2:43 pm
Forum: Income Tax
Topic: Accountant filed self assessment late - implications?
Replies: 1
Views: 490

Re: Accountant filed self assessment late - implications?

There are no other implications other than the penalty on the basis that you paid the balance of any tax due for the year ended 5th April 2017 and first payment on account due for the year ended 5th April 2018 by 31st January 2018. Presmuambly your accountant will pay the late filing penalty on your...
by TaxAdviser2018
Mon Apr 23, 2018 1:39 pm
Forum: Income Tax
Topic: Self Assessment
Replies: 2
Views: 477

Re: Self Assessment

Any profit or loss realised on the sale of the property should be declared on your tax return in the year that it is sold. On the basis that you are to prepare a set of sole-trader accounts, you would include the cost of the property and the pick-up (if it qualifies as a business asset) in your busi...
by TaxAdviser2018
Sun Apr 22, 2018 8:33 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT threshold
Replies: 5
Views: 1000

Re: IHT threshold

As your father died before 6th April 2017, when the Residence Nil Rate Band (RNRB) first became available, his estate would have not used any RNRB. he full RNRB will therefore be available for transfer unless the value of their estate exceeded £2m and the RNRB is tapered away. Therefore in the year ...
by TaxAdviser2018
Fri Apr 20, 2018 10:24 pm
Forum: Property Taxation
Topic: Property transfer
Replies: 2
Views: 605

Re: Property transfer

Hi Alan As the property was acquired by your daughter, prima facia, it is your daughter's asset and presumably her main and only residence. If this is the case, she could gift the property to you under a deed of gift. As it is her main residence, there would be no tax on any gain and you would be de...

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