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Where Taxpayers and Advisers Meet

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by Simon Sweetman
Wed Oct 29, 2008 2:52 pm
Forum: Business Tax
Topic: Christmas parties
Replies: 3
Views: 1040

Unfortunately it looks to me like entertaining, and the expenditure is not allowed.
by Simon Sweetman
Wed Oct 29, 2008 2:51 pm
Forum: Business Tax
Topic: capital allowance on my taxi
Replies: 2
Views: 1407

<t>You can claim FYA on any vehicle that is not a car (though note that if this was after 5 April 2008 you claim Annual Investment Allowance up to £50,000). <br/> <br/> Don't stop reading ! The Act (CAA 2001 s.81) says that "car" means a mechanically propelled road vehicle other than one—<br/> (a)...
by Simon Sweetman
Tue Oct 28, 2008 5:22 pm
Forum: Capital Gains Tax, CGT
Topic: Cpt liability on house disposal
Replies: 6
Views: 1181

Whoops ! i'd got into 2008/9 mode and Lee is quite right.
by Simon Sweetman
Tue Oct 28, 2008 5:00 pm
Forum: Business Tax
Topic: Asset purchased and disposed of in same financial year
Replies: 6
Views: 1404

If the asset was actually used, then yes there is a balancing allowance due (technically using the market value when they ceased to be used). Strictly the purchase cost should be market value as they were bought from a connected person, but that might of course mean more tax for the director.
by Simon Sweetman
Tue Oct 28, 2008 4:56 pm
Forum: Tax Investigations and Enquiries
Topic: underdeclared tax
Replies: 5
Views: 2663

and if you do go to an accountant, make sure it's someone used to dealing with HMRC, not just a number cruncher.
by Simon Sweetman
Tue Oct 28, 2008 4:54 pm
Forum: Income Tax
Topic: Account closure penalty
Replies: 1
Views: 601

I fear that the penalty for early closure is quite separate from the interest - it is seen as a capital payment. So the £5000 goes on the return.
by Simon Sweetman
Tue Oct 28, 2008 4:52 pm
Forum: Income Tax
Topic: What year end to use?
Replies: 2
Views: 755

..and they have said they won't bring the deadline forward (yet, anyway). It is, incidentally, the longest in the world.
by Simon Sweetman
Tue Oct 28, 2008 4:50 pm
Forum: Business Tax
Topic: use of home allowance
Replies: 5
Views: 2342

<t>The question essentially is what extra costs you incur because of working from home. Do you have a room devoted to the business ? Are you working and using light and heat when nobody else is in the house ?<br/> <br/> If the answer is "no" then HMRC will allow you £3 a week. If there is a room us...
by Simon Sweetman
Tue Oct 28, 2008 4:46 pm
Forum: Capital Gains Tax, CGT
Topic: Cpt liability on house disposal
Replies: 6
Views: 1181

<t>Sadly, you read wrong. The gain is roughly £58000 less £25500, so £32500 (the "enhancements" may be allowable but only if reflected in the value of the house when sold.<br/> <br/> It had been owned for 190 months. The first three are exempt, and the rules also exempt the last three : so 72/190...
by Simon Sweetman
Tue Oct 28, 2008 1:05 pm
Forum: Income Tax
Topic: Non dom resident
Replies: 3
Views: 971

No, and unless there are underlying capital gains there would be no tax at all. But the remittance is regarded as income up to the total of income received in the account overall.

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