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Where Taxpayers and Advisers Meet

Search found 92 matches

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by Jholm
Sat Sep 14, 2019 8:51 pm
Forum: Capital Gains Tax, CGT
Topic: Can i gift my property and live in btl
Replies: 7
Views: 137

Re: Can i gift my property and live in btl

Yes, surviving 7 years with remove liability to IHT. You need to consider capital gains tax upon the transfer. However, if you lived at the property throughout the time it was owned, then the disposal would be covered by PPR relief. Also consider the future disposal of the buy to let. Almost certain...
by Jholm
Wed Sep 11, 2019 5:21 pm
Forum: General
Topic: Sole Trader different Tax/Accounting Year
Replies: 3
Views: 183

Re: Sole Trader different Tax/Accounting Year

I would very much suggest that you appoint an account/adviser officially if you are running those dates. You will need to consider overlap profits/relief and I have seen way too many people get this wrong when doing it themselves.
by Jholm
Fri Sep 06, 2019 1:24 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: agricultural relief on let farm
Replies: 1
Views: 176

Re: agricultural relief on let farm

I agree no relief available since you state it has no connections. APR can often be available if the situation is right but not BPR anyhow (I believe). Therefore, in this instance I vote both out.
by Jholm
Fri Sep 06, 2019 1:06 pm
Forum: Income Tax
Topic: Tax deduction medical expenses
Replies: 1
Views: 116

Re: Tax deduction medical expenses

Medical treatment is not a business expense so unfortunately not. There may be extremely rare circumstances where you could argue it (such as a niche treatment for a professional sportsman) but even then HMRC may disagree.
by Jholm
Thu Sep 05, 2019 10:12 am
Forum: Income Tax
Topic: New Computer Tax Deductible?
Replies: 2
Views: 147

Re: New Computer Tax Deductible?

Claim as capital allowances and put the full amount in as Annual Investment Allowances. It will give you the full deduction as if you claim as a regular expense.

This assumes you expect to use the PC and software for a number of years, which I imagine you would.
by Jholm
Thu Sep 05, 2019 9:17 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Variation of a will and inheritance tax
Replies: 4
Views: 126

Re: Variation of a will and inheritance tax

To clarify, is it left to you at present and you wish to make a variation for it to go to him directly? The usual variance would be to make an asset pass to a spouse (thereby becoming an exempt transfer), then gifting to the other party as a PET, which would only become chargeable if death occurs wi...
by Jholm
Tue Sep 03, 2019 8:21 am
Forum: Capital Gains Tax, CGT
Topic: CGT on residential home
Replies: 5
Views: 237

Re: CGT on residential home

Not 100% sure what your question is as there isn't one!

Research the following reliefs for CGT:

PPR Relief (actual and deemed occupancy)

Lettings Relief
by Jholm
Tue Sep 03, 2019 8:19 am
Forum: Income Tax
Topic: Both property and trading income
Replies: 5
Views: 185

Re: Both property and trading income

Declared the income and then claim the allowance rather than omit entirely
by Jholm
Wed Aug 28, 2019 4:28 pm
Forum: Income Tax
Topic: Working for a Dutch company
Replies: 4
Views: 479

Re: Working for a Dutch company

Taxation rules around residency can be complex but without the full facts, it is not possible to comment.
by Jholm
Wed Aug 28, 2019 1:46 pm
Forum: Income Tax
Topic: Working for a Dutch company
Replies: 4
Views: 479

Re: Working for a Dutch company

As a UK resident, you would indeed be subject to UK tax. I assume they would pay you as an employee in the UK?

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