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Where Taxpayers and Advisers Meet

Search found 16 matches

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by Jerome_Lane
Mon Aug 05, 2019 12:06 pm
Forum: Property Taxation
Topic: Purchasing a percentage of parents house
Replies: 3
Views: 11853

Re: Purchasing a percentage of parents house

You won't pay SDLT if this is your only property and the chargeable consideration (what you pay) is less than £125,000. You will be buying something you are due to inherit a fifth of after you appear to have made a sacrifice to care for your mother over the last 7 years. The inheritance won't necess...
by Jerome_Lane
Mon Aug 05, 2019 9:48 am
Forum: Property Taxation
Topic: Purchasing a percentage of parents house
Replies: 3
Views: 11853

Re: Purchasing a percentage of parents house

I suggest you get full advice on this but your mum won't pay any CGT if its always been her main home. It sounds like you might be in a position to just buy the house outright and come to arrangement with your siblings to ensure care and financial arrangements are dealt with so all is done fair. Alt...
by Jerome_Lane
Mon Aug 05, 2019 9:39 am
Forum: Capital Gains Tax, CGT
Topic: Capital gains on inherited house to flat conversion
Replies: 1
Views: 5943

Re: Capital gains on inherited house to flat conversion

By "we" I assume you mean you as a husband and wife. If you took each flat at a base cost of £220K (£150k probate and £70k rennovations), the gain is say £155k. Roughly 60% should be protected by PPR relief and if let 2008 to 2012, lettings relief will wipe out the chargeable gain. Otherwise you mig...
by Jerome_Lane
Mon Aug 05, 2019 9:31 am
Forum: Property Taxation
Topic: Property Development Business Structure
Replies: 5
Views: 13275

Re: Property Development Business Structure

Hi, care is needed for a limited company structure if you are living in a property owned by the company. Benefit in kind charges are likely to apply. You might be better off considering hybrid arrangements and getting tax advice. Contact me if you'd like to discuss further. Good luck!
by Jerome_Lane
Mon Aug 05, 2019 9:07 am
Forum: Income Tax
Topic: Reclaim Income Tax and National Insurance
Replies: 3
Views: 6379

Re: Reclaim Income Tax and National Insurance

i' m assuming you'll be on about £5k total income for the year. Assuming you're entitled to the UK personal allowance as an EU citizen, then you'll be able to reclaim the income tax after the end of the UK tax year (5 April 2020) by calling or writing to HMRC provided you haven't exceeded the person...
by Jerome_Lane
Mon Aug 05, 2019 8:52 am
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: SDLT on BTL Property Transfer to Spouse
Replies: 4
Views: 12218

Re: SDLT on BTL Property Transfer to Spouse

Depending on how the property is managed, you could consider other options. If you'd like to discuss, please DM me to arrange a call to discuss. Thanks, Jerome
by Jerome_Lane
Mon Jul 29, 2019 9:07 am
Forum: Income Tax
Topic: Sole trader
Replies: 5
Views: 7697

Re: Sole trader

You'll pay income tax and class 4 NIC on your taxable profits (currently the £5,500 if all your expenses are tax deductible. You have a personal allowance which is probably £12,500 so right now you may be in line for a repayment if CIS is being deducted. You can apply for gross payment once you get ...
by Jerome_Lane
Mon Jul 29, 2019 9:00 am
Forum: Property Taxation
Topic: Should I buy a commercial property investment through a company or as an individual?
Replies: 3
Views: 12090

Re: Should I buy a commercial property investment through a company or as an individual?

Amongst other things, it depends if you want the income for lifestyle or to roll up profits. If roll up is something you are looking at then maybe investing through your pension will be more favourable. You should take holistic advice before making a decision. Good luck!
by Jerome_Lane
Fri Jul 26, 2019 10:38 am
Forum: Income Tax
Topic: Foreign income
Replies: 2
Views: 5707

Re: Foreign income

You might have to take care if the account the money was transferred to includes foreign income of the current tax year. The ordering rules could look to tax that income ahead of the already taxed UK income being returned to the UK.
by Jerome_Lane
Wed Jul 24, 2019 2:21 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Self employed/not registered for Class 2 NICs
Replies: 6
Views: 13117

Re: Self employed/not registered for Class 2 NICs

Robbob is correct in that the NIC office should only look to recover 6 years of class 2 NIC. HMRC have had all the information to raise the class 2 assessment so there's no question of avoidance so they can't go back any further.

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