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Where Taxpayers and Advisers Meet

Search found 61 matches

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by jerome.lane
Tue Nov 12, 2019 11:13 am
Forum: Income Tax
Topic: Newly self-employed, key dates
Replies: 2
Views: 251

Re: Newly self-employed, key dates

In your situation, you should register by 5 October 2020 and submit your tax return and pay your liability by 31 January 2021.
by jerome.lane
Tue Nov 12, 2019 11:04 am
Forum: Property Taxation
Topic: Quick query on SPV to purchase investment property
Replies: 2
Views: 351

Re: Quick query on SPV to purchase investment property

A corporate structure might not be the best option. A little tax planning could see the profits as being taxable on your wife who would have an available personal allowance. It could result in a more favourable tax position and your children could still become ultimately entitled to the asset in a c...
by jerome.lane
Tue Nov 12, 2019 10:40 am
Forum: Property Taxation
Topic: Buy next door house, change boundary and sell again
Replies: 5
Views: 412

Re: Buy next door house, change boundary and sell again

SDLT geek has got this one. Guess that's why he's called SDLT geek :lol:
by jerome.lane
Wed Nov 06, 2019 1:23 pm
Forum: Capital Gains Tax, CGT
Topic: Probate market value uplift
Replies: 5
Views: 483

Re: Probate market value uplift

I've just seen your update and yes, HMRC should accept a just and reasonable calculation of the enhancement costs, especially if supported by before and after photos (a tall order sometimes I know). There's also an element of PPR and maybe even lettings relief?
by jerome.lane
Wed Nov 06, 2019 1:21 pm
Forum: Capital Gains Tax, CGT
Topic: Probate market value uplift
Replies: 5
Views: 483

Re: Probate market value uplift

Your client is correct, her base cost will broadly be 50% of the original purchase price plus 50% of the 2010 probate value.
If it's a working farm, then there may be hold over claim in point.
by jerome.lane
Wed Nov 06, 2019 12:31 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: P11d for year with no employment
Replies: 2
Views: 674

Re: P11d for year with no employment

Hi, this probably happens more often than you'd imagine! There's a good chance that the provider may not have paid out if a claim had been made when you weren't an employee. HMRC's view appears to be that there cannot be a charge if you are not an employee unless deliberate avoidance, a loan waiver ...
by jerome.lane
Mon Nov 04, 2019 11:17 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Is IHT main residency band applicable before 2017
Replies: 2
Views: 610

Re: Is IHT main residency band applicable before 2017

Any unused RNRB can be transferred between spouses or civil partners regardless of when the first death occurred and whether or not the first deceased held a qualifying residential interest. The only factor that limits this is whether the first deceased’s estate was valued at over £2 million. The tr...
by jerome.lane
Mon Nov 04, 2019 11:03 am
Forum: International Tax
Topic: Tax in uk and india
Replies: 2
Views: 701

Re: Tax in uk and india

You would first need to work out your day count in each country. If you are UK resident you are taxable on your worldwide income and gains with double tax relief for tax paid in India. You should get local advice for India to get confirmation that you are only taxable on Indian source income there.
by jerome.lane
Mon Nov 04, 2019 10:59 am
Forum: Capital Gains Tax, CGT
Topic: Capital Gains tax on inherited property
Replies: 3
Views: 920

Re: Capital Gains tax on inherited property

Costs securing a legal right over an asset are generally allowable costs of disposal. I would suggest that you either inherited at probate value with an allowable cost of £125,000 plus any legal fees creating a loss of some £90k, or you inherited at £125k and have a circa £35k gain to pay CGT on. If...
by jerome.lane
Mon Nov 04, 2019 10:44 am
Forum: Property Taxation
Topic: Property Management Company
Replies: 1
Views: 919

Re: Property Management Company

There is a risk that HMRC will view the two entities as one composite business and consider that VAT should be accounted for across both businesses. I assume there are reasons you have not considered incorporating one or both businesses and that you have no direct interest in the management company.

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