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Where Taxpayers and Advisers Meet

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by Lambs
Wed Jan 09, 2019 8:03 pm
Forum: Income Tax
Topic: No income from buy to let
Replies: 3
Views: 82

Re: No income from buy to let

Dear S, In relation to what is presumably the commencement of your property letting business, the test is in my opinion when you first started to market the property as being available to let. But HMRC reckons it is when you actually first let the property - which was clearly 2018/19. Note that you ...
by Lambs
Tue Nov 20, 2018 10:40 am
Forum: Capital Gains Tax, CGT
Topic: Gifted Property to son.
Replies: 1
Views: 141

Re: Gifted Property to son.

C, Generally speaking, the recipient of a gift will have a base cost equivalent to the market value of the asset at the date of the gift/receipt. That is because, despite the fact that the donor (you) gave the asset to him for no proceeds, HMRC is entitled to treat the transfer as being for that sam...
by Lambs
Tue Nov 13, 2018 5:33 am
Forum: Property Taxation
Topic: Trading Or Investment
Replies: 10
Views: 541

Re: Trading Or Investment

B, s38 restricts at (1)(b) according only to "wholly and exclusively". I would agree that, specifically in relation to INCIDENTAL costs, 38 IS particularly restrictive. But when it comes to costs incurred simply in enhancing the asset, the only significant restriction / criterion is that the work, e...
by Lambs
Tue Nov 13, 2018 12:08 am
Forum: Property Taxation
Topic: Trading Or Investment
Replies: 10
Views: 541

Re: Trading Or Investment

C, To expand a little on previous posts, the obtaining of planning permission does not mean that the activity is trading (although in some cases it might be indicative, alongside other factors). This was established in Taylor v Good https://www.gov.uk/hmrc-internal-manuals/business-income-manual/bim...
by Lambs
Sat Nov 03, 2018 5:10 am
Forum: Capital Gains Tax, CGT
Topic: NRCGT return
Replies: 206
Views: 82879

Re: NRCGT return

R, in nearly 20 years, we haven't had trolls. We have had many, many differences of opinion, and they have sometimes been quite heated. But that doesn't mean one side must be a troll. B is not one. He has an acerbic sense of humour and a contrary nature. But we all do when we get to a certain age. A...
by Lambs
Fri Nov 02, 2018 8:48 pm
Forum: Capital Gains Tax, CGT
Topic: NRCGT return
Replies: 206
Views: 82879

Re: NRCGT return

One might infer that you take issue with that assumption.
by Lambs
Fri Nov 02, 2018 7:18 pm
Forum: Income Tax
Topic: Tax on Dividend from Ltd Company
Replies: 4
Views: 180

Re: Tax on Dividend from Ltd Company

A, not sure I follow your last para. If his company makes a pension contribution it will be an employer contribution. Subject to the rules for Annual Allowance and deductibility that have applied since A-Day. If his employer puts the funds at HIS or HER disposal first, then we are back to the situat...
by Lambs
Fri Nov 02, 2018 12:19 pm
Forum: Income Tax
Topic: Tax on Dividend from Ltd Company
Replies: 4
Views: 180

Re: Tax on Dividend from Ltd Company

C, Not qualified to give financial advice but I think it may be easier for your company to make an employer contribution directly to your fund? It would not be taxable income to you, and the company would ordinarily rank for tax relief so it seems at first blush to be more efficient than div-out? Wi...
by Lambs
Wed Oct 31, 2018 10:30 am
Forum: Business Tax
Topic: Making Tax Digital - Threshold for very small businesses?
Replies: 5
Views: 436

Re: Making Tax Digital - Threshold for very small businesses?

Even thinking about MTD brings me out in hives. However: The government has previously stated that micro-businesses, with gross income / turnover of less than £10,000 per year will NEVER be required to apply MTD. The MTD threshold specifically for VAT purposes is the standard VAT registration thresh...
by Lambs
Mon Oct 29, 2018 4:25 pm
Forum: VAT & Excise Duties
Topic: HOW TO AVOID INHERITANCE TAX LEGALLY AND SAVE INCOME
Replies: 1
Views: 165

Re: HOW TO AVOID INHERITANCE TAX LEGALLY AND SAVE INCOME

Dear CHA, While there is merit in your post, and the "one year with another" part of the legislation is often overlooked, it is perhaps appropriate to point out that the guidance at HMRC's manuals does NOT say that a payment can be made from one's current account and automatically qualify for the gi...

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