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Where Taxpayers and Advisers Meet

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by Ian McTernan CTA
Tue Mar 21, 2017 4:26 pm
Forum: Capital Gains Tax, CGT
Topic: what constitutes share trading?
Replies: 2
Views: 482

Re: what constitutes share trading?

It's actually quite hard to be treated as a share trader as a trade rather than an investor. There's a very good reason for that- over the longer term, most private share traders don't make much money from it or indeed generate losses, which as a trade could be set against their main income but as c...
by Ian McTernan CTA
Tue Feb 14, 2017 1:37 am
Forum: Property Taxation
Topic: Directors Loan without any money
Replies: 6
Views: 1358

Re: Directors Loan without any money

Your problem is capital gains tax and stamp duty. For CGT you are disposing of the property at market value. For Stamp Duty the company is purchasing the property for market value and the 3% additional charge may also be in point, based on the value transferred. You'd need a Stamp Duty expert or sol...
by Ian McTernan CTA
Fri Feb 10, 2017 4:41 pm
Forum: Property Taxation
Topic: Capital Gains Tax
Replies: 2
Views: 740

Re: Capital Gains Tax

Most people still don't realise that the SDLT return contains your name and address and this goes to HMRC, who seek to link it to a tax file.,,at which point they may decide to take a look and find out you failed to declare income. You will incur a liability to capital gains tax on the sale. Whether...
by Ian McTernan CTA
Fri Feb 10, 2017 4:32 pm
Forum: Property Taxation
Topic: Father inherited a mortgaged property, a development opportunity exists for siblings on plot, tax advice needed please!
Replies: 1
Views: 541

Re: Father inherited a mortgaged property, a development opportunity exists for siblings on plot, tax advice needed plea

I usually try and answer questions, but in this instance I feel the issues are more than can be answered on a tax forum. You have IHT, CGT, Income Tax on developments, whether to do the development or sell with planning, remortgaging, who owns what and how to structure, to name but a few. Not to men...
by Ian McTernan CTA
Wed Feb 01, 2017 2:36 pm
Forum: Property Taxation
Topic: LEASE EXTENSION FUNDS RECEIVED
Replies: 2
Views: 666

Re: LEASE EXTENSION FUNDS RECEIVED

If you are claiming means tested benefits other than the State Pension then the receipt of this money could affect them. The premium on the grant of the lease is chargeable to CGT. Bear in mind you have an exemption of £11,100 or so, and do remember to include all your costs (where possible) as cost...
by Ian McTernan CTA
Wed Feb 01, 2017 2:28 pm
Forum: Property Taxation
Topic: Husband owns rental property. Can wife be taxed for rental income?
Replies: 8
Views: 2398

Re: Husband owns rental property. Can wife be taxed for rental income?

If the property is mortgaged make sure the wife then pays the mortgage and that the payment qualifies as a deduction against the rental income. You might also want to look at how the property was funded and whether you have a mortgage on your own property, and whether there is scope to move mortgage...
by Ian McTernan CTA
Wed Feb 01, 2017 2:23 pm
Forum: Property Taxation
Topic: Overpaid property tax
Replies: 5
Views: 1174

Re: Overpaid property tax

Read this: https://www.gov.uk/tax-uk-income-live-abroad/rent You might also not be aware that if you sell the property UK CGT will now be applicable (it's complicated). I'm somewhat surprised your new agent didn't point you in the right direction and aid you in completing previous years and claiming...
by Ian McTernan CTA
Wed Feb 01, 2017 2:18 pm
Forum: Property Taxation
Topic: CGT and other Tax Fees on renovation project
Replies: 6
Views: 917

Re: CGT and other Tax Fees on renovation project

There are new rules concerning development property which boil down to HMRC trying to charge more developers to income tax where previously they might have snuck in under CGT. Your case is quite clear- your intention has been to buy, develop and sell. That is a trade. If you have not previously regi...
by Ian McTernan CTA
Wed Feb 01, 2017 1:43 am
Forum: Income Tax
Topic: Tax Return Question
Replies: 5
Views: 1664

Re: Tax Return Question

The £600 might seem steep to you, but there is quite a bit of work involved in drafting up accounts for any Ltd company and also in preparing the CT Return and also don't forget the iXBRL accounts and also abbreviated accounts. Not to mention finding all the various codes, chasing things from you, f...
by Ian McTernan CTA
Thu Dec 03, 2015 12:26 pm
Forum: Property Taxation
Topic: CGT liability?
Replies: 3
Views: 667

Re: CGT liability?

If your wife already completes a self assessment then it might be worthwhile including the sale on the CGT pages and including a calculation and explanation in the white space on the Return if the total period exceeds the 18mths, just to prevent HMRC asking questions later down the line. Agree, not ...

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