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Where Taxpayers and Advisers Meet

Search found 1202 matches

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by Ian McTernan CTA
Mon Mar 23, 2015 1:00 pm
Forum: Capital Gains Tax, CGT
Topic: PPR and Ownership
Replies: 3
Views: 613

Re: PPR and Ownership

This is a fine example of why PPR relief is never as straightforward as some people would think. Transfers between spouses always complicate matters. As the property was Charlie's only or main residence and the property was transferred after they were married (and Denise did not have any other prope...
by Ian McTernan CTA
Thu Mar 19, 2015 1:35 pm
Forum: Property Taxation
Topic: When to tell taxman?
Replies: 3
Views: 697

Re: When to tell taxman?

Notification for chargability is within six months of the end of the tax year in which chargability first arises, in theory, after which time in theory they can charge you a penalty (which never happens in practice). You should notify HMRC that you now need to start completing a SA Return for the re...
by Ian McTernan CTA
Thu Mar 19, 2015 1:27 pm
Forum: Income Tax
Topic: Self assessment and pensions relief
Replies: 4
Views: 696

Re: Self assessment and pensions relief

No. If you make a £4,000 (gross) pension contribution then you would reduce your tax bill from £4190 to around £3,390, saving £800 in tax, being the difference between the basic and higher rate tax bands. If you are on a salary then your employer should calculate your PAYE better to avoid such a lar...
by Ian McTernan CTA
Thu Mar 19, 2015 1:18 pm
Forum: Income Tax
Topic: New to being a Sole Trader
Replies: 5
Views: 715

Re: New to being a Sole Trader

I fear you will make a big mess of this and end up with cake on your face...you need to sit down with an tax advisor, run through your options, and get everything set up correctly after deciding what is right for you.
by Ian McTernan CTA
Tue Feb 24, 2015 2:38 pm
Forum: Property Taxation
Topic: Personal Property “Loan” what paperwork is needed?
Replies: 3
Views: 653

Re: Personal Property “Loan” what paperwork is needed?

I assume your parents have reported the income on their tax returns since 2003, as they are receiving untaxed interest on which they are liable to pay income tax. If they aren't, then they should be. If the Revenue did an enquiry in to your rental income they would certainly check this. Without seei...
by Ian McTernan CTA
Tue Feb 24, 2015 2:27 pm
Forum: Property Taxation
Topic: Transferring beneficial interest of income
Replies: 2
Views: 842

Re: Transferring beneficial interest of income

You need to carve out a separate title for the bungalow, get a solicitor to do this. The title could be in your wife's sole name. Transfers between spouses are exempt from CGT, so that tax won't be a problem. Not sure whether Stamp Duty would be applicable, would need a stamp duty expert to confirm ...
by Ian McTernan CTA
Tue Feb 24, 2015 2:21 pm
Forum: Capital Gains Tax, CGT
Topic: EIS shares given to charity
Replies: 8
Views: 1437

Re: EIS shares given to charity

So in order to avoid tax on the gain of £150,000 (around £42,000) you instead want to give it away to a charity? Let's assume you receive 30% tax relief on your investment. so your net investment in the EIS is £105,000. You then give 80% of this to the charity (£120,000), and save being taxed on 30,...
by Ian McTernan CTA
Tue Feb 24, 2015 2:06 pm
Forum: Capital Gains Tax, CGT
Topic: Splitting CGT over 2 years
Replies: 7
Views: 1039

Re: Splitting CGT over 2 years

As a developer selling a property is a trading transaction not a CGT one.
by Ian McTernan CTA
Tue Feb 24, 2015 2:04 pm
Forum: Income Tax
Topic: Taxman and an OAP
Replies: 7
Views: 1563

Re: Taxman and an OAP

I'm just surprised that this is the first year in which such payments have arisen, given the person's age is 73, and presumably has been receiving the pension since retirement age. Payments on account can be very confusing, but are best summarised as follows: If the tax owed for the previous tax yea...
by Ian McTernan CTA
Thu Feb 19, 2015 4:17 pm
Forum: Capital Gains Tax, CGT
Topic: CGT for Non Residents
Replies: 7
Views: 1183

Re: CGT for Non Residents

Will he be residing in the UK property when he becomes UK resident?

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