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Where Taxpayers and Advisers Meet

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by Ian McTernan CTA
Thu Feb 19, 2015 4:16 pm
Forum: Capital Gains Tax, CGT
Topic: what to deduct from capital gain tax?
Replies: 5
Views: 1123

Re: what to deduct from capital gain tax?

You didn't say whether you ever lived in the property- can you clarify? You need to check what has been included against the rental income with your accountant- if he didn't deduct some of the costs at the time then it may be possible to include them as capital costs. I assume the accountant has bee...
by Ian McTernan CTA
Thu Feb 19, 2015 4:08 pm
Forum: Income Tax
Topic: Date of Payment for Tax Year
Replies: 4
Views: 772

Re: Date of Payment for Tax Year

1 April is the payment date, and the date for tax purposes. It's the only logical choice, or people could exploit the system by choosing not to 'receive' the payment until 2025.
by Ian McTernan CTA
Thu Feb 19, 2015 3:54 pm
Forum: General
Topic: How long to keep business records
Replies: 3
Views: 1128

Re: How long to keep business records

It is extremely unlikely that HMRC would choose to open an enquiry in to your company 5 years after it stopped trading.
Requirement is six years, so keep them for seven and then dispose of them.
Twenty years almost never happens and is only in the most serious of cases.
by Ian McTernan CTA
Thu Feb 19, 2015 3:51 pm
Forum: Property Taxation
Topic: How to split re-mortgage expense for tenants in common
Replies: 4
Views: 983

Re: How to split re-mortgage expense for tenants in common

Probably getting a little over complicated in your thinking. If the purchase price is £100k, then loan interest on up to £100k is allowable against the rental income, all other things being equal. The source of the funds does not have to be relevant. Regarding splitting the income, I'd suggest you r...
by Ian McTernan CTA
Thu Feb 19, 2015 3:29 pm
Forum: Company Taxation
Topic: Dividends or Rent
Replies: 10
Views: 1667

Re: Dividends or Rent

The question is one of income planning, and working out whether you would be better off taking out the income as rent or as taxed net profit (dividends) or salary. There is also the issue of whether it would be better to transfer the property to the company, or another company (which then rents the ...
by Ian McTernan CTA
Thu Jan 30, 2014 1:03 pm
Forum: Capital Gains Tax, CGT
Topic: CGT ON OLD HOME
Replies: 10
Views: 1544

Re: CGT ON OLD HOME

The allowability of the interest in this case is always one of my favourite topics, as I was involved along with others in making the IR change their guidance to what it is today. Sadly many revenue officers (there aren't many Inspectors these days) still don't understand this basic point. Provided ...
by Ian McTernan CTA
Sun Jul 14, 2013 8:41 pm
Forum: General
Topic: Commercial divers employed or self employed? help
Replies: 2
Views: 4796

Re: Commercial divers employed or self employed? help

You just need to ask what figures the Revenue have received and from what 'employers', so that you can compare this to your own list and see where the error lies. It's not uncommon to have this happen for subbies where payment dates and vouchers fall into a different tax year. It's also not very unc...
by Ian McTernan CTA
Sun Jul 14, 2013 8:35 pm
Forum: General
Topic: LLP and Car Purchase / Taxation advice
Replies: 2
Views: 2411

Re: LLP and Car Purchase / Taxation advice

Ask your accountant, they should be able to help. If you don't have one, then I assume you are suitably qualified to handle a LLP and all the rules pertaining to them, or you are potentially storing up a lot of future problems. Trying to save money and do things yourself will probably end up costing...
by Ian McTernan CTA
Fri Jun 21, 2013 3:35 am
Forum: General
Topic: COMPANY INTEREST FREE LOAN
Replies: 1
Views: 2937

Re: COMPANY INTEREST FREE LOAN

Depending on whether you are basic rate or higher rate taxpayer will determine whether the 4% 'official interest rate' is beneficial. Bear in mind that calculates the amount that you are taxed on- so for a 20% taxpayer that 4% works out at a tax payment of 0.8%, for a 40% payer it's 1.6%, compared t...
by Ian McTernan CTA
Fri Apr 05, 2013 2:12 pm
Forum: Tax Investigations and Enquiries
Topic: Tax officer at my door
Replies: 5
Views: 2744

Re: Tax officer at my door

I picked up on 'I don't need to file for 11/12 as I was unemployed'. Not correct. If you are in the self assessment system then you need to file if 1. you have something to report or 2. HMRC issued you with a notice to submit a return (which they will have done). You are required to submit returns u...

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