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Where Taxpayers and Advisers Meet

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by wamstax
Wed Jul 08, 2020 6:44 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on BTL house build
Replies: 1
Views: 108

Re: CGT on BTL house build

Clearly the most tax efficient way of doing this would be to be able to provide a project file showing all the invoices and costs that were incurred on the initial build and subsequent improvement costs still reflected in the property at point of sale. Ok in the position that you are in you really h...
by wamstax
Wed Jul 01, 2020 9:54 pm
Forum: Tax Investigations and Enquiries
Topic: Help - Friend in trouble with HMRC
Replies: 16
Views: 2017

Re: Help - Friend in trouble with HMRC

Yes Bd6759 you are absolutely correct and of course it would have to be her that made the contact as the money laundering ID check etc would not be of any use with her friend. I'm always prepared to help someone as long as they want to help themselves AND ME and do things correctly. We may never know
by wamstax
Wed Jul 01, 2020 5:44 pm
Forum: Tax Investigations and Enquiries
Topic: Help - Friend in trouble with HMRC
Replies: 16
Views: 2017

Re: Help - Friend in trouble with HMRC

Hi bd6759 - Thanks for the referral BUT really this is not the type of client I would want to help or take on without a real and serious change of attitude (and an appreciation of the seriousness and potential criminal investigation if she continues to deny the reality). I fear that the risk is that...
by wamstax
Tue Jun 30, 2020 12:47 pm
Forum: Tax Investigations and Enquiries
Topic: Help - Friend in trouble with HMRC
Replies: 16
Views: 2017

Re: Help - Friend in trouble with HMRC

Unfortunately the time without action will not sound the death knell for the investigation once it is up and running as HMRC have management functions in place to ensure that enquiry cases do not slip through the net. There has been a temporary suspension of enquiry work while the Covid pandemic has...
by wamstax
Wed May 06, 2020 12:17 am
Forum: Company Taxation
Topic: DS01 - Rejected
Replies: 1
Views: 564

Re: DS01 - Rejected

Assuming for the moment that this was a creditors liquidation and the director has not been guilty of any misfeasance or inappropriate drawings from the company then prima facie there would be little risk that HMRC could successfully have any debt paid by the director ( unless of course he was party...
by wamstax
Fri May 01, 2020 8:18 pm
Forum: Capital Gains Tax, CGT
Topic: Cgt on business unit
Replies: 8
Views: 1076

Re: Cgt on business unit

Rental income is not trading income therefore I agree that ER would not be due on that basis. See for example the FTT decision in the case of Dr Allam (TC7532)
by wamstax
Wed Apr 29, 2020 7:08 pm
Forum: Tax Investigations and Enquiries
Topic: An unpleasant situation I'm in.......
Replies: 2
Views: 885

Re: An unpleasant situation I'm in.......

If you have your payslips and forms P60 you should ask HMRC to create an employment record with them in relation to your current employment. I would also provide HMRC with copies of your P60's as evidence of the tax deducted. You could also request that they issue a code number notice showing your c...
by wamstax
Tue Apr 28, 2020 1:28 pm
Forum: Capital Gains Tax, CGT
Topic: Cgt on business unit
Replies: 8
Views: 1076

Re: Cgt on business unit

If you think that the gain is calculated after deducting mortgage then you best look again. Mortgage is not an allowable cost for CGT purposes..... I'm afraid
by wamstax
Mon Apr 13, 2020 12:41 am
Forum: Business Tax
Topic: Business grant payment query
Replies: 2
Views: 642

Re: Business grant payment query

Given that it is a grant paid to meet business expenses - unless there was any special legislation - it would be taxable either in the form of adding to turnover or alternatively as covering expenditure
by wamstax
Mon Apr 13, 2020 12:41 am
Forum: Business Tax
Topic: Business grant payment query
Replies: 2
Views: 642

Re: Business grant payment query

Given that it is a grant paid to meet business expenses - unless there was any special legislation - it would be taxable either in the form of adding to turnover or alternatively as covering expenditure

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