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Where Taxpayers and Advisers Meet

Search found 1831 matches

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by wamstax
Mon Aug 26, 2019 10:05 pm
Forum: Company Taxation
Topic: Offsetting Business losses against Income Tax
Replies: 2
Views: 9118

Re: Offsetting Business losses against Income Tax

Yes but to add to Pawncob's explanation I would amplify that TRADE losses can only be set off against other income IF and only if a trade is carried on on a commercial basis with a view to profits but in the event a loss is incurred. If the trade never actually starts then it would not be a trade lo...
by wamstax
Sun Aug 18, 2019 10:48 am
Forum: Capital Gains Tax, CGT
Topic: Returns from third party shares
Replies: 7
Views: 7023

Re: Returns from third party shares

If there was any suggestion that you invest in cash then I would ensure that you are comfortable losing a £1m as it smacks of shadiness and I would rethink the whole proposal and a good bit more
by wamstax
Tue Aug 06, 2019 1:44 pm
Forum: Capital Gains Tax, CGT
Topic: CGT One Year Rule, I am in Shock.
Replies: 12
Views: 10637

Re: CGT One Year Rule, I am in Shock.

Read here and unfortunately apart from FURNISHED HOLIDAY LETTING the simple letting of domestic property is not a trade and therefore you are not a trader ( in relation to the simple letting) and you cannot get S152 deferral relief See https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg...
by wamstax
Tue Jul 30, 2019 11:28 am
Forum: Capital Gains Tax, CGT
Topic: CGT One Year Rule, I am in Shock.
Replies: 12
Views: 10637

Re: CGT One Year Rule, I am in Shock.

Unfortunately unless the gain is not £400k you are likely to be paying around £100k in tax with little opportunity to reduce that unless during your ownership you carried out capital improvements ( not claimed against the tax on letting income) that were reflected in the state or nature of the prope...
by wamstax
Thu Jul 25, 2019 2:31 pm
Forum: Tax Investigations and Enquiries
Topic: letter about foreign income and gains
Replies: 11
Views: 6647

Re: letter about foreign income and gains

Hi There Does it have a certificate requiring you to certify that your tax returns are correct and that you have nothing to disclose? If so it could be a generic letter based on information received by HMRC under the "global" common reporting standards. You would also have to check that you did not ...
by wamstax
Mon Jul 08, 2019 1:16 pm
Forum: Capital Gains Tax, CGT
Topic: Returning to main property to sell
Replies: 4
Views: 2454

Re: Returning to main property to sell

As JHolm says pay somebody reliable to get advice you rely on. Unlikely Main Residence election will be possible given your stated facts and letting agent is hardly proper place to get tax advice. Tell them to stick to letting as from what you say more likely to lead you into deliberate tax evasion....
by wamstax
Mon Jun 24, 2019 8:24 pm
Forum: Business Tax
Topic: What steps to find NI number online. . . as a new Self Assessment gateway user
Replies: 9
Views: 6475

Re: What steps to find NI number online. . . as a new Self Assessment gateway user

Haven’t tested it out but if it’s on your account you might get it by starting to complete your next tax return on the front cover
by wamstax
Thu Jun 20, 2019 7:08 am
Forum: Tax Investigations and Enquiries
Topic: Form SA100 - confirming it's been rec'vd at HMRC by post
Replies: 3
Views: 5069

Re: Form SA100 - confirming it's been rec'vd at HMRC by post

You could always send the item by “to be signed for” -assuming that you can get this from abroad- and then you will be able to track receipt.
by wamstax
Wed Jun 12, 2019 10:07 pm
Forum: Business Tax
Topic: Rent Refund Tax Question
Replies: 2
Views: 4535

Re: Rent Refund Tax Question

As opposed to turnover I would treat it as a receipt against rents in the current year as received
by wamstax
Thu May 23, 2019 3:28 pm
Forum: Business Tax
Topic: Property business tax
Replies: 3
Views: 4546

Re: Property business tax

Afraid not

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