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Where Taxpayers and Advisers Meet

Search found 1835 matches

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by wamstax
Thu Oct 12, 2006 5:25 pm
Forum: Property Taxation
Topic: Loan from family
Replies: 5
Views: 1799

<r>That's the trouble with these type of problems they are always a bit more complicated than at first put over. That would be the exact reason that you would have to fully lay out every possible complication if you decided to approach the HMRC. I am also not sure what you expect HMRC to give you an...
by wamstax
Thu Oct 12, 2006 4:20 pm
Forum: Property Taxation
Topic: Is remortgage interest allowed against rental income
Replies: 26
Views: 3486

<t>I think it is dangerous to digress from the problem in hand.......<br/> <br/> Would the world cruise expense be a taxable emolument of the director (on which he/she would be taxed) and if sao would the incurring of the emolument be an allowable business expense.......<br/> <br/> This one has gone...
by wamstax
Thu Oct 12, 2006 3:21 pm
Forum: Property Taxation
Topic: land and property
Replies: 1
Views: 961

<r>If the letting was a furnished letting then you could claim 10% of the gross rents as a deduction for wear & tear of fixtures & fittings etc.<br/> <br/> And of course you can carry the losses forward against later years in which profits arise.<br/> <br/> Bill<br/> <URL url="http://www.wam...
by wamstax
Thu Oct 12, 2006 2:22 pm
Forum: Income Tax
Topic: tax on money gifted
Replies: 5
Views: 1364

<r>The donor's position is as stated above if he is UK domiciled etc. If however the donor is not resident or domiciled in the UK then your client might have a few awkward questions to answer when the interest on the monies invested or capital put into any project materialises to HMRC's eyes. I woul...
by wamstax
Thu Oct 12, 2006 2:03 pm
Forum: Property Taxation
Topic: Loan from family
Replies: 5
Views: 1799

<t>OK but can I just put in place a word of caution. I assume that the loan is being properly provided from your father's properly accumulated and taxed finances. If so probably no problem but in any family related transaction it is always possible that somebody, even an open minded tax inspector, m...
by wamstax
Wed Oct 11, 2006 12:40 pm
Forum: Tax Investigations and Enquiries
Topic: VAT Registration Enquiry
Replies: 5
Views: 4077

<t>Maybe it would help you if you got your books completely updated and then consider the following:-<br/> You become liable to VAT registration under VATA 1994 Schedule 1(1) <br/> (a) at the end of any month, if your taxable supplies value in the period of one year then ending has exceeded £61K (t...
by wamstax
Mon Oct 09, 2006 2:52 pm
Forum: Tax Investigations and Enquiries
Topic: Help Interview with revnue
Replies: 6
Views: 2387

<r>Another good source of information to get you as armed as possible to attend any meeting could be <br/> <br/> <URL url="http://www.hmrc.gov.uk/leaflets/c7.htm">http://www.hmrc.gov.uk/leaflets/c7.htm</URL> <br/> <br/> and go for IR148 or IR56 booklets. It would also be best to ensure that you know...
by wamstax
Mon Oct 09, 2006 2:36 pm
Forum: Tax Investigations and Enquiries
Topic: Help Interview with revnue
Replies: 6
Views: 2387

<r>As ex-revenue like Bob I would always encourage you to tell the truth. The truth always tells twice whereas lies trip you up when you are trying to second guess what the HMRC is after. However while I can go along with Bob about attending meetings I would also say that you don't go to a meeting i...
by wamstax
Mon Oct 02, 2006 2:36 am
Forum: Tax Investigations and Enquiries
Topic: Likelihood of extending tax investigation to other years
Replies: 3
Views: 1980

<r>You do not mention what is sizeable. You do not say in what way you are near settlement and whether figures for the "enquiry year" 2002/2003 have been agreed in principle or whether the Inspector has merely put proposals that havent yet been agreed as a principle or way forward. Basically it coul...
by wamstax
Fri Sep 29, 2006 12:13 am
Forum: Tax Investigations and Enquiries
Topic: Mortgage application
Replies: 4
Views: 2139

<r>I just happened to notice this and you will either have been very lucky or discovered that sometimes HMRC have more information than you realise. Re last comment I would take the cheating comment in another way -"if you cheated your lender by overdeclaring your income isn't it likely that you hav...

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