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Where Taxpayers and Advisers Meet

Search found 1831 matches

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by wamstax
Fri Nov 23, 2018 1:35 am
Forum: Company Taxation
Topic: Have your cake and eat it?
Replies: 6
Views: 1099

Re: Have your cake and eat it?

If the company has little by way of assets to meet the settlement apart from the overdrawn DLA then inevitably the Inspector/Officer would have to satisfy themselves that the director had the ability to fund what after all would probably have to be a joint and several offer by the company AND the di...
by wamstax
Fri Nov 23, 2018 1:16 am
Forum: Company Taxation
Topic: Have your cake and eat it?
Replies: 6
Views: 1099

Re: Have your cake and eat it?

A SOA is a multiple purpose document. Yes it can be used to provide a starting point for any future compliance review but it is also used to provide a review document that can satisfy HMRC that they have got a reasonable result given known and certified assets and liabilities and heaven forbid if th...
by wamstax
Wed Nov 21, 2018 10:51 pm
Forum: Capital Gains Tax, CGT
Topic: Differing advice on CGT on sale of garden.
Replies: 4
Views: 489

Re: Differing advice on CGT on sale of garden.

Hi Maths
I wouldn’t go as far as to say the gain would be liable to income tax if all that was done was apply for planning permission. However agree that MRR impossible if all the facts related to HMRC and HMRC looking to take up CGT and MRR cases of recent times
by wamstax
Thu Nov 15, 2018 7:05 pm
Forum: Company Taxation
Topic: Have your cake and eat it?
Replies: 6
Views: 1099

Re: Have your cake and eat it?

A contract settlement can only be achieved where both sides are satisfied the the parties to the contract have the ability and wherewithal to fully complete the contract.
by wamstax
Thu Nov 15, 2018 7:02 pm
Forum: Company Taxation
Topic: Have your cake and eat it?
Replies: 6
Views: 1099

Re: Have your cake and eat it?

I may also be missing something but how have you got to an agreement on company profits without any consideration of the directors prrsonal means and asset position? Were there for example no understatement of company profits attributable to director extractions? I would normally expect that where t...
by wamstax
Wed Nov 14, 2018 2:50 pm
Forum: Tax Investigations and Enquiries
Topic: HMRC getting figures wrong lettings
Replies: 4
Views: 11351

Re: HMRC getting figures wrong lettings

Get a new agent!!! Seriously though why are you trying to resolve these issues and why has HMRC not gone to your tax accountant directly in the first place? Surely if your accountant submitted your tax return they should be able to resolve matters without you spending loads of time on it if it is er...
by wamstax
Tue Nov 13, 2018 11:43 am
Forum: Capital Gains Tax, CGT
Topic: CGT
Replies: 2
Views: 378

Re: CGT

Yes but it was probably never your main residence at any time and therefore Main Residence Relief and letting relief losses would more than outweigh the CGT annual exemption
by wamstax
Mon Oct 22, 2018 6:37 pm
Forum: Company Taxation
Topic: HMRC requesting tax return, not accepting dormant status
Replies: 1
Views: 611

Re: HMRC requesting tax return, not accepting dormant status

You could of course file a Nil return to keep yourself on the right side with a note saying the company has no subsidiaries and has and is dormant since. ?????? You might also just check Companies House database for the company and also check similar named companies to see what information is reflec...
by wamstax
Fri Oct 12, 2018 1:15 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on a property that is the only property I own, though it has been let out
Replies: 1
Views: 348

Re: CGT on a property that is the only property I own, though it has been let out

Unfortunately as the property has never been your main residence you will not qualify for main residence relief or the supplementary letting relief. Additionally in case you think it possible to make it your main residence I would have to explain that occupation while you are selling or intending to...
by wamstax
Mon Oct 08, 2018 6:31 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on death for joint Freehold
Replies: 2
Views: 392

Re: CGT on death for joint Freehold

Death is not a chargeable occasion and therefore there is no CGT charge because somebody has died.

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