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Where Taxpayers and Advisers Meet

Search found 3109 matches

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by bd6759
Tue Sep 24, 2019 9:10 am
Forum: General
Topic: Milage expense calculation
Replies: 5
Views: 7024

Re: Milage expense calculation

Work out the cost using 45p per mile. Deduct this as an expense when you prepare your business accounts.
by bd6759
Tue Sep 24, 2019 9:08 am
Forum: General
Topic: Fixing the most important tool
Replies: 2
Views: 6167

Re: Fixing the most important tool

The rules require expenditure to be solely for the purpose of your business.
by bd6759
Tue Sep 24, 2019 8:31 am
Forum: Income Tax
Topic: Taxi business via ltd company but car owned by director/shareholder
Replies: 3
Views: 5611

Re: Taxi business via ltd company but car owned by director/shareholder

I would say here there is an argument to get two quotes for you car insurance - one for normal sdp and one for taxi driver - and the business can reimburse the extra costs associated with running a taxi business - as that cost would be exclusively business related additional expense. No. That canno...
by bd6759
Tue Sep 24, 2019 8:21 am
Forum: Tax Investigations and Enquiries
Topic: Tax query for 2013-2014 - overpaid
Replies: 7
Views: 13076

Re: Tax query for 2013-2014 - overpaid

If HMRC have discovered that you have underpaid tax, there can be no overpayment to repay.

HMRC can assess an underpayment up to 20 years later if the underpayment was caused deliberately and up to 6 years later if caused carelessly. Otherwise the normal 4 year rule applies
by bd6759
Mon Sep 23, 2019 9:55 am
Forum: Property Taxation
Topic: Second Home
Replies: 1
Views: 5501

Re: Second Home

No tax consequences on selling your main home.
by bd6759
Fri Sep 13, 2019 10:23 am
Forum: General
Topic: Sole Trader different Tax/Accounting Year
Replies: 3
Views: 5710

Re: Sole Trader different Tax/Accounting Year


Your second base period will be the 12 months ending on 31/12/2020.
I mean 31/12/2019
by bd6759
Wed Sep 11, 2019 9:02 pm
Forum: General
Topic: Sole Trader different Tax/Accounting Year
Replies: 3
Views: 5710

Re: Sole Trader different Tax/Accounting Year

You can compile your accounts to whatever date you like. You can have a 2 month period or a long 14 month period to 31 December. But you really should have thought about that before now. For tax purposes, your first base period ends on 5 April, so it will be either: a) your 31/12/18 accounts plus 3/...
by bd6759
Sat Sep 07, 2019 11:19 am
Forum: Capital Gains Tax, CGT
Topic: CGT on residential home
Replies: 6
Views: 6237

Re: CGT on residential home

IF you are working abroad, that is a period of "deemed residence". If the law says you are deemed to be living there, it does not matter if it was let or not: you are deemed to be there, therefore it counts as an exempt period for CGT.
by bd6759
Mon Sep 02, 2019 1:41 pm
Forum: Capital Gains Tax, CGT
Topic: Getting gifted and then selling a farmhouse
Replies: 7
Views: 7500

Re: Getting gifted and then selling a farmhouse

Sorry I meant to say that it was eligible for gift holdover relief as it is agricultural property.
I wouldn't take that for granted.

To answer you main question, the transactions in land rules will not apply. There needs to be some form of development, not simply a quick sale.
by bd6759
Fri Aug 16, 2019 12:16 am
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: taking a property in lieu of debt
Replies: 4
Views: 12840

Re: taking a property in lieu of debt

Possible SDLT assessed at full market value - the transferor being a family member. Transfer to family member does not affect SDLT, which is charged on consideration. additional possible CGT burden on the current owner. It's a building company, so there wont be any CGT. However, it is not clear how...

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