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Where Taxpayers and Advisers Meet

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by bd6759
Mon Feb 03, 2014 3:39 pm
Forum: Property Taxation
Topic: Tax liability on shared property
Replies: 7
Views: 907

Re: Tax liability on shared property

In the second scenario, why would the gift of £15K to brother B be an allowable cost? Clearly brother B has used the gift to fund his share of the build, therefore the costs are equal.

There is only one computation of gain, which is then split between the owners
by bd6759
Mon Feb 03, 2014 3:22 pm
Forum: Income Tax
Topic: Day trading - overall loss for year
Replies: 7
Views: 978

Re: Day trading - overall loss for year

It takes more than just "wanting" your activity to be a trade to make it such. The courts have already said that buying and selling shares, speculatively or for investment, is not a trading activity. You said as much yourself in your opening post: you talk about loss on sale of assets and showing yo...
by bd6759
Sun Feb 02, 2014 5:46 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Class 4 NIC
Replies: 4
Views: 1147

Re: Class 4 NIC

The calculation comes from your tax return. Did you enter both your employment and self-employment on the self employment page of the return? That is the only way that the calculation could be wrong.
by bd6759
Sun Feb 02, 2014 5:42 pm
Forum: Property Taxation
Topic: Tax liability on shared property
Replies: 7
Views: 907

Re: Tax liability on shared property

I understand that, but for CGT, the costs need to be apportioned the same way as the proceeds.
by bd6759
Sun Feb 02, 2014 5:37 pm
Forum: Income Tax
Topic: Tax on Investments and Dividends, HELP
Replies: 2
Views: 686

Re: Tax on Investments and Dividends, HELP

No
You are not liable to pay tax if your total earning from all sources is below £9440.
If your total earnings are above that, you pay tax.
by bd6759
Sun Feb 02, 2014 5:32 pm
Forum: Income Tax
Topic: P11D
Replies: 3
Views: 776

Re: P11D

Employer gives employee P60 and P11D.

Employee uses figures on said P60 and P11D and enters them in the appropriate boxes in his tax return.

All figures entered in the tax return are added to together to calculate the tax.

But you only need to complete a tax return if you have been sent one.
by bd6759
Sun Feb 02, 2014 5:25 pm
Forum: Income Tax
Topic: Day trading - overall loss for year
Replies: 7
Views: 978

Re: Day trading - overall loss for year

The default position is that managing your own investment portfolio does not amount amount to a trade. You need to be doing something more, such as managing other peoples. Are you a broker, or do you use a broker? The difference being that a broker is (probably) carrying on trade.
by bd6759
Sun Feb 02, 2014 5:16 pm
Forum: Property Taxation
Topic: Tax liability on shared property
Replies: 7
Views: 907

Re: Tax liability on shared property

I'd be concerned that you are splitting the proceeds 50/50, but allocating the expenditure on a different basis.
by bd6759
Sun Feb 02, 2014 4:56 pm
Forum: Income Tax
Topic: Day trading - overall loss for year
Replies: 7
Views: 978

Re: Day trading - overall loss for year

First thing you need to determine is whether or not what you are doing amounts to a trade. Generally, managing your own investment portfolio is not a trade, therefore and gains or losses fall within the capital gains rules, not the trading rules.
by bd6759
Sat Feb 01, 2014 10:06 pm
Forum: Company Taxation
Topic: Director's / Secretary salary
Replies: 5
Views: 1383

Re: Director's / Secretary salary

Lets use some round figures. Profits £72,000 Salary 36,000. Annual allowance 9440. Taxable 26560. Tax at 20% = 5312 (but don't forget NIC and ER NIC) Dividend £36,000. Deemed gross dividend £40,000 (because it carries a notional 10% tax credit) The dividend is taxable at 10% up to the basic rate lim...

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