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Where Taxpayers and Advisers Meet

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by bd6759
Mon Jun 10, 2019 11:19 pm
Forum: Income Tax
Topic: Allowance/expenses
Replies: 10
Views: 417

Re: Allowance/expenses

Thank you for responding. The 7 day one off trip was solely for trade purposes at the other end of the country so there was no commuting back and forth to home. I will include the allowance payment in my income. My query is can I claim the excess hotel expense that was over the allowance paid? Of c...
by bd6759
Mon Jun 10, 2019 7:13 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Tell Inland revenue i did contract work in time off?
Replies: 1
Views: 1451

Re: Tell Inland revenue i did contract work in time off?

They are both PAYE jobs. HMRC should reconcile your two employments after the end of the year and give you a calculation. To protect yourself you might want to drop them note after 5 April 2010, but before 5 October 2020, to tell them that you may have a small tax liability. If you do that, you have...
by bd6759
Mon Jun 10, 2019 7:07 pm
Forum: Income Tax
Topic: Allowance/expenses
Replies: 10
Views: 417

Re: Allowance/expenses

The income, expenses and allowances that you received are all part of your self employment turnover, and should be included as income in your accounts. The expenses in your accounts (for tax purposes) are those that you incured solely for the purposes of your trade. There is not nearly enough inform...
by bd6759
Sun Jun 09, 2019 10:34 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Can you fully gift a property?
Replies: 3
Views: 455

Re: Can you fully gift a property?

CGT is paid by the person disposing of an asset, not by person receiving it. A gift is a disposal. The value of the asset is used to calculate the CGT. CGT is not charged on the disposal of a property that was a persons main residence. So if your father has lived in the flat throughout his ownership...
by bd6759
Thu Jun 06, 2019 11:16 pm
Forum: Property Taxation
Topic: Cellar conversion (new property) private residence
Replies: 1
Views: 1495

Re: Cellar conversion (new property) private residence

Building a house might be construed as a trading activity and liable to income tax, not CGT.
by bd6759
Tue Jun 04, 2019 11:05 pm
Forum: Income Tax
Topic: Any tax reliefs/expenses for a place rented purely for work?
Replies: 7
Views: 361

Re: Any tax reliefs/expenses for a place rented purely for work?

You said it was HMRC's view, which suggested you held a different view. Mortgage interest relief (up to a loan of £30,000 with interest rates at 10%) had to go. The tax paying population was subsidising the acquisition of an asset that would be sold tax free. The alternative would be to allow rent a...
by bd6759
Mon Jun 03, 2019 6:54 pm
Forum: Income Tax
Topic: Any tax reliefs/expenses for a place rented purely for work?
Replies: 7
Views: 361

Re: Any tax reliefs/expenses for a place rented purely for work?

Are you proposing that all household expenditure should be tax deductible?
by bd6759
Sun Jun 02, 2019 8:45 pm
Forum: Income Tax
Topic: Any tax reliefs/expenses for a place rented purely for work?
Replies: 7
Views: 361

Re: Any tax reliefs/expenses for a place rented purely for work?

No. Costs of Attending your place of work are not tax deductible.
by bd6759
Sat Jun 01, 2019 9:34 am
Forum: Capital Gains Tax, CGT
Topic: CGT liability after death of spouse.
Replies: 2
Views: 249

Re: CGT liability after death of spouse.

Your acquisition costs are:

1. Half of what was paid in 2006, plus
2. half of the value in 2016 when you inherited the other half.
by bd6759
Fri May 31, 2019 11:16 pm
Forum: Income Tax
Topic: Starting a business as a tax agent, registering with HMRC and required qualifications
Replies: 7
Views: 338

Re: Starting a business as a tax agent, registering with HMRC and required qualifications

No qualifications required, but you need to understand the money laundering regulations and be registered with a supervisory body. As you have no qualifications, that would be HMRC (HMRC are a MLR supervisory body). Given your experience, personal liability insurance is essential but probably hard t...

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