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Where Taxpayers and Advisers Meet

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by GlobalTaxAdviser
Sat Dec 20, 2014 1:43 pm
Forum: Capital Gains Tax, CGT
Topic: cgt non resident landlords
Replies: 11
Views: 1563

Re: cgt non resident landlords

Hello Previously if you were non resident in the UK for 5 years there was no CGT From April 2015 all non residents will be liable for CGT. The Property value gets an cost uplift at market values probably from April 2015 Any gains you made after that date will be taxed You may also be liable for CGT ...
by GlobalTaxAdviser
Fri Dec 19, 2014 2:04 pm
Forum: Capital Gains Tax, CGT
Topic: cgt non resident landlords
Replies: 11
Views: 1563

Re: cgt non resident landlords

It will be rebased to April 2015 so any gains after April 2015 will be liable to CGT

I understand the exact details will be published in the early part of 2015

Kind Regards

Sash
by GlobalTaxAdviser
Wed Dec 17, 2014 2:35 pm
Forum: Property Taxation
Topic: Interspousal Transfer
Replies: 4
Views: 1427

Re: Interspousal Transfer

Like Loza mentions this really is more of a legal than a tax matter. You should consult your solicitor to get the right advice
by GlobalTaxAdviser
Wed Dec 17, 2014 1:38 am
Forum: Capital Gains Tax, CGT
Topic: how to work out cgt
Replies: 3
Views: 728

Re: how to work out cgt

Apologies I had made an error which I had just noticed: Amended calculation Purchase 26,000 01/01/1984 Disposal 300,000 Profit 274,000 Less Selling Costs Gain 274,000 PRR 168,967 Capital Gain 105,033 Letting Relief* 40,000 Gain 65,033 CGT Allowance 11,000 Capital Gain Payable 54,033 Letting relief: ...
by GlobalTaxAdviser
Tue Dec 16, 2014 2:53 pm
Forum: Capital Gains Tax, CGT
Topic: how to work out cgt
Replies: 3
Views: 728

Re: how to work out cgt

Purchase 26,000 Disposal 300,000 Profit 274,000 Less Selling Costs Gain 274,000 PRR 155,267 Capital Gain 118,733 Letting Relief* 40,000 Gain 78,733 CGT Allowance 11,000 Capital Gain 67,733 *Letting relief: Lower of £40,000 £40,000 Amount of PPR due £155,267 Amount gained by letting the property £51,...
by GlobalTaxAdviser
Mon Dec 15, 2014 2:23 pm
Forum: Company Taxation
Topic: Winding up a company in the first year filings?
Replies: 3
Views: 760

Re: Winding up a company in the first year filings?

Hi Darren

I would suggest you write to HMRC explaining the situation. They might then not object.

If they spot the company has not filed accounts then they may object. It is difficult to say if you will get caught or not you can take a chance as there is nothing to lose.

Thanks

Sash
by GlobalTaxAdviser
Sat Dec 13, 2014 1:28 pm
Forum: Company Taxation
Topic: Winding up a company in the first year filings?
Replies: 3
Views: 760

Re: Winding up a company in the first year filings?

Hi

You don't need to file the accounts at companies house but you do need to file the accounts and corporation tax return otherwise HMRC could object to the company being closed.

Kind Regards

Sash
by GlobalTaxAdviser
Sat Dec 13, 2014 4:14 am
Forum: Income Tax
Topic: Tax relief on my relocation to the UK
Replies: 7
Views: 2770

Re: Tax relief on my relocation to the UK

Yes I totally agree the legislation seems unfair and if you are reimbursed the expenses then they are counted as earnings an you will pay Tax and NIC class 1. The legislation is a bit pointless as its more cumbersome for employers to pay for relocation costs directly then the employee. In hindsight ...
by GlobalTaxAdviser
Fri Dec 12, 2014 6:18 pm
Forum: General
Topic: Mixing employment and billing/consulting for a same company
Replies: 10
Views: 4276

Re: Mixing employment and billing/consulting for a same comp

yes you can carry out an intercompany transaction but why would you want to do this. Is this for tax reasons ?
by GlobalTaxAdviser
Thu Dec 11, 2014 2:18 pm
Forum: Income Tax
Topic: Monthly tax allowance if not working
Replies: 3
Views: 663

Re: Monthly tax allowance if not working

What is the Tax Code on your payslip

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