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Where Taxpayers and Advisers Meet

Search found 446 matches

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by SteLacca
Tue Jan 08, 2019 1:28 pm
Forum: General
Topic: Leaving UK what do I need to do?
Replies: 6
Views: 667

Re: Leaving UK what do I need to do?

Safe from what?

If you don't notify HMRC of your departure from the UK (either using form P85 or SATR) then they will assume that you continue to have UK tax obligations, and will start to charge penalties if those perceived obligations are not met.
by SteLacca
Fri Jan 04, 2019 4:29 pm
Forum: Capital Gains Tax, CGT
Topic: CGT matrimonial home Divorce
Replies: 7
Views: 532

Re: CGT matrimonial home Divorce

The dates of each event are a consideration, but in principal I'd agree that a PRR claim is available, including the final 18 months of ownership if applicable. Whether there is still a gain subject to CGT will depend, as I said, on dates and the amount of any apportioned gain as appropriate.
by SteLacca
Fri Jan 04, 2019 4:26 pm
Forum: General
Topic: Leaving UK what do I need to do?
Replies: 6
Views: 667

Re: Leaving UK what do I need to do?

If one forgets to fill this in, then does it 5 years later but back dates with the same exit date, is that OK? Or will they be a tax resident in this time and still be liable?
If you left it 5 years you would be outside of the statutory time limit and so out of time to make any claim.
by SteLacca
Thu Jan 03, 2019 9:50 am
Forum: General
Topic: Leaving UK what do I need to do?
Replies: 6
Views: 667

Re: Leaving UK what do I need to do?

Form P85 - https://www.gov.uk/government/publications/income-tax-leaving-the-uk-getting-your-tax-right-p85
by SteLacca
Thu Jan 03, 2019 9:48 am
Forum: Capital Gains Tax, CGT
Topic: CGT matrimonial home Divorce
Replies: 7
Views: 532

Re: CGT matrimonial home Divorce

Are they still living together at the moment?
by SteLacca
Fri Nov 30, 2018 1:37 pm
Forum: Capital Gains Tax, CGT
Topic: Land sale
Replies: 1
Views: 291

Re: Land sale

My own view is that you will be liable for capital gains tax on the difference between the original acquisition cost to you and the proceeds of sale attributable to you. The difficulty you will have will be establishing the base cost. If it was a straightforward inheritance and sale then probate val...
by SteLacca
Fri Nov 30, 2018 9:50 am
Forum: General
Topic: Entrepreneurs relief implications - holding company
Replies: 1
Views: 472

Re: Entrepreneurs relief implications - holding company

Shares in a holding company of a trading group will qualify for ER autonomously. You don't need to do anything special to achieve this.
by SteLacca
Mon Nov 12, 2018 4:34 pm
Forum: Business Tax
Topic: Sold business tax implications
Replies: 1
Views: 474

Re: Sold business tax implications

The two are separate. The £10k subject to IT, and the £35K subject to CGT. However, don't forget for CGT that you have an annual exemption, and may qualify for entrepreneurs relief.
by SteLacca
Mon Nov 12, 2018 4:30 pm
Forum: General
Topic: self employment registration & UTR
Replies: 6
Views: 982

Re: self employment registration & UTR

There isn't, yet, and I can't provide any because of client confidentiality.

Suffice to say, the wording of the legislation, and several FTT cases all support my position. Unfortunately, FTT are not binding.
by SteLacca
Wed Nov 07, 2018 2:13 pm
Forum: Capital Gains Tax, CGT
Topic: CGT rate on sale of inherited land
Replies: 1
Views: 412

Re: CGT rate on sale of inherited land

Both 20% and 28% are CGT rates. However, Government has set different rates for residential property compared with all other gains, hence the distinction.

Neither represent tax as income.

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