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Where Taxpayers and Advisers Meet

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by SteLacca
Wed Nov 07, 2018 2:09 pm
Forum: Income Tax
Topic: Underpayment of tax - is HMRC right?
Replies: 4
Views: 613

Re: Underpayment of tax - is HMRC right?

Your old employer got this wrong. They should have issued you with a P45 when you left and processed the two remaining payments as payments after leaving. By doing so, they would have taxed those payments at the basic rate. You would have given the new employer your P45 and they would have taxed you...
by SteLacca
Tue Nov 06, 2018 4:16 pm
Forum: General
Topic: self employment registration & UTR
Replies: 6
Views: 987

Re: self employment registration & UTR

You should still tell HMRC, otherwise you won't be registered for Class 2 NI, which will cause you a lot of headaches later. HMRC have a tendency to remove Class 2 NI calculated on a Tax Return when they can't match it with a NI record, leading to an underpayment. I currently have a matter working w...
by SteLacca
Tue Nov 06, 2018 4:12 pm
Forum: Property Taxation
Topic: What is the most tax efficient way to buy a property with cash from my business bank acc?
Replies: 2
Views: 515

Re: What is the most tax efficient way to buy a property with cash from my business bank acc?

If you are also shareholders then you can reduce that 40% to 32.5% (or 38.1% to the extent that you total income exceeds £150k) by declaring dividends rather than taking via payroll.
by SteLacca
Thu Oct 25, 2018 9:46 am
Forum: General
Topic: Gift Aid
Replies: 2
Views: 613

Re: Gift Aid

Where insufficient tax is paid to cover gift aid, a tax charge arises on the donor to cover.

If EIS relief is claimed and you have declared then gift aid, then HMRC will keep enough tax in charge to cover the gift aid.
by SteLacca
Thu Oct 25, 2018 9:43 am
Forum: Business Tax
Topic: Making Tax Digital - Threshold for very small businesses?
Replies: 6
Views: 5180

Re: Making Tax Digital - Threshold for very small businesses?

No-one knows. No-one even knows if MTD for income tax will happen in 2020 (or even, if at all).
by SteLacca
Tue Oct 09, 2018 3:31 pm
Forum: Capital Gains Tax, CGT
Topic: Land and ER
Replies: 10
Views: 826

Re: Land and ER

It's 169H etc. Typo in my original post
by SteLacca
Tue Oct 09, 2018 3:29 pm
Forum: Business Tax
Topic: Cost of items to review
Replies: 1
Views: 808

Re: Cost of items to review

Is the blog run as a commercial enterprise with a realistic expectation of profit? That is the first test.
by SteLacca
Mon Oct 08, 2018 1:29 pm
Forum: Capital Gains Tax, CGT
Topic: Land and ER
Replies: 10
Views: 826

Re: Land and ER

In order to qualify he would have to be making a qualifying disposal in shares of a trading company, and the land would have to be an associated qualifying disposal.

ER can be a minefield. If you want to read the legislation it's at TCGA S196H etc.
by SteLacca
Mon Oct 08, 2018 11:24 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: To Gift or to inherit overseas property?
Replies: 4
Views: 681

Re: To Gift or to inherit overseas property?

Inheritance tax is paid by the estate, not by the beneficiary (except, potentially, where a failed PET is involved). Since the bequest originates outside of the UK, then it cannot be subject to UK IHT. Outright gifts do not give rise to a tax liability on the recipient (though certainly in the UK, m...
by SteLacca
Mon Oct 08, 2018 9:39 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: To Gift or to inherit overseas property?
Replies: 4
Views: 681

Re: To Gift or to inherit overseas property?

Neither method would incur a tax liability in the UK. There may be tax consequences in Serbia, and these should be looked into via an appropriate specialist there. With regards to disposal, the normal rules for CGT will apply. i.e. the gain will be calculated by reference to the difference between t...

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