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Where Taxpayers and Advisers Meet

Search found 381 matches

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by someone
Fri Jun 28, 2019 11:38 am
Forum: Capital Gains Tax, CGT
Topic: More than one transfer
Replies: 5
Views: 1588

Re: More than one transfer

There is a possible loophole they could use if it's not a residence but can be made a residence. Wife transfers back to husband while it's NOT a PRR residence. husband and wife make it a residence (evict tenants, furnish) husband and wife make ppr election in favour of said residence. Due to a quirk...
by someone
Tue Jun 11, 2019 2:53 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Refund
Replies: 8
Views: 2360

Re: Refund

You don't have to sell A, merely dispose of it. You could, for example, gift it to your parents. It would then form part of their estate for IHT, care home fees etc but you might be willing to risk that if you hope to eventually inherit. Rental income would be theirs too. This all probably depends o...
by someone
Tue Jun 11, 2019 2:47 pm
Forum: Tax Investigations and Enquiries
Topic: Not paid income tax in 8 years
Replies: 1
Views: 1633

Re: Not paid income tax in 8 years

I would doubt HMRC will care unless there's something to suggest you should have been in SA all along. If you know you shouldn't have been then don't sweat it. An 8 year gap must be common where someone stays home until the youngest kid is ready for school. OTOH, if you know you should have been pay...
by someone
Mon Jun 10, 2019 10:20 am
Forum: Capital Gains Tax, CGT
Topic: Selling rented houses and CGT
Replies: 3
Views: 383

Re: Selling rented houses and CGT

Thanks AdamS93. I think I got the impression that this could be done from the MPs expenses a few years ago. As I remember it was called "flipping" I think. Flipping for MPs was, mostly, related to their expenses for second homes. They could claim sonething rediculous like 20k p.a. tax free for main...
by someone
Sun May 26, 2019 6:48 pm
Forum: Capital Gains Tax, CGT
Topic: Is transfer of Share ownership to spouse necessary before sale to avoid UK CGT?
Replies: 3
Views: 341

Re: Is transfer of Share ownership to spouse necessary before sale to avoid UK CGT?

The situation is my wife has been gifted some shares by her company as part of their IPO. She has paid a peppercorn for these so I believe they are all taxable as a CGT gain. The shares are currently worth 70k. I'm not an accountant but I was of the understanding that if shares are sold to an emplo...
by someone
Thu May 09, 2019 11:46 am
Forum: Income Tax
Topic: Why do HMRC calculate tax due to the penny?
Replies: 1
Views: 220

Re: Why do HMRC calculate tax due to the penny?

I've actually done the calculations :-) 95p due to rounding up P60 tax 16p due to rounding down P60 income 15p due to rounding up gift aid 40p due to rounding down untaxed interest. Which is exactly £1.66 Nice :-) especially as my calculations are done in a way that bears no relation at all to the w...
by someone
Thu May 09, 2019 11:18 am
Forum: Income Tax
Topic: Why do HMRC calculate tax due to the penny?
Replies: 1
Views: 220

Why do HMRC calculate tax due to the penny?

It always strikes me as bizarre that HMRC rounds everything to the most advantageous (to the taxpayer) pound but then calculates the tax due to the penny instead of also rounding that down. This year as my P60 income was xxxxx.36 - rounded down (so saved me 16p in tax), tax paid was xx12.05 which go...
by someone
Thu May 09, 2019 10:40 am
Forum: Property Taxation
Topic: Losses to carry forward
Replies: 2
Views: 681

Re: Losses to carry forward

It looks like this is a known "glitch" that hmrc are too lazy/dont have resources/any other non reasonable excuse - to fix - that's based on the lovely sounding Banzais quote from a random web article - i wouldn't normally rely or random unknown web comments being more reliable than hmrc but looks ...
by someone
Thu May 09, 2019 10:32 am
Forum: HMRC Administration, Practices & Methods
Topic: HMRC not fit for purpose 3
Replies: 5
Views: 2242

Re: HMRC not fit for purpose 3

I've just spent 20 minutes trying to sort out my problem (see "losses to carry forward" post in property) So I ring the SA helpline - after a wait I get through but they tell me I need the online helpline and put me through to that. After another wait... they tell me I need to call the SA helpline.....
by someone
Wed May 08, 2019 6:18 pm
Forum: Property Taxation
Topic: Losses to carry forward
Replies: 2
Views: 681

Losses to carry forward

I'm doing my tax return online (2018-19 tax year) Property income: Box 43 - losses to carry forwards is zero. But I have losses to carry forwards from last year. I cannot see how to make this box have the correct value. The value is uneditabe online. I cannot put the full loss from my 2017/18 tax re...

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