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Where Taxpayers and Advisers Meet

Search found 384 matches

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by someone
Tue Nov 20, 2018 2:11 pm
Forum: Company Taxation
Topic: HMRC Debit Card charges
Replies: 1
Views: 565

Re: HMRC Debit Card charges

I believe the prohibition on fees only applies to personal cards, not company ones.
by someone
Sat Nov 10, 2018 5:37 pm
Forum: Property Taxation
Topic: Selling BTL As Startup Capital For Property Business
Replies: 3
Views: 632

Re: Selling BTL As Startup Capital For Property Business

Nothing springs to mind. If you are married (or civil partners) the property or part of it can be transferred to you on a no gain/no loss basis to use your allowance and lower tax base but if not, it is probably just a case of paying the tax. At least CGT rates are currently low compared to 10/20 y...
by someone
Tue Sep 11, 2018 1:21 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Help IHT, Gift & RNRB allowance
Replies: 2
Views: 420

Re: Help IHT, Gift & RNRB allowance

I think you and your brothers/sisters would have needed to pay the bills for gwrob not to apply. Anyway, the gift uses up the nil rate band first (and I assume RNRB) So the gift that might be tapered is: 540-325-125 = 90 and the tax difference between 34% and 40% on 90k is less than 6k. (unless ther...
by someone
Mon Sep 03, 2018 6:36 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Parents gifting my a larger share of property
Replies: 5
Views: 527

Re: Parents gifting my a larger share of property

I'm pretty sure the law (not tax law) says that transfers of property must be in writing and must be witnessed (must be a deed).


Think I've found it:

Law of property act 1925 s52

https://www.legislation.gov.uk/ukpga/Geo5/15-16/20/section/52
by someone
Thu Aug 30, 2018 3:46 pm
Forum: Capital Gains Tax, CGT
Topic: CGT confusion!
Replies: 2
Views: 385

Re: CGT confusion!

Hi there My husband and I own a number of B2Ls and are looking to sell a few of them and our own property to fund another business (land and a Ltd co). If we sold the B2Ls in mind we would have approx £250k profit, and our own house sale we would have approx £450k, so £700k total. The business and ...
by someone
Tue Aug 21, 2018 12:02 pm
Forum: Capital Gains Tax, CGT
Topic: Cash out unit trust to buy new house, the re-buy units after selling old house
Replies: 2
Views: 339

Re: Cash out unit trust to buy new house, the re-buy units after selling old house

I think the term you're looking for is 'bridging loan'

They are aimed at (amongst others) asset rich people who need short term finance.

The rates and fees are often very high and they need approaching with care but I suspect they're less concerned with income levels given sufficient assets. BICBW
by someone
Tue Aug 21, 2018 9:28 am
Forum: Capital Gains Tax, CGT
Topic: NRCGT return
Replies: 246
Views: 177758

Re: NRCGT return

I only skimmed them but the ones that were denied seemed to give the judge very little to work with. I think they only pleaded 'special circumstances' and not 'reasonable excuse' which is what succeeded in the other two. The successful ones show what I consider to be 'legal logic' The taxpayer could...
by someone
Sat Aug 18, 2018 7:45 am
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: remortgaging BTL change of equity and SDLT
Replies: 2
Views: 620

Re: remortgaging BTL change of equity and SDLT

None :-) Provided your wife doesn't increase the mortgage first and then do a transfer of equity. SDLT will be assessed on the debt you are assuming from her - which is half the outstanding mortgage or c60k. The fact that you are increasing the borrowing doesn't matter, it's the amount that your wif...
by someone
Sun Aug 05, 2018 4:18 pm
Forum: Property Taxation
Topic: Corporation tax on a freehold management company
Replies: 4
Views: 587

Re: Corporation tax on a freehold management company

A RMC shouldn't be paying corporation tax (except possibly on bank interest)

I think (but don't quote me on this) that the surplus income is recognised as deferred income.

Hence there is no profit and no CT due.
by someone
Sun Jul 29, 2018 1:48 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Director who received no payments of any kind
Replies: 5
Views: 1214

Re: Director who received no payments of any kind

From the notes page: (my highlighting) So you quote part of my post, say it's not helpful, and then proceed to say the same as me while completely failing to answer the op's question - to which I didn't know the answer. perhaps: 1. The op is wrong in his assertion that the pages have to be filled i...

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