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Where Taxpayers and Advisers Meet

Search found 377 matches

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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: 378

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: 498

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: 910

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...
by someone
Fri Jul 27, 2018 7:09 pm
Forum: Capital Gains Tax, CGT
Topic: CGT when transfer property to nonresident spouse
Replies: 7
Views: 814

Re: CGT when transfer property to nonresident spouse

Conclusion therefore seems to be for CGT purposes W should not transfer 100% (or any %) to H.
As long as W keeps a share, H can transfer back to W before sale. So 99% to H might make sense.

PRR is a binary thing. So long as you have held it, you get it on disposal.
by someone
Fri Jul 27, 2018 6:50 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Director who received no payments of any kind
Replies: 5
Views: 910

Re: Director who received no payments of any kind

I have no idea. I've never filled in the pages. The help says: You might need to fill in more sections, known as ‘supplementary pages’, if you’re telling HMRC about these types of income: employees or company directors - SA102 I don't have any income so I don't fill in the page for my directorship. ...
by someone
Sun Jul 22, 2018 8:18 am
Forum: Property Taxation
Topic: Properties sale prices - what's the state of the market?
Replies: 3
Views: 448

Re: Properties sale prices - what's the state of the market?

Even for the 400k one, the 5% is just stamp duty for a BTL. Any purchasers are likely to be higher rate tax payers so the mortgage tax relief is going to hurt. You've decided to get out because you don't think it's worth it. Why do you think others want to get in to exactly your position? They need ...
by someone
Tue Jul 17, 2018 4:07 pm
Forum: General
Topic: How does SA software calculate tax
Replies: 3
Views: 2514

Re: How does SA software calculate tax

Tax calculation was that simple, then (even more so today, given there's only ONE personal allowance and maximum TWO rates of tax, plus the fact that Bank Interest and Co dividends are now paid gross, with everyone having personal investment allowances). Self-assessment basics -declare earned incom...
by someone
Sat Jul 14, 2018 8:45 pm
Forum: Capital Gains Tax, CGT
Topic: NRCGT return
Replies: 239
Views: 93168

Re: NRCGT return

I have just discovered that the government is planning something similar for residents from 2020. The 'nil return' problem won't happen but the tax will be due in 30 days. (and so lots more penalties)

So keep up the good fight. This thread will get a lot more attention in 18 months or so.
by someone
Sat Jul 14, 2018 8:38 pm
Forum: Capital Gains Tax, CGT
Topic: CGT 'simplification'
Replies: 1
Views: 367

CGT 'simplification'

I've just discovered that The Government is planning a CGT simplification where residential property CGT will be paid within 30 days of completion. The idea is insane. There was a consultation, and the governments response was 'we've noted your comments and we're going ahead anyway.' So, in the way ...
by someone
Sat Jul 14, 2018 5:07 pm
Forum: Income Tax
Topic: Correct Tax paid figure?
Replies: 6
Views: 699

Re: Correct Tax paid figure?

With a salary that high, I would be surprised if you didn't have any taxable benefits such as a company car/fuel and medical insurance which you will also need to declare - ask for your p11d from your employer. Employers seem to be moving to a model where the taxable benefit (of medical at least) i...

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