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Where Taxpayers and Advisers Meet

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by AdamS93
Sat Sep 28, 2019 3:05 pm
Forum: Business Tax
Topic: SALE OF LTD COMPANY BUSINESS – SHAREHOLDER TAXATION
Replies: 4
Views: 6221

Re: SALE OF LTD COMPANY BUSINESS – SHAREHOLDER TAXATION

You seem to be confused.

Who has sold what? Have you sold the shares of the company or has the company sold its trade and assets? The answer to this will then determine the tax implications.
by AdamS93
Wed Sep 18, 2019 4:22 pm
Forum: Company Taxation
Topic: Loan to director
Replies: 2
Views: 6160

Re: Loan to director

No. you have to repay the loan within 9 months of the end of the chargeable accounting period - the end of the chargeable accounting period will not change if you change your period of account (two different things). Why not declare a dividend? The cash will have to be extracted from the company at ...
by AdamS93
Tue Sep 17, 2019 3:35 pm
Forum: Capital Gains Tax, CGT
Topic: Gifting Property to Brother
Replies: 2
Views: 4377

Re: Gifting Property to Brother

1. you will pay the SDLT higher rates as you already have a dwelling unless you sell it.

2. The transfer will save SDLT but you will be paying capital gains tax on transfer

3. Seek professional advice

Your parents have done you out of any first time buyer benefits unfortunately.
by AdamS93
Sun Sep 15, 2019 9:03 am
Forum: Capital Gains Tax, CGT
Topic: Can i gift my property and live in btl
Replies: 7
Views: 1904

Re: Can i gift my property and live in btl

Gifting your property to your children will remove any first time buyer reliefs they would get when they want to join the property ladder as well (SDLT etc). The rent paid to the children will be taxable income for them. Property has historically been a good investment, but it certainly isn't a tax ...
by AdamS93
Sun Sep 01, 2019 8:12 am
Forum: Capital Gains Tax, CGT
Topic: Getting gifted and then selling a farmhouse
Replies: 7
Views: 7628

Re: Getting gifted and then selling a farmhouse

It would depend on who is gifting it to you.
by AdamS93
Sat Aug 03, 2019 8:17 am
Forum: Property Taxation
Topic: Property Development Business Structure
Replies: 5
Views: 14041

Re: Property Development Business Structure

The best advice one can give would be to get an accountant on board. There are plenty of traps that you could fall foul of, especially dealing with property. Most in your position would go down the ltd route, but everyone's situation is very different! On the basis of the facts provided, you are onl...
by AdamS93
Sat Jul 13, 2019 8:39 am
Forum: Capital Gains Tax, CGT
Topic: CGT and PRR on sale of Property
Replies: 4
Views: 6580

Re: CGT and PRR on sale of Property

Thank you. I am just not sure what the acquisition and disposal figures will be? Let’s say: 1. we bought for £150k in equal shares 2 I transferred 48% leaving me with 1% when we started letting. 3. I am transferred back the 48% when we are ready to sell. 4. We dispose at £250k and hold equal shares...
by AdamS93
Tue Jul 09, 2019 5:26 pm
Forum: Income Tax
Topic: Tax implications for Foreign owner of UK business
Replies: 2
Views: 4470

Re: Tax implications for Foreign owner of UK business

When you say business, do you mean company?
by AdamS93
Wed Jul 03, 2019 8:15 am
Forum: Property Taxation
Topic: Splitting a company in 2
Replies: 3
Views: 17912

Re: Splitting a company in 2

Probably best you get some professional advice. You are probably talking significant amounts of money being a property development company.

There are also transactions in land and transactions in securities anti-avoidance rules that will have to be considered and planned around.
by AdamS93
Mon Jun 17, 2019 1:50 pm
Forum: Property Taxation
Topic: selling a BTL and change of ownership
Replies: 10
Views: 11343

Re: selling a BTL and change of ownership

Thanks for the replies. I am actually upgrading the kitchen and bathroom to get a better sales price, I wouldn't call it high end but it's better than the original. I'll have a good read before I do my tax return. It's not a huge amount of money either way as hopefully I'll get all the capital gain...

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