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Where Taxpayers and Advisers Meet

Search found 228 matches

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by AdamS93
Wed Dec 19, 2018 6:29 pm
Forum: Capital Gains Tax, CGT
Topic: am i liable for CGT
Replies: 12
Views: 786

Re: am i liable for CGT

thank you for your reply. I have not sold my property yet. it is already empty since this November. so do I have to live there to avoid paying CGT and for how long? According to your first post you have sold it. You will always have CGT to consider when you sell it, regardless if you move in to the...
by AdamS93
Wed Dec 19, 2018 3:57 pm
Forum: Capital Gains Tax, CGT
Topic: am i liable for CGT
Replies: 12
Views: 786

Re: am i liable for CGT

You may be saved by s226(8) TCGA 1992 but this seems very unlikely given your situation.

As you have already sold the property, there is nothing you can do retrospectively.

The best advice I would give is to arrange a meeting with a local accountant.
by AdamS93
Wed Dec 19, 2018 10:28 am
Forum: Income Tax
Topic: Tax Deductible Training
Replies: 1
Views: 205

Re: Tax Deductible Training

Unfortunately, the cost is not tax deductible as you have gained a new skill.

https://www.gov.uk/hmrc-internal-manuals/business-income-manual/bim35660
by AdamS93
Wed Dec 12, 2018 6:30 pm
Forum: Property Taxation
Topic: Self Assessment - Self correct the mortgage interest?
Replies: 3
Views: 343

Re: Self Assessment - Self correct the mortgage interest?

No, unfortunately not. There are two boxes, not on the same page. One for the expense (75% in 17/18) and one for the mortgage interest that doesn’t qualify as an ‘expense’ but the basic rate tax reduced instead. I would imagine a number of taxpayers who do their own returns have made the same mistak...
by AdamS93
Tue Dec 11, 2018 7:35 pm
Forum: Company Taxation
Topic: Corporation tax computation: Property income vs trading income
Replies: 1
Views: 521

Re: Corporation tax computation: Property income vs trading income

No. You still have to keep them separate, for the CT60 anyway.
by AdamS93
Fri Dec 07, 2018 8:05 am
Forum: Capital Gains Tax, CGT
Topic: Entrepreneurs Relief For Software Sale
Replies: 4
Views: 521

Re: Entrepreneurs Relief For Software Sale

it doesn’t look like it. You haven’t really been that clear on what you have actually done. Have you sold the shares in the company or has the company sold the business. Two very different things. If you lent the software to the company, then the only way it will qualify for ER is if it needs the as...
by AdamS93
Wed Dec 05, 2018 6:38 pm
Forum: Property Taxation
Topic: Refurbishment cost prior to letting
Replies: 4
Views: 623

Re: Refurbishment cost prior to letting

1) depending on the situation, the cost of the initial refurbishments could (the way you have worded it I would say probably) be treated as capital expenditure and therefore not an allowable expense. 2) yes, SDLT, legal fees and so on are capital expenditure 3) the profits and losses are split based...
by AdamS93
Sun Dec 02, 2018 10:59 pm
Forum: Property Taxation
Topic: BTL Transfer of Equity to Daughter
Replies: 5
Views: 647

Re: BTL Transfer of Equity to Daughter

As you say, you’ll have CGT to consider, with the proceeds deemed to be market value. I would confirm the SDLT position. You are transferring 45% of the property but only have 30% equity. The gift will be a PET for IHT. If you daughter doesn’t already own a property, this gift will mean she will los...
by AdamS93
Sun Dec 02, 2018 6:53 pm
Forum: Property Taxation
Topic: BTL Transfer of Equity to Daughter
Replies: 5
Views: 647

Re: BTL Transfer of Equity to Daughter

From a tax point of view, the there are potentially a number of issues that will need to be considered. But, I think your biggest stumbling block will be convincing the bank to allow you to transfer some of the property to your daughter, especially with a high ltv % and the amount you are planning t...
by AdamS93
Tue Nov 27, 2018 9:43 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT non domicial wife
Replies: 3
Views: 339

Re: IHT non domicial wife

Yes, it changes quite a lot!

The inter-spousal exemption is £325,000 if your spouse is non-domicile.

There are ways around this that may or may not be beneficial.

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