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Where Taxpayers and Advisers Meet

Search found 108 matches

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by Jholm
Wed Oct 02, 2019 2:28 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on shares
Replies: 2
Views: 6429

Re: CGT on shares

The dividends reinvested will count towards the cost price. Have a look at share matching rules on HMRC guidance. It can get sometimes get quite messy working out the cost pools. In a nutshell. 1. Shares in the same company bought and sold on same day will be matched together for cost purposes. Then...
by Jholm
Tue Oct 01, 2019 8:33 am
Forum: Income Tax
Topic: Partnership Tax Return - Year One
Replies: 2
Views: 5855

Re: Partnership Tax Return - Year One

I say this in the nicest way possible..... Given your misunderstanding of basic principles, please please please appoint someone to deal with the partnership and personal tax returns and do not do it yourself.
by Jholm
Mon Sep 30, 2019 9:58 am
Forum: Income Tax
Topic: Voluntary NI contribution and tax relief
Replies: 2
Views: 5699

Re: Voluntary NI contribution and tax relief

No. Paying national insurance is not an allowable expense against your income!
by Jholm
Wed Sep 18, 2019 4:25 pm
Forum: Income Tax
Topic: Bank Interest
Replies: 2
Views: 5413

Re: Bank Interest

Declare it in the year it was received, so assuming they paid it before 5/4/19, then yes...2018/19.
by Jholm
Tue Sep 17, 2019 9:17 am
Forum: Income Tax
Topic: POA
Replies: 7
Views: 4966

Re: POA

Without sight of your account, nobody can say for certain. Could be an error on the system, could be that you're reading wrong, could be you any number of things. Best bet is to just ring HMRC.
by Jholm
Tue Sep 17, 2019 8:19 am
Forum: General
Topic: Mileage relief for job and army reserve
Replies: 2
Views: 6199

Re: Mileage relief for job and army reserve

Fuel consumption works out at about 11p/mile hence why your employer pays you that much. The AMAP rates (45p first 10,000 miles, 25p thereafter), account for wear and tear and upkeep on top of fuel consumption. As such, you cannot claim the 45p amount from either and employer or HMRC. It sounds like...
by Jholm
Sat Sep 14, 2019 8:51 pm
Forum: Capital Gains Tax, CGT
Topic: Can i gift my property and live in btl
Replies: 7
Views: 2378

Re: Can i gift my property and live in btl

Yes, surviving 7 years with remove liability to IHT. You need to consider capital gains tax upon the transfer. However, if you lived at the property throughout the time it was owned, then the disposal would be covered by PPR relief. Also consider the future disposal of the buy to let. Almost certain...
by Jholm
Wed Sep 11, 2019 5:21 pm
Forum: General
Topic: Sole Trader different Tax/Accounting Year
Replies: 3
Views: 6392

Re: Sole Trader different Tax/Accounting Year

I would very much suggest that you appoint an account/adviser officially if you are running those dates. You will need to consider overlap profits/relief and I have seen way too many people get this wrong when doing it themselves.
by Jholm
Fri Sep 06, 2019 1:24 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: agricultural relief on let farm
Replies: 1
Views: 5529

Re: agricultural relief on let farm

I agree no relief available since you state it has no connections. APR can often be available if the situation is right but not BPR anyhow (I believe). Therefore, in this instance I vote both out.
by Jholm
Fri Sep 06, 2019 1:06 pm
Forum: Income Tax
Topic: Tax deduction medical expenses
Replies: 1
Views: 1135

Re: Tax deduction medical expenses

Medical treatment is not a business expense so unfortunately not. There may be extremely rare circumstances where you could argue it (such as a niche treatment for a professional sportsman) but even then HMRC may disagree.

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