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Where Taxpayers and Advisers Meet

Search found 108 matches

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by Jholm
Tue Apr 02, 2019 11:17 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Daughter's Wedding Expenses IHT - HELP!
Replies: 3
Views: 944

Re: Daughter's Wedding Expenses IHT - HELP!

There is a nil rate band of £325,000 covering chargeable transfers in the previous 7 year rolling period. The transfers to your daughter would only be charged to tax if you die within 7 years of the gift. In that event, all chargeable transfers in the 7 years prior would be accumulated and chip into...
by Jholm
Tue Apr 02, 2019 11:14 am
Forum: Income Tax
Topic: Renting Property query
Replies: 7
Views: 1058

Re: Renting Property query

I would strongly suggest you appoint an accountant to go through the expenditure line by line and advise accordingly. Based on the information you have provided, it seems some would be capital, some revenue and some not allowable at all. Pre-letting expenditure is not always allowable so I would sug...
by Jholm
Fri Mar 29, 2019 12:29 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Residents nil rate band
Replies: 4
Views: 922

Re: Residents nil rate band

Yes, but it only applies when transferring the property to a 'lineal descendant' (eg. child/grandchild). It also only applies on death.
by Jholm
Tue Mar 26, 2019 1:53 pm
Forum: Business Tax
Topic: Buy a residential property using my company profits
Replies: 3
Views: 6550

Re: Buy a residential property using my company profits

Not to mention the possibility of benefits in kind arising, creating a charge on both the 'employer' and 'employee':

https://www.gov.uk/expenses-and-benefits-accommodation
by Jholm
Fri Mar 22, 2019 1:28 pm
Forum: Capital Gains Tax, CGT
Topic: Selling an Inherited House - Deducting Costs
Replies: 2
Views: 745

Re: Selling an Inherited House - Deducting Costs

Can the full £10k be deducted from the £15k gain to reduce the gain to £5k?
Why would it not be?
by Jholm
Wed Mar 20, 2019 6:19 pm
Forum: Income Tax
Topic: Income tax + CGT
Replies: 4
Views: 774

Re: Income tax + CGT

Hi,

Your recent comment above is correct in that you cannot use unused personal allowances against CGT; the two are treated entirely separate. Based on those figures, you would only be liable to the lower CGT rate of 10% so whether or not it is worth selling loss-making shares is your call.....
by Jholm
Tue Mar 19, 2019 9:26 am
Forum: Income Tax
Topic: Trading Allowance & estimating first payment
Replies: 4
Views: 720

Re: Trading Allowance & estimating first payment

The £1,000 trading allowance takes priority over any other expenses.... so, no you couldn't claim use of home, accountancy fees or other such on top of the £1,000. You would claim the higher of; i) all expenses or ii) £1,000 allowance. Re: the payments on account, they will be calculated based on ta...
by Jholm
Tue Mar 12, 2019 5:26 pm
Forum: Income Tax
Topic: Self assessment tax penalties - help for appeal
Replies: 5
Views: 1039

Re: Self assessment tax penalties - help for appeal

Happy to hear you got it sorted. This is a typical example of how different HMRC advisors react differently to the same issue. Also the way you word things can make a huge difference to the outcome.

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