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Where Taxpayers and Advisers Meet

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by Lambs
Thu Jun 07, 2018 11:27 am
Forum: Capital Gains Tax, CGT
Topic: NRCGT return
Replies: 241
Views: 105516

Re: NRCGT return

B, With regard to some of the comments made recently: If E doesn't understand reasonable excuse, then he's far from alone. Show me ANYONE from HMRC who says they understand the concept of reasonable excuse and I'll show you a liar, a fool, or quite possibly both. Many, many tribunals have spent more...
by Lambs
Thu Jun 07, 2018 10:50 am
Forum: VAT & Excise Duties
Topic: 0% VAT Construction Project
Replies: 5
Views: 890

Re: 0% VAT Construction Project

K, You reclaim the VAT on your costs exactly as you normally would. You are charging VAT on your supplies, but at 0%, so you are perfectly entitled to reclaim the VAT on your costs (although you are obliged to pay your own suppliers their VAT, as normal - THEY don't care what the VAT rate is on the ...
by Lambs
Fri Mar 09, 2018 5:02 pm
Forum: Income Tax
Topic: Form 5471 Help
Replies: 1
Views: 428

Re: Form 5471 Help

J,

This is a UK tax website, so I am not sure we are best placed to assist. Having said that, I know that there are one or two contributors on here who seem to do a lot of US/expat tax in their "day job", so you may yet strike lucky.

Fingers crossed,

Lambs
by Lambs
Sun Dec 31, 2017 7:38 pm
Forum: International Tax
Topic: Taxation of US IRA's in the UK
Replies: 4
Views: 1987

Re: Taxation of US IRA's in the UK

C,

If you don't get any replies, it may be better to start a fresh thread.

Regards,

Lambs
by Lambs
Wed Dec 20, 2017 2:53 pm
Forum: Income Tax
Topic: Child Benefit
Replies: 3
Views: 1279

Re: Child Benefit

Net does not mean specifically "after tax". It can mean net of losses, net of other deductions, net of reliefs... There is adjusted income, and there is adjusted net income. The difference here is in relation to the aforementioned pension contributions and Gift Aid donations, which are netted off ag...
by Lambs
Wed Dec 20, 2017 1:53 pm
Forum: Income Tax
Topic: Child Benefit
Replies: 3
Views: 1279

Re: Child Benefit

K, Based on the information you have provided, your adjusted net income is £51k. It does not mean "adjusted for tax" but adjusted for losses, pension contributions or Gift Aid donations, or other deductibles. At the moment, it does look like you owe 10% of your (or your partner's / spouse's, etc.) C...
by Lambs
Mon Nov 20, 2017 9:12 am
Forum: Business Tax
Topic: Corporation Tax
Replies: 4
Views: 15065

Re: Corporation Tax

There are special rules for flat management-type companies; also for mutual concerns. As a shareholder in the company, you would be entitled to see the accounts of the business and to approve them, no? As regards "mutual" companies, see https://www.gov.uk/hmrc-internal-manuals/company-taxation-manua...
by Lambs
Sun Nov 19, 2017 5:40 pm
Forum: Business Tax
Topic: Corporation Tax
Replies: 4
Views: 15065

Re: Corporation Tax

L,

Paying tax on any profits on the rents charged to farmers is one thing; if the company is also making a 'profit' on the contributions by its members towards a sinking fund for future repairs, then I think something is wrong. Did you not take advice when you set the company up?

Regards,

Lambs
by Lambs
Sat Nov 18, 2017 4:40 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: Help! I am about to invest in shares in a company I work for..
Replies: 2
Views: 36860

Re: Help! I am about to invest in shares in a company I work for..

Dear R, You will likely get plenty of assistance from the members of this forum. However, the best advice will be to get specific, tailored advice from a suitably qualified professional. The amounts involved, and the level of detail of your particular circumstances require, are beyond what any forum...
by Lambs
Sat Nov 11, 2017 9:47 pm
Forum: Capital Gains Tax, CGT
Topic: NRCGT return
Replies: 241
Views: 105516

Re: NRCGT return

They apply the same principle to reasonable excuse that they always have. Their own. The fact that it is obviously wrong in law, makes no difference to them. It doesn't matter how many times they are told by judges up and down the land that they are wrong: they still do it. It is not a mistake, othe...

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