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Where Taxpayers and Advisers Meet

Search found 6538 matches

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by King_Maker
Sat Sep 26, 2015 10:32 am
Forum: Capital Gains Tax, CGT
Topic: Any Liabilities From A Long Delayed Transaction
Replies: 5
Views: 700

Re: Any Liabilities From A Long Delayed Transaction

The accountant is wrong.

The solicitor is correct.

Have you read HMRC's Help Sheet HS283 on the subject?

http://www.hmrc.gov.uk/helpsheets/hs283.pdf

[For disposals after 5 April 2014, the exemption for the last 36months of ownership is reduced to 18 months.]
by King_Maker
Fri Sep 25, 2015 12:21 pm
Forum: Property Taxation
Topic: Advise for Friend...Lost receipts....What happens now?
Replies: 13
Views: 1272

Re: Advise for Friend...Lost receipts....What happens now?

The "worst case" scenario is likely to be to disallow all the non-receipted expenditure. The associated increase in profit and tax liabilities could lead to interest and penalties thereon.

In the absence of fraud, a custodial sentence is highly unlikely.
by King_Maker
Fri Sep 25, 2015 12:08 pm
Forum: Income Tax
Topic: UTR
Replies: 4
Views: 769

Re: UTR

Unless HMRC have issued a SATR to complete, there is no need to use Self Assessment to declare rental profit - depending on the level of profit and rent.
by King_Maker
Thu Sep 24, 2015 5:41 pm
Forum: Tax Investigations and Enquiries
Topic: Mileage records & S386 CA06
Replies: 4
Views: 2170

Re: Mileage records & S386 CA06

HMRC will have to do better than that - unless £1200 was a "material" amount in relation to the company's P&L.

Do you know how the figure of £1200 was arrived at? Hopefully, as Wamstax says, it was not some round sum estimate?
by King_Maker
Thu Sep 24, 2015 9:33 am
Forum: Property Taxation
Topic: re: how is rental income taxed after 'gift' of property
Replies: 2
Views: 421

Re: re: how is rental income taxed after 'gift' of property

Which family member?

What are you trying to achieve?
by King_Maker
Wed Sep 23, 2015 11:01 am
Forum: Capital Gains Tax, CGT
Topic: Deemed periods of absence
Replies: 4
Views: 621

Re: Deemed periods of absence

Have you read HMRC's Help Sheet HS283 on the subject?

http://www.hmrc.gov.uk/helpsheets/hs283.pdf

[For disposals after 5 April 2014, the exemption for the last 36months of ownership is reduced to 18 months.]
by King_Maker
Wed Sep 23, 2015 11:00 am
Forum: Capital Gains Tax, CGT
Topic: CGT on deceased property
Replies: 10
Views: 1586

Re: CGT on deceased property

A DoT (Declaration of Trust) would avoid the need to alter the LR Title.
by King_Maker
Wed Sep 23, 2015 9:03 am
Forum: Capital Gains Tax, CGT
Topic: Contracts for Difference (CFDs)
Replies: 6
Views: 2368

Re: Contracts for Difference (CFDs)

@Pawncob

Deemed interest is a separate issue - and forms part of the CGT calculation.
by King_Maker
Tue Sep 22, 2015 2:26 pm
Forum: Property Taxation
Topic: Mortgae on own porerty to buy BTL
Replies: 4
Views: 780

Re: Mortgae on own porerty to buy BTL

The children are not parties to the mortgage. The problem is likely to be that you and your wife have effectively lent money so your two children can buy their share of the property - that is not an allowable purpose, in HMRC's view. So, only 50% of the interest is deductible. Did you speak to your ...

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