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Where Taxpayers and Advisers Meet

Search found 6538 matches

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by King_Maker
Tue Sep 22, 2015 2:07 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Company Car Nightmare - please help!
Replies: 4
Views: 976

Re: Company Car Nightmare - please help!

As you have found out, this can be a complex area of tax.

What redress/compensation are you hoping to achieve? And who from - employer or HMRC?
by King_Maker
Tue Sep 22, 2015 2:00 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: company car tax
Replies: 4
Views: 917

Re: company car tax

So would that mean that it will be only on the month/s that i am in the higher tax bracket ill be charged 40% ? Thanks
No - it is by reference to the Tax Year (6 April to 5 April).
by King_Maker
Tue Sep 22, 2015 1:59 pm
Forum: Income Tax
Topic: Help with Tax domicile
Replies: 2
Views: 590

Re: Help with Tax domicile

Do you mean Residence rather than Domicile?

Or perhaps both?
by King_Maker
Tue Sep 22, 2015 1:56 pm
Forum: Income Tax
Topic: Paying tax
Replies: 4
Views: 580

Re: Paying tax

I assume she must own your home in her sole name?

If not (and the rent is above £4250), then the relief is split 50:50.

Why is the "lodger" part of your question relevant? RAR only applies to a single lodger (in HMRC's view).
by King_Maker
Tue Sep 22, 2015 12:59 pm
Forum: Capital Gains Tax, CGT
Topic: Avoiding CGT on buy to let property (gifting/pension etc)
Replies: 2
Views: 606

Re: Avoiding CGT on buy to let property (gifting/pension etc)

CGT is a tax on disposals - which includes gifts as well as sales. Your gift to your daughter could attract a CGT liability for you. Your daughter may have a Loss, depending on the sale costs. Paying the sale proceeds as a pension premium is not relevant to your CGT liability - although the tax reli...
by King_Maker
Tue Sep 22, 2015 12:48 pm
Forum: Capital Gains Tax, CGT
Topic: Capital Gains Tax and tied accomodation
Replies: 2
Views: 611

Re: Capital Gains Tax and tied accomodation

Very possibly - if it is/was always your intention to use it as your main residence in due course.
by King_Maker
Tue Sep 22, 2015 12:46 pm
Forum: Capital Gains Tax, CGT
Topic: Contracts for Difference (CFDs)
Replies: 6
Views: 2373

Re: Contracts for Difference (CFDs)

Interest is not usually a deduction for CGT purposes.

If the financing charge is significant, a company might be a better option.
by King_Maker
Tue Sep 22, 2015 12:43 pm
Forum: Property Taxation
Topic: Mortgae on own porerty to buy BTL
Replies: 4
Views: 780

Re: Mortgae on own porerty to buy BTL

I assume the children are over 18 years old?

If so, what was the intention for splitting profits/losses - both capital and income?

Are you aware of the intended Budget changes for interest deductibility from 2016-17?
by King_Maker
Tue Sep 22, 2015 12:37 pm
Forum: Property Taxation
Topic: House sale tax liability
Replies: 7
Views: 1183

Re: House sale tax liability

I am not saying that the Probate Valuation is incorrect nor that HMRC will not accept it for your CGT purposes. Only you cannot rely on the FACT that the Valuation is agreed with HMRC. You are correct in thinking that you will have no CGT liability - based on the details given. You will still have t...
by King_Maker
Fri Sep 11, 2015 11:31 pm
Forum: General
Topic: what is the point of working?
Replies: 5
Views: 2500

Re: what is the point of working?

That's over £20,000 p.a (NET).

Usual suspects :

1. Rent/mortgage etc too high.
2. Car payments too high.
3. Too many kids.
4. Not enough kids.
5. Commuting costs.

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