The odd five days at the end of the tax year

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    The odd five days at the end of the tax year

    It’s OK to ignore the odd five days at the end of the tax year when I calculate both the income and expenditure?

    Thank you.

    #2
    I assume you are using a year end of 31 March?

    If so, the answer is Yes.

    Comment


      #3
      That's correct. Thank you.

      Comment

      Latest Activity

      Collapse

      • Reply to SDLT relief for multiple dwellings
        by Gordon999
        You are buying one title, not buying 5 separate titles...
        11-08-2022, 17:35 PM
      • SDLT relief for multiple dwellings
        by BIGGYBIBIG
        Hello everyone,
        I have had an offer accepted on a property purchase, subject to a surveyors report of £395,000 in England.


        I am currently looking at surveyors but i just wanted to know where i stand in terms of stamp duty, costs etc.

        I have phoned 5 different solicitors
        ...
        10-08-2022, 19:20 PM
      • Reply to SDLT relief for multiple dwellings
        by BIGGYBIBIG
        Again taken from HMRC website it states if (6 or more dwellings which mine is 8) it may be treated as a non residential transaction for the purposes of SDLT so will owning my own home have any effect on this?? Presumably i am thinking 1% minimum would still apply?

        SDLTM29905 - Relief for

        ...
        11-08-2022, 17:22 PM
      • Reply to SDLT relief for multiple dwellings
        by BIGGYBIBIG
        whilst you are correct in most cases however that is not taking into account SDLT relief for multiple dwellings
        here is a copy and paste from HMRC own website, hence the reason for the post


        Example
        You buy 5 houses for £1 million.
        £1 million divided by 5 is £200,000....
        11-08-2022, 16:39 PM
      • Reply to Giving/Gifting House to Kids
        by jpkeates
        That's part of why it's worth getting professional advice - sometimes paying some CGT at 18% is more appealing than IHT at 40%.

        But lots of people don't have to pay any IHT at all, and if the bulk of the estate is a £200k property it would be well under the threshold at which any tax is...
        11-08-2022, 15:15 PM
      • Giving/Gifting House to Kids
        by Tony-Edwards
        Elderly parents in early 80s, one in not so good health.

        Lived in the same home (no mortgage etc) for 50+ years - now worth approx £180,000 - £200,000 and they have minimal savings.

        Looking ahead, if one has to go into care (or council provided home care) I understand there...
        11-08-2022, 11:12 AM
      • Reply to Giving/Gifting House to Kids
        by Neelix
        Hum,

        We know a family where the dad got a dementia diagnosis at the age of about 66 - he lived another 12 years. The cash assets of the parents were split 50/50 and these went quickly. There is a 50% charge on the house, that the wife can live in for life but can't downsize because 50%...
        11-08-2022, 15:10 PM
      • Reply to Giving/Gifting House to Kids
        by Lawcruncher
        Indeed.

        These days getting professional advice does not always ensure the best advice and the advice can be very expensive. What clients whose main asset is their home should be told is:

        · It is a myth that "the council can take your home to pay for care".
        ...
        11-08-2022, 14:57 PM
      • Reply to Giving/Gifting House to Kids
        by Neelix
        I'd rather my parents lived in comfort during their last years ............... clearly you don't seem to care....
        11-08-2022, 14:54 PM
      • Reply to Giving/Gifting House to Kids
        by Tony-Edwards
        At least there is a maximum lifetime amount of IIRC £86,000 now that the council can rob.

        But with a property worth £180,000, by the time they've had 2 x £86,000 there's not much left is there.
        11-08-2022, 14:50 PM
      Working...
      X