Tax Questions

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Capital Gains Tax liability by jicms Started by jicms, 02-04-2015, 23:20 PM	14 responses 1,161 views 0 likes	Last Post by Gordon999 03-04-2015, 14:08 PM
Can I buy renovation goods for property before actually owning it by Lee46 Started by Lee46, 01-04-2015, 10:41 AM	1 response 508 views 0 likes	Last Post by jpkeates 01-04-2015, 11:32 AM
Seller Reserves the Right to Add VAT? by Claymore Started by Claymore, 30-03-2015, 17:57 PM	2 responses 701 views 0 likes	Last Post by Claymore 31-03-2015, 09:41 AM
Capital gains advice by Riley20 Started by Riley20, 28-03-2015, 20:56 PM	6 responses 783 views 0 likes	Last Post by Riley20 29-03-2015, 13:16 PM
UK Tax changes on UK rental income - Restricting entitlement to the personal allowanc by kathekas Started by kathekas, 29-03-2015, 10:16 AM	2 responses 498 views 0 likes	Last Post by jpkeates 29-03-2015, 12:08 PM
Mortgage product fees - Spread the cost over the mortgage term or one off expense? by FirstimeLandlord Started by FirstimeLandlord, 23-03-2015, 07:43 AM	10 responses 1,516 views 0 likes	Last Post by FirstimeLandlord 26-03-2015, 09:19 AM
Accrual of costs - into current tax year 14/15 by smithie Started by smithie, 24-03-2015, 16:13 PM	2 responses 557 views 0 likes	Last Post by jpkeates 26-03-2015, 08:20 AM
Paying cash for property and then taking out Buy to Let Mortage by slee Started by slee, 24-03-2015, 00:15 AM	3 responses 720 views 0 likes	Last Post by loanarranger 24-03-2015, 09:33 AM
capital gains allowance by Bythebye Started by Bythebye, 23-03-2015, 07:01 AM	3 responses 553 views 0 likes	Last Post by King_Maker 23-03-2015, 11:21 AM
Maximizing retirement income by danmay Started by danmay, 22-03-2015, 10:42 AM	8 responses 1,046 views 0 likes	Last Post by theartfullodger 22-03-2015, 16:41 PM

When to claim accountant expense, same year or can it be added to previous year?

by cuttingman

Doing tax return for 2020-2021, paid accountant at the beginning of this month to check it. I gave them all my expenses including their fees and they put it in the tax return. But now that I thought about it because I paid in the 2021-2022 tax year I should add this expense to the next tax return....
- Channel: Tax Questions
18-10-2021, 11:42 AM
Reply to When to claim accountant expense, same year or can it be added to previous year?

by Gordon999

The accountant has to start work after 6 April 2021 in order to cover the whole tax year of 2020-2021..

So accountant's bill is correctly entered as an expense in current year.
- Channel: Tax Questions
19-10-2021, 09:09 AM
Reply to When to claim accountant expense, same year or can it be added to previous year?

by jpkeates

Expenses should be claimed when they're committed or paid, so it looks like a mistake to me.
- Channel: Tax Questions
18-10-2021, 11:59 AM
CGT check appreciated, thanks in advance!

by tatemono
Would really appreciate some help checking figures. Figures below are halved because my sister and I inherit in equal shares.
- property valued at £187,500 at date of mother's death in Jan 2015
- recent sale value £217,500
- improvement costs £5,318
- costs of sale: £2,440.50
- no reliefs
- my profit
...
- Channel: Tax Questions
16-10-2021, 15:15 PM
Reply to CGT check appreciated, thanks in advance!

by Gordon999

OK. Your capital gain =£22,242 less £12, 300 = £9942 x 18% = £ 1790 tax bill to pay.
- Channel: Tax Questions
17-10-2021, 17:53 PM
Reply to CGT Query

by jessa46

Thanks for reply, much appreciated.
I asked my solicitor about the 30 day rule and he emailed me back saying I didn't need to do this as no cgt to pay but, as I do a yearly self assessment, to include it my self assessment. I'll be sending it off this week. There's a website called 'xxxx' which...
- Channel: Tax Questions
17-10-2021, 16:33 PM
CGT Query

by jessa46

I have never claimed CGT allowance but may need to after selling an inherited property. The property gained in value during probate. The sold price was £153k and the valuation at death for 'capital gains purposes' was £130000. There are 3 shares. My share of selling price is £51k and share of gain...
- Channel: Tax Questions
13-10-2021, 17:37 PM
Reply to CGT Query

by AndrewDod

- You have to submit the CGT calculations within 30 days regardless of whether there is CGT to pay (else you get large and increasing fines)

No it is not added to your income for this purpose
- Channel: Tax Questions
17-10-2021, 15:54 PM
Reply to CGT Query

by jessa46

Thank you for replies. Re how it was valued, this is where my head spins. Our mum passed away around 8 years ago. We got probate in 2019. Property was transferred into 3 siblings names in 2020, so that we could benefit from personal CGT allowance. The solicitor sent us a document 'for hmrc cgt purposes'...
- Channel: Tax Questions
17-10-2021, 15:13 PM
Reply to CGT check appreciated, thanks in advance!

by AndrewDod

I'd imagine it would be payable as CGT by the individuals. Certainly that would apply to interest earned on savings during probate so don't think CGT would be different. It is definitely not payable by the estate (that would be grossly unfair to some beneficiaries who had not used various allowances)....
- Channel: Tax Questions
17-10-2021, 13:05 PM

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