Tax Questions

		Statistics	Last Post
Undeclared Rental Income for 2 years by Benstar Started by Benstar, 11-02-2015, 19:40 PM	15 responses 8,861 views 0 likes	Last Post by MichaelTaylor 18-02-2015, 05:40 AM
Rent a room and tax man. by spire2003 Started by spire2003, 13-02-2015, 08:14 AM	7 responses 1,112 views 0 likes	Last Post by MichaelTaylor 18-02-2015, 05:38 AM
buying partner out of buy to let - CGT liabilty? by johnmatrix Started by johnmatrix, 12-11-2014, 10:53 AM	8 responses 1,579 views 0 likes	Last Post by MichaelTaylor 18-02-2015, 05:37 AM
Deed of Trust. Solicitor Correct by Harper's Ash Started by Harper's Ash, 12-02-2015, 14:51 PM	16 responses 4,023 views 0 likes	Last Post by MichaelTaylor 18-02-2015, 05:36 AM
Furnished Letting What Can I Claim ? by Rodney1959 Started by Rodney1959, 15-02-2015, 20:48 PM	4 responses 797 views 0 likes	Last Post by Rodney1959 15-02-2015, 22:12 PM
Is it possible to apportion 'Rent-A-Room' + 'normal' Wear + Tear in same tax year? by bodger99 Started by bodger99, 12-02-2015, 16:20 PM	4 responses 1,126 views 0 likes	Last Post by Gordon999 14-02-2015, 08:00 AM
Registering for self assessment by #Craig Started by #Craig, 10-02-2015, 18:10 PM	8 responses 947 views 0 likes	Last Post by Gordon999 12-02-2015, 12:11 PM
Monthly Letting Fee - Tax Deductible? by Singbudo Started by Singbudo, 11-02-2015, 14:26 PM	2 responses 816 views 0 likes	Last Post by jpkeates 11-02-2015, 18:11 PM
Remortgage own home to fund rental property purchase - interest allowable expense? by merseygrit Started by merseygrit, 09-02-2015, 20:27 PM	3 responses 762 views 0 likes	Last Post by loanarranger 10-02-2015, 10:21 AM
inherited property by aolloyd Started by aolloyd, 08-02-2015, 22:07 PM	3 responses 584 views 0 likes	Last Post by jpkeates 09-02-2015, 14:51 PM

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
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 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
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
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 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
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
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 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

Latest Topics