Tax Questions

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Let Property Campaign. by armour Started by armour, 13-09-2021, 13:45 PM	15 responses 249 views 0 likes	Last Post by armour 23-09-2021, 07:46 AM
Lease my primary residence to my own LTD company by Soparles Started by Soparles, 21-09-2021, 07:15 AM	5 responses 71 views 0 likes	Last Post by Soparles 22-09-2021, 10:51 AM
SDLT Recovery on Selling Query by Sol_1969 Started by Sol_1969, 22-09-2021, 06:03 AM	2 responses 23 views 0 likes	Last Post by Gordon999 22-09-2021, 07:47 AM
CGT Expenses by rugbyroom Started by rugbyroom, 20-09-2021, 12:11 PM	3 responses 45 views 0 likes	Last Post by rugbyroom 20-09-2021, 13:33 PM
Overseas Landlords by Santa Fe Started by Santa Fe, 16-09-2021, 16:44 PM	2 responses 94 views 0 likes	Last Post by Santa Fe 17-09-2021, 18:37 PM
CGT calculation by armour999 Started by armour999, 11-09-2021, 17:50 PM	4 responses 99 views 0 likes	Last Post by armour 13-09-2021, 13:46 PM
Tenants in Common SDLT?? by Bella Casa Started by Bella Casa, 10-09-2021, 13:13 PM	2 responses 38 views 0 likes	Last Post by Gordon999 13-09-2021, 09:20 AM
Inheritance tax calculation and reinvesting in other property by armour Started by armour, 26-08-2021, 16:18 PM	5 responses 87 views 0 likes	Last Post by armour999 11-09-2021, 18:30 PM
Tax Exemption by jp13abk Started by jp13abk, 14-04-2021, 19:37 PM	4 responses 169 views 0 likes	Last Post by doobrey 10-09-2021, 01:28 AM
CGT Options For BTL by GeddyMortgage Started by GeddyMortgage, 06-09-2021, 21:41 PM	26 responses 202 views 0 likes	Last Post by OneSmallStep 09-09-2021, 12:37 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 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
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
Reply to CGT check appreciated, thanks in advance!

by tatemono

thanks for your comments everyone. Alas Gordon999, although you were aware of my first statement that the property was shared between two of us, the figures I gave were already halved. You then went on and halved the gain which effectively halved the figures once more! My gain is around the £22K figure...
- Channel: Tax Questions
17-10-2021, 12:57 PM

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