Tax Questions

Collapse

Forums Topics Posts Last Post
No forums found.
  • Filter
  • Time
  • Show
  • New Topics
Clear All
new posts
There are no conversations in this channel.
  • Filter
  • Time
  • Show
Clear All
new posts
Please log in to your account to view your subscribed posts.
  • Filter
  • Time
  • Show
  • Sort By
  • Order
Clear All
new posts
Topics Statistics Last Post
Started by lampshade, 20-07-2017, 08:37 AM
10 responses
72 views
0 likes
Last Post leaseholder64  
Started by vik2001, 20-07-2017, 18:35 PM
1 response
32 views
0 likes
Last Post emwithme  
Started by xavaar, 19-07-2017, 16:01 PM
2 responses
51 views
0 likes
Last Post tatemono  
Started by Laurasplog, 17-07-2017, 13:31 PM
8 responses
117 views
0 likes
Last Post jpkeates  
Started by vik2001, 11-07-2017, 11:26 AM
8 responses
147 views
0 likes
Last Post Gordon999  
Started by Gordon999, 17-07-2017, 13:18 PM
0 responses
17 views
0 likes
Last Post Gordon999  
Started by SimonScott123, 13-07-2017, 07:37 AM
2 responses
62 views
0 likes
Last Post Gordon999  
Started by origin, 07-07-2017, 16:49 PM
2 responses
196 views
0 likes
Last Post jpkeates  
Started by haras21uk, 06-07-2017, 19:18 PM
4 responses
214 views
0 likes
Last Post tatemono  
Started by Laurasplog, 04-07-2017, 20:10 PM
9 responses
291 views
0 likes
Last Post jpkeates  
No topics found.

Latest Topics

Collapse

  • VAT paid on Apartment block maintenance
    lampshade
    Hi All.
    Hope someone can shed light on the following. I own a lease in a purpose built block of flats (30 in 3 linked blocks, with 3 separate entrances).
    We all pay our service charges as requested the freeholders appointed service/managing agent.
    The question I...
    20-07-2017, 08:37 AM
  • Reply to VAT paid on Apartment block maintenance
    leaseholder64
    There is someone starting from the same misunderstandings in this thread: http://www.taxationweb.co.uk/forum/v...es-t28896.html The thread covers both the trust and exemption aspects.

    I don't think they end up convinced, but that's their problem.
    21-07-2017, 10:42 AM
  • Reply to VAT paid on Apartment block maintenance
    leaseholder64
    It appears to be exempt, so they can't claim back the VAT even if the money passes through their books.

    Section 42 creates a statutory trust out of the service charges, although there may well have been one implied by the lease. Any service charge you pay on account (e.g. at the beginning...
    21-07-2017, 10:35 AM
  • Reply to VAT paid on Apartment block maintenance
    leaseholder64
    This FTT ruling gives some more information (in a case that proved an exception to the exemption rules): http://landschamber.decisions.tribun...RX-48-2015.pdf The ruling notes the law is not too clear.

    One point to note is that, according to https://www.g...
    21-07-2017, 10:24 AM
  • Reply to VAT paid on Apartment block maintenance
    lampshade
    hi
    thanks again for the replies.
    To be clearer if I may.

    As normal we all pay an annual service charge to cover things like cleaning, gardens, common electric, general maintenance. And I know that all of these services are from one man businesses that are not VAT registered....
    21-07-2017, 10:22 AM
  • Reply to VAT paid on Apartment block maintenance
    leaseholder64
    I would have thought that it was the section 42 trust that is being charged VAT, not the agent. Obviously the agent's fees are subject to their VAT status, and if they provide maintenance services in house, they would be subject to their status.

    Although not quite the same, my bank charges...
    21-07-2017, 09:49 AM
  • Reply to VAT paid on Apartment block maintenance
    jpkeates
    If the service agent is VAT registered, they have to charge VAT - it's not optional.

    Companies don't claim back the VAT they charge, they pay HMRC the VAT they charge less the VAT they are themselves charged (calculated once every quarter.

    So, if the agent is charged £10000...
    21-07-2017, 08:28 AM
  • tax rate question
    vik2001
    Im trying to figure out whether im going to be a high rate 28% or low rate 18% tax rate payer on CGT when selling my property.
    is this how I work it out for 2017/18:

    Work Salary before tax deductions is £40,000
    Personal Allowance 2017/18 is £11,500
    £40000-11,500 =...
    20-07-2017, 18:35 PM
  • Reply to tax rate question
    emwithme
    You will pay 18% on some (the amount that takes you to the higher rate threshold, so the first £32,000 of taxed income - the amount that's taxed if it's income at 20%) and then 28% on the rest.

    For example, if your total earned income is £40,000 and your capital gain (after allowances)...
    20-07-2017, 20:36 PM
  • Reply to VAT paid on Apartment block maintenance
    lampshade
    thanks for taking time to post. Maybe I have not explained what I am meaning. I am not talking about paying cash to avoid VAT, that is illegal.

    But if VAT is paid on a bill by our service agents, (say £10,000 + £2,000VAT) and because that service agent is VAT registered, I assume they...
    20-07-2017, 19:56 PM
Working...
X