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Ooooh losses – Whatever will we do?
By Marie walshe In Uncategorized Posted April 10, 2018 0 Comments
He has a loss of £10k to carry forward from his properties. He moved back into his solely owned flat for an entire tax year, renovated his main residence, then let it again. He then let a separate property with his wife (and made a small loss for 16/17). Could these losses be carried forward […]
Writing down cost of building
By Marie walshe In Property Posted March 16, 2018 0 Comments
I have a limited company client who owns a couple of rental properties (one commercial, one residential). There’s no re-valuation reserve. They’ve just had valuations done which show the market value at 10% below the carrying Net Book Value.  What should I do? Sounds like time to blow the dust of that copy of SSAP […]
The Adamant Client
By Marie walshe In Property Posted January 21, 2018 0 Comments
My client was going to sell some land he personally owns overseas. The deal didn’t go through but they received £15,000 in compensation for the deal not going through and messing them around. The client is adamant that the £15,000 isn’t taxable because they paid £80,000 for the land originally and as they haven’t sold the […]
Should I fill in box 17 or box 20?
By Marie walshe In Uncategorized Posted January 17, 2018 0 Comments
Did you have to fill in a claim for Entrepreneurs Relief on gains on unlisted shares and did the software come up with HMRC validation errors? The software provider says you need to put the gains in the other property, assets & gains section of Tax Return to get a result in box 17 and box […]
Quick Sale or Slow & Steady
By Marie walshe In Uncategorized Posted November 28, 2017 0 Comments
Client has properties in both his own name and ltd company. Properties purchased over many years starting early 1990’s. He now wants out. He is complaining about recent tax changes Is there any economic merit re selling company shares would be my first question. Hate to say that from observation it is usually not worthwhile re […]
The man from HMRC says YES!!!
By Marie walshe In Property Posted October 30, 2017 0 Comments
My wife and I are thinking of making a business trip next year to have meetings with bankers, brokers, tenants, and tradespeople we have not seen for several years. Would our business trip expenses, and especially our return air fares from abroad to the UK, be offsettable against income tax? We asked the helpdesk at […]
Ho Ho Ho, It’s Magic
By Marie walshe In Uncategorized Posted October 22, 2017 0 Comments
I have a client who bought a house for his daughter a few years ago because his daughter could not get a mortgage. House and Mortgage in clients name. Client now wants to sell and sale price is £260k compared to purchase price £125k so as it stands a significant CGT bill at 18%/28%. Daughter paid my […]
Mining Bitcoins
By Marie walshe In IT Posted August 31, 2017 0 Comments
New Bitcoins come in to circulation through the process of ‘mining’. Mining involves running a program on a high-powered computer to solve a mathematical problem. When the problem is solved a new set of Bitcoins are produced and shared between the miners. It’s straightforward to start mining your own Bitcoins – all you need to […]
Limited company contractor
By Marie walshe In IT, Property Posted August 31, 2017 0 Comments
If you are a limited company contractor, you will have a lot more flexibility over how and when you pay yourself. Assuming your contract work is not caught by IR35 most limited company contractors extract income in the form of dividends, and a small salary. The main tax benefit of incorporating is that dividends are […]
We Just Enter Data
By Marie walshe In Uncategorized Posted August 29, 2017 0 Comments
Some of my clients don’t want to claim the full benefit of their expenses and quite often there are interesting reasons behind this which can be difficult to understand. I have sole trader client with a portfolio of rental properties and have prepared her tax return for a number of year. Client does her own bookkeeping on spreadsheets […]