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Cutting tax
Archives for December 2012
Discussion List
Equity out of btl
Hi, I've had one of my BTLs (well its currently consent to let) on a repayment mortgage. My understanding is i can recover the captial repayments since I started renting it out with no tax impact. is this correct? (I appreciate i will have to change lender and am in the process of doing so) The stuff I've read appears a…
Equipment I already own.
I understand I can get tax relief for equipment bought for my business. What about equipment I already own? What if I bought something prior to owning a business but now use it 100% for business use?
HMRC and the Tax Adjudicator just cover each others A**es.
Hi All, Back in 2010, HMRC told me I owed £600ish, although earlier the same year they told me, at least three times, "You have nothing to pay". I asked them to tell me how I owed this money, as for two of the three years that they said I had underpaid, I had earned less than the personal tax allowance. They didn't answer…
Buy-to-let income and tax query.
Hi all. I recently helped my daughter to purchase a small buy to let property, by lending her 50% of the purchase price. The mortgage is in her name as is the title. In return she wants me to manage the property and to take all the income after outgoings - mortgage, insurance etc. If I enter into a legal agreement with my…
Room Rental
My wife and I are renting out a room and want to limit our tax liability. We own the house jointly, and as my wife doesn't work, I wondered if all the income from the letting was in my wife's name we could avoid any tax liability?
Can I pay for tax advice that transfers liablity to them if advice is wrong?
I have a couple of slightly unusual points with regard to rental income, and I believe that the advice I have been given on here is correct, but it seems that HMRC does not have precise guidelines written down on the two issues concerned. If I pay for tax advice and pay for the people giving the advice to then do my self…
Inheritance Tax - Gifts
Hoping someone can help here. I'm in the process of filling in inheritance tax forms as I sadly and unexpectedly lost my father earlier this year. My question is to do with a gift made in 2008, I'm not sure how you calculate the relief, can you use the 3k per year allowance with an additional year for backdating? The gift…
sole trade and ltd company
can anyone help I have a ltd company which I used for a taxi business, it has not traded for years but still has a bit of money in it . I also sole trade in antiques . Can I change the use of the ltd company to antiques and still sole trade in antiques as well?
Self Employment Telesales job
I've recently found a job in Telesales but I've been told that I will have to register as self-employed which I wasn't expecting. Is this the done thing? Also, the job will probably be temporary for about 3/4 weeks or so, can I still register as self-employed even if the job is temporary?
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