Member Since: 25th Jul 2012
14th Nov 2019
It would be private residence relief (up to the mum passing away) that would apply...
What's the basis for that?
Unless I'm missing something - https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg65579
14th Nov 2019
It would be private residence relief (up to the mum passing away) that would apply I think rather than lettings relief from what you say.
23rd Oct 2019
Assuming the insured is not registered (fairly key piece of information missing), insurance company is talking out of its corporate backside.
The insured should pay no more than the excess, £250.
Sorry, it does help if I provide all of the info.
Customer themselves aren't VAT registered. It looks like a residential property where the bathroom has had a leak.
The insurance company want my client to bill them their portion and the customer the £250 separately.
My understanding is that the customer should invoice the insurance company the full amount (with VAT charged on all of the work) and then deduct £250 off the gross amount. The customer then would get a bill of £250 without VAT.
The insurance company want my client to bill the customer £250 with no VAT but not charge VAT to them on the £250 part of the invoice as well. To me that is wrong as there should be VAT charged on all of the work completed (and I think the insurance should be paying it all too)
30th Jul 2019
It's working for me now too. In fairness I hadn't signed the clients up individually for MTD (wasn't aware) so I think it was just down my error rather than an error with HMRC.
27th Jul 2019
Have you signed the clients up to MTD?
I assumed this happened automatically when I linked my clients from my old HMRC online account to my new Agent Services one. Is this not the case?
8th Jun 2017
Mine was about £250 back in 2008 and this give me pages for home, services (then a page for each service - accounts, payroll etc), testimonials and a contact us.
The web developer took on a graphic designer as work experience a few years later and offered her to do a trial overhaul of it which if I didn't like then he'd return it the way it was and not charge. It looked good in fairness so I paid up.
I'm then charged every year for the domain renewal for the website. I pay about £120 & VAT for this but I'm sure you can pay this directly for much cheaper if you want.
I don't pay anyone for Google ranking etc.
23rd May 2017
But when I went on to Indexation Allowance yesterday I did mention could we get this for the property rather than the sale of shares. You just jumped on me saying how much of an idiot I am for thinking I could get IA for the sale of shares rather than reading the question.
There's obviously been a misunderstanding and I don't blame other posters for being confused of course. However, my motto in life is treat others how you'd like to be treated yourself and I'm sure you wouldn't be happy in when you ask a question on here next if someone responds telling you that you're out of your depth and that your clients should go elsewhere.
23rd May 2017
The client is looking to sell the property and obviously pay the lowest tax charge and even defer the tax payment if he can. If that meant selling the company then it's something he could have tried to negotiate.
Selling the company is a tough sell but I wanted to factor in ER if applicable for possible negotiations but as ER can't be claimed then the best bet seems to be to sell the property on it's own.
I think Indexation Allowance can be added on from what I read if it is an investment business rather than a trading one which posters have mentioned. Again, I was a little unsure that it would be held as an investment business with this particular company making a £50k net profit on it's rents each year. In addition, the client has three other companies with a total of 10 other properties in these so it didn't look a simple decision that it was an investment business looking at the rules but I am more than happy to go down that road if we can claim the IA.
The client doesn't need the money now. There is a mortgage in the company for £0.5m which would be paid off with the sale and any tax charge arising would be also paid. The client would likely reduce his mortgages in his other companies by transferring the monies left over as inter company loans I would imagine.
As stated the client would defer the tax and reinvest in another building instead if this was possible but reinvestment relief is only available for a CGT computation rather than CT which this is and I can't see another available relief to defer.
22nd May 2017
I did say in the original post that the client had someone interested in purchasing the property in fairness.
You could always ask for more info if the poster is unclear rather than question their ability as an accountant but I guess we're all different.
22nd May 2017
As I've commented to Ruddles above. The property is being sold and my client has two options I guess of trying to sell it as the company or just selling the property and winding the company up.
If he sells the property then the property is going somewhere and indexation allowance is possibly available. It's pretty silly to ridicule people for asking questions when this is what the forum is for and if you need more clarity you could always ask for more info.