Personal tax


Because dealing with the Taxman and calculating your own tax can be a nightmare


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Deed of trust for propertyIf property is owned jointly, HMRC tax any rental income on each of the joint owners equally. However, a deed of trust can be used to transfer some or all of the beneficial entitlement from one joint owner to the other so th... Read more
28 Mar 2009
Credits: 1
doc
Miscellaneous
Deed of variationThe terms of a will can be varied by agreement among the beneficiaries so that the residue of an estate passes on different terms than those included in the will. This is known as a deed of variation. These are often used to improve ... Read more
27 Mar 2009
Credits: 1
doc
Document
What HMRC is likely to askThere's a pretty standard set of questions that the inspector will ask at interview. These are mostly designed to undermine the records you've kept and so allow them to make a demand for tax on missing income/profits or over-cl... Read more
23 Mar 2009
Credits: 1
doc
Clause
Company's option to buy/sell shares clauseIn the event of the untimely death of one of the major shareholders, the surviving shareholders probably won't want the shares to go to the deceased's beneficiaries unless they are already involved in running the... Read more
14 Mar 2009
Credits: 1
doc
Form
Wastage/losses recordHMRC typically uses a mark-up of purchases to selling price to construct an anticipated sales figure. However, this doesn't generally allow for wastage/write-offs. So what simple records could you keep about "wastage"?Wasted stockProd... Read more
14 Mar 2009
Credits: 1
doc
Letter
Letter to chase a tax repaymentRepayments arising from online filing of self assessment tax returns may be stopped for a variety of reasons, and HMRC staff have to look at them before they can be released. Contacting HMRC should help to speed up your... Read more
13 Mar 2009
doc
Form
Capital allowances for fixtures in buildings recordSince April 2014 it has been crucial for prospective buyers of second-hand commercial buildings to ensure that the seller has allocated their expenditure on fixtures to a capital allowances pool befo... Read more
10 Mar 2009
Credits: 1
doc
Miscellaneous
Land and buildings tenancy-in-common declarationYou may need a tenancy-in-common declaration for a variety of reasons. Use it as evidence to satisfy HMRC that the property is now actually owned in unequal proportions.Split to your needsA Tenancy-in-c... Read more
28 Feb 2009
Credits: 1
doc
Miscellaneous
Property management company contractCompany tax rates are lower than those for individuals, so it might make sense to divert some of your rental income from properties you own personally into your own property management company. In order to avoid a ... Read more
29 Jan 2009
Credits: 1
doc
Letter
Enquiry - business economics exercise letterYou might feel that the tax demand based on a business economics exercise routine is absolutely outrageous. What measured response should you give?Don't say too muchDuring an enquiry into a tax return there ... Read more
08 Jan 2009