Gruggs Posted January 26, 2007 Share Posted January 26, 2007 Right boys....never fever an accountant is here......but i'm knackered so i'll answer the question tommorow morning for in full when i can actually connect what my eyes are seeing to my brain. Apologies its accountants busy season and i've just averaged 15hrs a day for the period of January. Cheers G Quote Link to comment Share on other sites More sharing options...
imi Posted January 26, 2007 Share Posted January 26, 2007 Right boys....never fever an accountant is here...... How exactly can an accountant help with health problems? Quote Link to comment Share on other sites More sharing options...
imi Posted January 26, 2007 Share Posted January 26, 2007 Yep, that's one of the low-tech ways to sidestep it. There are more convenient ways though, and don't believe the lies that only those born outside these shores are eligible. Hey John. can you shed some light on this......PM would be fine if you dont want to post on the thread. thx Quote Link to comment Share on other sites More sharing options...
DaveK Posted January 27, 2007 Author Share Posted January 27, 2007 My tax caluclation s/w turned up today - and I'm a happy boy. Best £30 I ever spent. Without digging out the paper work I can't remember exactly how long I lived in the house - so the figures aren't exact. But the total works out to between £7K and £8K. I can live with that! Quote Link to comment Share on other sites More sharing options...
Jive Posted January 27, 2007 Share Posted January 27, 2007 I'm off to see my parents this afternoon to discuss about inheritance tax and CGT, I think they've been doing some homework (they're not anywhere near old) so hopefully it'll be well planned for the later years Saying that, by the time they pop off things will have changed dramatically and we'll all be screwed even more! Quote Link to comment Share on other sites More sharing options...
Gruggs Posted January 27, 2007 Share Posted January 27, 2007 How exactly can an accountant help with health problems? I thought this was a capital gains tax question not a health problem as i said only briefly looked at it last night. Cheers G Quote Link to comment Share on other sites More sharing options...
JohnA Posted January 27, 2007 Share Posted January 27, 2007 Hey John. can you shed some light on this...... Make sure the taxman knows where your domicile is. You need to *tell* them, not allow them to decide for you. Once they've defaulted someone, it is hard to change this. The onus is on the taxpayer. Beforehand, the onus is on the tax authorites. Big difference. If one were born outside the UK then it's dead easy to make to right moves (except if they were clueless and were entrapped/defaulted thanks to the taxman's careful wording;) ) If one were born in the UK, then it takes some skilled monouevres, otherwise any jackass would be laughing at the taxman's face:eyebrows: . The number of british-born people trying to claim their main residence to be 'abroad' should make you start thinking that there might be something there. Why do you think there is a tradition of hundreds of thousands of well-heeled foreign nationals buying expensive properties in London? Because of the weather, proximity to Harrods, or something else? When a £2m house opposite Hyde Park is sold, do you really believe they pay CGT? lol... Setting up you taxation status is a step more high-tech than physically moving freaking house every year, isn't it? Quote Link to comment Share on other sites More sharing options...
imi Posted January 27, 2007 Share Posted January 27, 2007 interesting John - I shall get our accountant to look into this....will come back to you to pick your brains..... Ta Quote Link to comment Share on other sites More sharing options...
mwilkinson Posted January 27, 2007 Share Posted January 27, 2007 Dave, I think I can help out a little here, my wife is a qualified accountant and tax advisor. She says in order to calculate the CGT she will require the following details (these may have already have been stated but it's easier if you give them in one go ) 1. What date was the house originally bought? 2. Exactly how much was paid? 3. Have you carried out any supplemental work to the property such as adding an extension or conservatory etc? 4. At what rate do you normally pay tax, i.e. are you a 40% taxpayer? Cheers Quote Link to comment Share on other sites More sharing options...
DaveK Posted January 27, 2007 Author Share Posted January 27, 2007 I bought the property in September 1990. I paid £51,000 for it, it is now selling for £134,000. No supplementary work at all. I am a 40% tax payer. I also lived at the propery for the first few years - will need to dig the paper work out to determine how long but it was roughly 3 years. Quote Link to comment Share on other sites More sharing options...
mwilkinson Posted January 28, 2007 Share Posted January 28, 2007 Dave, The wife has kindly undertaken a computation based on the information provided which should be attached as an Excel file. (please not there are comments tabs on the table fo you to read) You should probably get this checked out by a tax advisor who deals in CGT as my wife does not do this as a normal part of her job, but it won't be far out. She also says that if the property was ever let out a further allowance is available so let me know and I'll pass on the details. Cheers, Mat and Reb. Quote Link to comment Share on other sites More sharing options...
DaveK Posted January 28, 2007 Author Share Posted January 28, 2007 Thanks a lot. I replied by PM - it was let and I've just checked exact dates - it was let from 20/11/93 to 22/01/07. I just re-ran the tax calculation s/w I bought. I hadn't realised that when I entered "Y" for the fact that it was let, it then added more boxes for the dates. I just filled them in and..... The tax calculation s/w is now saying I own £834.40. How happy am I!!!!!!! Quote Link to comment Share on other sites More sharing options...
Wez Posted January 28, 2007 Share Posted January 28, 2007 Thats much better than I thought it was going to be, not so bad after all Quote Link to comment Share on other sites More sharing options...
mwilkinson Posted January 28, 2007 Share Posted January 28, 2007 Happy to help mate Quote Link to comment Share on other sites More sharing options...
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