HMRC Admin 25 Response

Hi MKDolan,
There will be two capital gains calculation, as the property is jointly owned by you and your wife.
One for each of you.
Captital gains tax will be calculated using the acquistion cost of the property, plus acquisition costs, such as solicitors/estate agent fees and the market value of the propety, minus disposal costs, such as solicitors/estate agent fees.
Both you and your wife would work out the gain for each 25% share you are gifting to your daughter.
To help you with this, there is a calculator here:
Tax when you sell property
Which flows on to allow you to register for an online capital gains account, which can then be used to report and pay the capital gains tax due.
Please note that if a gain arises, you have 60 days from the completion date to report and pay the capital gains tax, to avoid incurring penalties and interest charges.
As it does not fall under income or Capital Gains Tax, we are unable to advise on stamp duty in this forum, other than refer you to some guidance in this area.
Stamp Duty Land Tax
Thank you. 

Hi 
Because of the evident complexities, this is a complex query for which we do not have adequate knowledge of all the relevant facts.
Even so, we consider these questions tax planning or tax advice for the Company which, unfortunately, HMRC as a Department does not provide.
We can only therefore suggest you seek professional advice.
Thank you. 

Hi GoldApple97,
The expenses are treated as pre-trading expenditure.
Qualifying pre-trading expenditure is treated as incurred on the day on which the trade is first carried on.
It therefore enters into the calculations of the profit or loss for the first year of assessment in which the trade starts and not into periods where there wasn't any activity i.e. that is when you were dormant.
You normally have up to 7 years to claim pre trading expenses before the business begins.   
Thank you. 

 

Hi Amit,
From the very limited information you have provided, we assume the company is registered as limited in the UK.
Bullion coins from The Royal Mint are exempt from CGT for UK residents.
The closing of a business and the liquidation of its assets can be complex, and we can only recommend you seek professional advice as HMRC does not offer this. 
Thank you. 

Hi TL,
We are unable to check personal records through the forum.
If the letter you received has only one of the items disallowed, assumably the remaining items would still be claimed.
Please contact HMRC if you wish to check this, or allow some time for the calculation to arrive.
Income Tax: general enquiries
Thank you. 

Hi STELOUhm21*,
It is your responsibility to notify HMRC of any bank or building society interest that you are paid.
You can do this in writing or by telephone, providing details of your bank or building society name, sort code, account number, name of bank or building society, the untaxed interest amount and your individual share of interest from any joint accounts.
You can also do this if we send a Self Assessment tax return, forms P810, P161 or R40. 
Thank you. 

Hi otokini,
No, HMRC will not automatically refund the business if a corrected FPS is sent generating a credit on account.
The employer would need to contact our Employers Helpline to request this, where further checks will be completed before the business is refunded. 
Thank you. 
 

Hi stan,
You have not mentioned which software provider you are using.
If it is HMRC's Basic PAYE Tools, you will need to speak with our Online Services helpdesk (0300 200 3600) regarding rolling the software back in order to submit the missed FPS.
Technical support with HMRC online services
If you are using a commercial software package, you will need to call them to discuss how to correct this. 
Thank you. 

Hi Angela,
If your address is incorrect on your P60, that means your employer holds the wrong address.
P60's are issued by the employer, not by HMRC.
You will need to update your address with your employer and ask if they will re-issue the P60.
Thank you. 

Hi Bob,
Work out how much this is using your employers rates and then using HMRC rate.
If the HMRC rate is higher, you can claim the difference.
Thank you.