Tax Insider is a new venture from TaxationWeb, the UK's leading independent tax portal.
Business Tax Insider - COMING SOON!
I wholeheartedly recommend the ‘Tax Insider’ to anyone who is interested in legitimately minimising their tax bill.
Dr Bennie Mallett, General Practitioner
- How to Use Dividend Waivers to Save Tax(December 2010)
- How to Save Tax with an ‘EFRBS’(September 2010)
- Tax Savings for Entrepreneurs(September 2010)
- How to Buy the Trade and Assets of a Business Without VAT(August 2010)
- Fighting Property Values with HMRC(August 2010)
- How to Claim Relief for Trading Losses - And Don’t Forget Class 4 NIC!(August 2010)
- A “Business” is Better!(July 2010)
- Non-Dom ‘Loopholes’ – Bringing Money Into The UK Tax Free(July 2010)
- Using Your Own Car for Work(June 2010)
- Tax Relief Boost for Business Owners(May 2010)
- Will we be liable for stamp duty on our first UK property purchase?(December 2011)
- If I purchase a van may I claim this against my properties' capital gains?(December 2011)
- How can I tackle the tax man’s demands?(October 2011)
- I am an ex director of a now dissolved company what is my position and the tax position of the company?(October 2011)
- Do We Have to Pay Both Class 2 and Class 4 Insurance Contributions?(October 2011)
- Is Stamp Duty Due on Swap?(October 2011)
- Can HMRC Claim Tax on Gifted Properties?(October 2011)
- Can a UK Company Purchase an Italian Property?(September 2011)
- Are Lease Extension Fees Allowable?(September 2011)
- Will I Have to Pay Capital Gains Tax (CGT)?(September 2011)
Will I Have to Pay Capital Gains Tax (CGT)?
I
have a small plot of land with planning permission for a small, 2 bed bungalow
at the bottom of my garden which I have had the sale of fall through on a
number of times, so I have decided to build the bungalow myself. I know I am
able to sell the land and not incur any capital gains as the original plot is
much less than the half a hectare allowed. My question is, when I sell the land
this time with the bungalow on it do the same rules apply; in essence, will I
have to pay capital gains tax (CGT) on the sale or is there another way around
this?
You will not have to pay capital gains tax (CGT) on the land because this is covered by principal private residence relief (PPR) but you will have to pay income tax and Class 4 National Insurance on the profit made on the sale of the house if sold soon after completion because this is a trading venture. If you decide to keep the house for some years and rent it out then you will probably be liable to CGT when you sell it because it is an investment asset.
- Don’t Expect HMRC to Help You(April 2010)
- When to Consider the VAT Flat Rate Scheme(January 2010)
- Transport Capital and VAT Allowances(November 2009)
- How to reclaim VAT (insider tip)(June 2009)
- Are you the “senior accounting officer” of a large company?(May 2009)
- Do you believe in using “green” technology wherever possible?(May 2009)
- HMRC puts live podcasts to help you business(March 2009)
- Claiming the VAT Back on Legal Costs(January 2009)
- Do you have 50 or more employees?(December 2008)
- Who is going to pass on the VAT rate cut?(December 2008)
- Very easy to read - written in plain english
- Written by UK leading and practising tax experts
- Guaranteed to minimise or avoid your tax liabilities
- Keeps you up-to-date with changes in tax legislation
- One month free trial (so you have nothing to lose)
