David Smith

Registered with Property118.com
Tuesday 4th April 2017

Latest Comments

Total Number of Property118 Comments: 3

David Smith

7:22 AM, 5th April 2017, About 5 years ago

Tax Advice Negligence - Can I Sue My Accountant?

Reply to the comment left by "Ian Narbeth" at "04/04/2017 - 13:34":

Dear Ian

Mark Alexander very kindly passed on your email to me yesterday and I have also spoken to Mark Smith and will be proceeding with BICT.

My wife and I are frustrated with our accountant because we were contemplating incorporation well before clause 24. That was the straw that broke the camels back and resulted in us seeking tax advice from an independent specialist. Our accountant knew we were looking into incorporation at least a year prior to George Osborne's 2015 budget but had always put us off the idea by leading us to believe the costs were too high in terms if CGT, stamp duty and refinancing costs. It now appears he was wrong on all three counts.

David Smith isn't my real name, I have used it on the forum to protect my identity.

My wife and I run a very professional business. we have a trading name, a website, a virtual assistant service to answer telephone calls 24/7, letter heads, business cards and a business bank account.We are both professional consultants and we run the business in our spare time. There is no doubt in our minds that we are running a business. Managing 42 properties is certainly not passive. We spend around 40 hours a week between the two of us, not including the time we pay our virtual assistant for, which is around another 30 hours a month.

We remain aggrieved that our accountant didn't advise us to submit partnership tax returns but hopefully this can be resolved without litigation. Mark Smith has referred us to an accountant in our area and both are confident we will obtain clearance from HMRC to claim incorporation reliefs to mitigate CGT and stamp duty.

Thank you to all who have taken time to respond to my frustrated cry for help.... Read More

David Smith

12:07 PM, 4th April 2017, About 5 years ago

Tax Advice Negligence - Can I Sue My Accountant?

Reply to the comment left by "Mark Smith (Barrister-At-Law)" at "04/04/2017 - 11:44":

Dear Mark Smith

For the reasons that Mark Alexander has stated I would very much like to avoid litigation. It is expensive and draining. I have also been through it when my son was involved in an accident.

I am far more interested in the other point you made and I think it's time for me to change accountant. Presumably you have worked with several who have dealt with these matters before and if so could you introduce me to one or two of them please? Ideally somebody in Hertfordshire or Essex, simply because we are based on the border of the two.... Read More

David Smith

11:33 AM, 4th April 2017, About 5 years ago

Tax Advice Negligence - Can I Sue My Accountant?

Dear Mark

Thank you for publishing my questions and for editing out my typos before doing so.

I paid significatly more than £400 for the advice I received but I didn't know about you or property118 before that so it has been worth every penny in that regard... Read More