Thiru Vasagam

Registered with Property118.com
Saturday 6th July 2013


Latest Comments

Total Number of Property118 Comments: 5

Thiru Vasagam

11:31 AM, 28th April 2017
About 2 years ago

How to use CGT allowance when you don't sell your properties?

The CGT Allowance for 2017/18 Tax Year is £11300 per person. This changes every year normally rising. This allowance cannot be accumulated or carried forward it can only be used in the year that the Capital Gains is incurred.... Read More

Thiru Vasagam

10:23 AM, 24th February 2014
About 5 years ago

Sharing The Wealth - Minimising CGT and IHT

I will just add another point to Mark's comment which are all very valid.

Please do a comprehensive Tax Planning taking into account of your short term & long term objectives; that will help you have clarity in whatever the decision you would make.... Read More

Thiru Vasagam

10:45 AM, 5th February 2014
About 6 years ago

Do landlords have to pay class 2 National Insurance?

I am a practising Chartered Accountant and I would advise Sophie as follows:
Your husband would be classed as someone who has Employment Income and Property Income ( I am avoiding technical terms to avoid confusion). Therefore he would complete specific areas of the Tax Return allocated for these sources of Income. As such these two sources are not liable for Class 2 NIC and also Class 4 NIC.

Steps to take: Please write to HMRC and ask them why your husnand has been issued with Class NiC demand when he does not have Self Employment Income. Also ask them to correct their records as they have issued the demand incorrectly.

Additional Note:
Property Income can be treated as self employment Income if Taxpayer chooses to involve in property development and trading activities and want to be treated as such. Under this the tax payer will not be entitled to claim the Capital Gains Tax Allowance £10600 in 2012/13 Tax Year.

Hope this is helpful.... Read More

Thiru Vasagam

12:27 PM, 3rd February 2014
About 6 years ago

I Am A Property Developer - Ask Me Anything!

Reply to the comment left by "Mark Alexander" at "03/02/2014 - 12:15":

Thank you Mark for confirming the structure for Property development. I do agree that the crucial difference is the long term BTL investment as opposed to the ongoing short term profits or even losses in property development activities, Ltd and LLP structures would be more suitable.... Read More

Thiru Vasagam

9:56 AM, 3rd February 2014
About 6 years ago

I Am A Property Developer - Ask Me Anything!

Reply to the comment left by "Mark Alexander" at "02/11/2013 - 12:16":

This is a good question. Another question along with this I would like to ask is about the business structures that are suitable for property developers. i.e. Ltd Co, LLP, sole trader, Partnerships etc. From the Tax point of view as well as from the operational point of view.... Read More