Any accountants on here? Advice needed

13
Found 2nd Jan
Hi I am after some property advice on capital gains tax.
Any kind accountant on here who brain I can pick please?

In a dilemma whether to sell or rent a property owned.
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I couldn't possibly say what my professional qualifications are or who I work for, but by all means ask the question...
Edited by: "bluep" 2nd Jan
bluep8 m ago

I couldn't possibly say what my professional qualifications are or who I …I couldn't possibly say what my professional qualifications are or who I work for, but by all means ask the question...


You can say it
For any significant amounts of money you ought to take formal advice if there's any potential complexities that you're unsure about - but otherwise, as above.
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deleted800342
You don't see the words kind and accountant in the same sentence very often.
I am not an accountant but i have a huge capital gains tax bill to pay this month from a property sale, which i am really dreading

i can try to answer your question if you want
oliverkennedy103 h, 0 m ago

You can say it


No I can’t. If you want formal advice from an accountant, you go and sign an engagement letter and pay for them to have a duty of care to you. If you ask on an Internet forum you might end up talking to someone that knows what they are on about but they aren’t going to put themselves in a difficult professional position to do so.

So I’ll answer in a personal capacity.
mutley116 h, 17 m ago

I am not an accountant but i have a huge capital gains tax bill to pay …I am not an accountant but i have a huge capital gains tax bill to pay this month from a property sale, which i am really dreading i can try to answer your question if you want


Don't try to answer a question without 100% assurance you know the answer.

Plus what's to dread, you sold a property and have tax to pay. As you sold it you have the money so unless incompetent and spent the money, what's the problem?
charleaward812 h, 18 m ago

Don't try to answer a question without 100% assurance you know the …Don't try to answer a question without 100% assurance you know the answer.Plus what's to dread, you sold a property and have tax to pay. As you sold it you have the money so unless incompetent and spent the money, what's the problem?


Imaginery properties aren't worth much. That is their problem.
charleaward812 h, 37 m ago

Don't try to answer a question without 100% assurance you know the …Don't try to answer a question without 100% assurance you know the answer.Plus what's to dread, you sold a property and have tax to pay. As you sold it you have the money so unless incompetent and spent the money, what's the problem?


OP can ask and i can see if i know the answer as until he asks the questions, i won't know if i will know the answer.

I am trying to be helpful to the OP, which this section is aimed to do. I am not going to claim to be an advisor as I am not, so I don't want the OP to take advice from me, but if he wants, i can certainly point him in the right direction for further research.

Who doesn't dread having to pay huge tax to HMRC? Dont matter if you got the money or not, parting with it is painful.
CoeK7 h, 4 m ago

Imaginery properties aren't worth much. That is their problem.


Sounds like it.

Taking advice from someone who has a huge CGT bill clearly means they have no clue what they are doing and could do with asking for a decent accountant, that's if they actually need one
mutley16 h, 57 m ago

OP can ask and i can see if i know the answer as until he asks the …OP can ask and i can see if i know the answer as until he asks the questions, i won't know if i will know the answer.I am trying to be helpful to the OP, which this section is aimed to do. I am not going to claim to be an advisor as I am not, so I don't want the OP to take advice from me, but if he wants, i can certainly point him in the right direction for further research.Who doesn't dread having to pay huge tax to HMRC? Dont matter if you got the money or not, parting with it is painful.


Either you sold it for millions after buying it for pennies or you lack a decent accountant.

If you have so many properties why do you have such a huge bill. You have your allowance, presume you are married so in retrospect you have 2 lots worth of allowance to use. Obviously buy to let sale so if not running Ltd company why you not investing into private pension for tax relief. Only way such a bill can be as you put it hefty is i gather your partner must being higher rate tax payer if so then your business acumen is non existent.

Having a known bill to HMRC is perfectly ok because it's not daunting running a business knowing exactly what you owe and having cash sat there in order to pay, but getting an adjusted tax bill for £7200 without warning, now that's daunting as that still needs paying.

Anyhow to OP, advice on capital gains is pointless as there are so many variables, without knowing your full circumstances you couldn't get sound advice, best advice would be professional websites and note taking.
OP for starters

Are you single or married, tax payer, director or self employed. What's your yearly salary/income, do you Own anymore properties, was it gifted or inherited or bought and used for business purposes i.e letting How long have you owned it?

Each of these depending on each individual answers has an affect on your options and liabilities. A good reason why you hopefully won't get any sort of professional advice from a so called professional on a shopping website forum.

Ring a couple of local chartered accountants, normally you get a free informal chat where they will go through what options you have, see at least 2 even 3 and collate all advice. Doing your own research first before meeting accountant will give you enough insight and a heads up for which one to use going forward, if you do need one. But one bit of advice if you do have capital gains tax to pay or paperwork to complete for her majesty's robbing c***s, its best to pay accountant to sort it for your for nominal fee as if you make mistake HMRC will find out down the line. Just don't ever ring HMRC for advice, be best of taking advice from mutley in that case.
charleaward8132 m ago

Sounds like it.Taking advice from someone who has a huge CGT bill clearly …Sounds like it.Taking advice from someone who has a huge CGT bill clearly means they have no clue what they are doing and could do with asking for a decent accountant, that's if they actually need one


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