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Ask Mo Tax Expert Your Own Question
Mo Tax Expert
Mo Tax Expert, Accountant
Category: Tax
Satisfied Customers: 632
Experience:  Accounting and Tax Expert
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Can we have call, No, I need a tax expert to help to plan my

Customer Question

Hi
JA: Hello. How can I help?
Customer: can we have call
JA: Have you talked to a tax professional about this?
Customer: No, I need a tax expert to help to plan my taxes
JA: For which tax year do you need help?
Customer: i wanted some to review my situation and help me in planning my tax properly
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: i'm working, my wife working, got income from couple of properties, thinking of moving to bigger home
Submitted: 13 days ago.
Category: Tax
Customer: replied 13 days ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call.
Customer: replied 13 days ago.
Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Mo Tax Expert replied 13 days ago.

Hi and welcome to JustAnswer. I’m Mo Barrie, Qualified Accountant and Tax Expert. I’m currently reviewing your question and will respond to you shortly.

Thank you for your patience.

Customer: replied 13 days ago.
ok
Customer: replied 13 days ago.
I guess you need more information to work on this situation
Expert:  Mo Tax Expert replied 13 days ago.

Indeed. What’s the nature of your question?

Customer: replied 13 days ago.
Till May, I was working outside IR 35 contract. From May I started working inside IR35 contract. My wife is having permanent job 49k per year. Both of us are still directors on the LTD company with zero salary
Customer: replied 13 days ago.
we are living in flat (own, main home), got another flat (own, rented out), got house (own, rented out). all these are low value. we are planning to buy a new house valued 490,000. need some help how can we optimize on stamp duty (we are planning to make that big house as main home)
Expert:  Mo Tax Expert replied 13 days ago.

Thank you for the details.

Unfortunately, as you already have a property you would be required to pay the additional stamp duty rate.

Expert:  Mo Tax Expert replied 13 days ago.

See below the rate

Customer: replied 13 days ago.
I need some advice, how to get around it or reduce it
Customer: replied 13 days ago.
what if i sell my current main home (flat in which i'm residing)
Customer: replied 13 days ago.
can you see some workaround, some if and else clause to reduce this burden
Expert:  Mo Tax Expert replied 13 days ago.

Thank you for your reply.

Unfortunately I can’t show you a work around if it does not exist.

The only way, I can think of is that you would have to sell all your properties, wait a couple of months - for you not to be consider for the additional rate.

Apologies if it’s not helpful, but stamp duty is one of the difficult issues buyers face when purchasing a property.

Customer: replied 13 days ago.
Can I explain another scenario, another tax problem
Expert:  Mo Tax Expert replied 13 days ago.

Sure

Customer: replied 13 days ago.
I have 40k in my SIPP pension, can I only buy commercial property with SIPP pension amount, can't I buy land?
Expert:  Mo Tax Expert replied 13 days ago.

Unfortunately it’s only commercial property may be allowable. You need to show that the investment would be generating income.

I’m really sorry that I’m crushing your ideas. Hope I could be of help to you in the future.

Customer: replied 13 days ago.
if the land generates income, then is it ok to buy land with SIPP funds
Expert:  Mo Tax Expert replied 13 days ago.

You can use sipp to buy potentially a farmland or agricultural land with property.

However you cannot buy garden with residential property.

Does that complete the answer to your question today.

Expert:  Mo Tax Expert replied 13 days ago.

Thank you for the inquiry. It is my pleasure to assist you today.