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Where Taxpayers and Advisers Meet

Search found 21 matches

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by claymore
Fri Oct 13, 2006 10:57 am
Forum: General
Topic: Working from home in an office, claiming against expenses.
Replies: 2
Views: 1014

<t>First of all, are you an employee or self employed? If you are self-employed, I'll let someone who knows about these things answer you.<br/> <br/> If you are an employee, you might not be able to claim anything at all. If your employer provides an office or other accommodation for you to use but ...
by claymore
Thu Sep 28, 2006 10:29 am
Forum: Income Tax
Topic: Training Deduction
Replies: 1
Views: 924

<t>The short answer is no. A deduction can only be given for expenses that are incurred "wholly, exclusively and necessarily in the performance of the duties" of the employment.<br/> <br/> When you are training, you are not doing the work of controlling air traffic so the expenses is not one that yo...
by claymore
Thu Sep 28, 2006 10:26 am
Forum: Income Tax
Topic: Joint account Tax Liability
Replies: 1
Views: 2228

<t>It depends. There wouldn't be a tax liability on your wife as far as the capital in the account is concerned - Income Tax is only chargeable in income. Income Tax would be payable on the interest that the account generates.<br/> <br/> Normally when an account is held in joint names, the interest ...
by claymore
Thu Sep 28, 2006 10:17 am
Forum: Income Tax
Topic: Allowances
Replies: 4
Views: 1247

<r>Rana isn't necessarily entirely correct. You can't claim a deduction for fees and subscriptions paid to all professional bodies. For example, some doctors subscribe to non-UK bodies and these fees would not be allowable. <br/> <br/> Fees to (I think) the GMC are not all allowable - from memory I ...
by claymore
Thu Sep 14, 2006 10:53 am
Forum: Income Tax
Topic: Legal Avoidance of Income Tax on Non-qualified stock option
Replies: 2
Views: 1269

<t>I presume that, by non-qualified you mean that the option is held in an unapproved scheme. If so, Income Tax will be payable when you exercise the option on the difference between the value of the shares on the exercise date and the amount you pay for them<br/> <br/> There are no loopholes to avo...
by claymore
Mon Apr 10, 2006 7:03 am
Forum: Income Tax
Topic: Employer not passing on payments to IR..?
Replies: 5
Views: 1300

<t>From what you say, it certainly sounds as if something is amiss here. I would suggest that you contact your local Inland Revenue Enquiry Centre (see Telephone Directory) and arrange an appointment with someone in the Revenue Exeutive grade. You should take with you as much information as you have...
by claymore
Tue Apr 04, 2006 7:04 am
Forum: Income Tax
Topic: Business mileage
Replies: 3
Views: 1292

<t>The short answer is, yes. You can claim 40p for the first 10,000 miles and 25p per mile thereafter. These rates were introduced from 6 April 2003 to simplify claims - previously you claimed actual costs for things like repairs, servicing, etc but the standard mileage rates are meant to cover such...
by claymore
Thu Mar 30, 2006 10:20 am
Forum: Tax Investigations and Enquiries
Topic: 2003-04 tax return being queried by HMIR
Replies: 7
Views: 4307

<r>My apologies - I forgot to include a reply to your question about penalties. The Revenue produces a booklet (IR160) that gives details of the things they take into account when considering penalties - ask them for a copy or view it on their website. <URL url="http://www.hmrc.gov.uk/pdfs/ir160.pdf...
by claymore
Thu Mar 30, 2006 10:04 am
Forum: Income Tax
Topic: Tax on Savings
Replies: 1
Views: 995

<t>If your total income in a tax year is less than the personal allowance, you are not liable to pay Income Tax and you can register for interest on bank accounts to be paid gross. Your bank will be able to help you with this. Tax deducted from other investment income such as dividends can be reclai...
by claymore
Thu Mar 30, 2006 9:56 am
Forum: Tax Investigations and Enquiries
Topic: 2003-04 tax return being queried by HMIR
Replies: 7
Views: 4307

<t>Now that you have said you are working from home, the reason for the enquiry is perhaps a little clearer. HMRC will want to verify that any claims you make for expenses incurred in using your home for work are properly allowable - for example, have you apportioned heating and lighting costs corre...

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