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Where Taxpayers and Advisers Meet

Search found 29 matches

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by masteroats
Mon Sep 23, 2019 4:14 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Change of tax code implications
Replies: 2
Views: 4773

Re: Change of tax code implications

Thanks very much for the response. It isnt anywhere near 50% and I dont have a special code so I will expect it to be taken in full from my next pay cycle.

Thanks
by masteroats
Mon Sep 23, 2019 2:02 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Change of tax code implications
Replies: 2
Views: 4773

Change of tax code implications

Hi, My tax code has significantly changed - with my tax free allowance for 19/20 being reduced by £3000. If my current liability is £600 (3000 X 40% x 6/12 months) would the full £600 be taken from my next salary payment and the remaining monthly payments be reduced by £100. Or will the whole £1200 ...
by masteroats
Mon Apr 29, 2019 6:44 pm
Forum: Capital Gains Tax, CGT
Topic: Property disposal CGT
Replies: 3
Views: 546

Re: Property disposal CGT

Thank you Darth for your response. That confirms I definitely need professional advice before taking a decision.

@ Dennis - I have emailed you. Thank you.
by masteroats
Mon Apr 29, 2019 2:19 pm
Forum: Capital Gains Tax, CGT
Topic: Property disposal CGT
Replies: 3
Views: 546

Property disposal CGT

Hi, I have owned a small flat since Aug 03. I was working abroad for a long period and the property was rented out from Aug 07 to Jul 17, when I returned to live there. Since purchase, the value of the property has increased from approximately £115k to £220k Im currently in the process of remortgagi...
by masteroats
Wed Oct 04, 2017 11:32 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Salary sacrifice pension for higher rate tax payer
Replies: 6
Views: 6615

Re: Salary sacrifice pension for higher rate tax payer

Hi BD6759 & Rob, Thanks both for your replies. My error was in level of rebate received. I was working on the understanding that as a higher rate tax payer gets 58p net from 98p earned, if that 58p was invested he would get back 2 x 20p. Obviously its only 2 x 25%. Its all clear to me now. Thanks ag...
by masteroats
Sat Sep 30, 2017 1:09 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Salary sacrifice pension for higher rate tax payer
Replies: 6
Views: 6615

Re: Salary sacrifice pension for higher rate tax payer

Hi Rob, Thanks again for responding. Here I am out of my depth as not a tax specialist. However, if I can only claim back 25% basic tax relief (I have no reason to doubt this is the case) then the same amount by which the my tax relief reduces, the reclaim amount increases. So if I lose 40p in tax p...
by masteroats
Sat Sep 30, 2017 11:23 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Salary sacrifice pension for higher rate tax payer
Replies: 6
Views: 6615

Re: Salary sacrifice pension for higher rate tax payer

Hi Rob, Thanks for the reply. I don't think I've explained myself properly though. Imagine the following scenario. A person with a gross salary of £60k opts into salary sacrifice for 10% of his salary. His monthly figures are as follows: Pension contribution £500 (10% of £5000) Net pay £3258 (on new...
by masteroats
Sat Sep 30, 2017 10:00 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Salary sacrifice pension for higher rate tax payer
Replies: 6
Views: 6615

Salary sacrifice pension for higher rate tax payer

Hi, I am a higher-rate tax payer pay 10% of my salary into a company pension scheme each month. For that obviously, for every 58p I put into the scheme, I get 20p basic tax relief, 20p 'cash back' (either through adjusted tax code or re-claim) and lose 2p in NI. My company wants to switch all employ...
by masteroats
Mon Jun 13, 2016 5:23 pm
Forum: Income Tax
Topic: Consultancy work but full time employed
Replies: 3
Views: 1167

Re: Consultancy work but full time employed

Thanks both. Apologies for the slow reply - I didn't get email notifications.

Theres no chance of them not paying - theyre just waiting for the invoice.

@ Strawn, can I ask what info you included on your invoice then please?
by masteroats
Mon Jun 06, 2016 3:39 pm
Forum: Income Tax
Topic: Consultancy work but full time employed
Replies: 3
Views: 1167

Consultancy work but full time employed

Hi, I did some consultancy work for a company for a couple of weeks before starting a full time job. I'm not sure what steps I have to take with regards to charging for the consultancy work (approx. 4k) - I expect this to be just a one-off as my current job clearly doesn't allow conflicts of interes...

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