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Where Taxpayers and Advisers Meet

Search found 2921 matches

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by robbob
Mon Jun 22, 2020 8:42 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: P11D Deadline passed. How to correct and return tax?
Replies: 10
Views: 747

Re: P11D Deadline passed. How to correct and return tax?

Missing p11d benefit deadline can be ridiculously expensive as the default fine is £100 per month late minimum for fisrt 12 months - thankfully it appears that penalties are capped at 100% of class 1a which will probably be your saving grace. You could try and appeal advising you were tolld this ite...
by robbob
Mon Jun 22, 2020 8:32 am
Forum: Company Taxation
Topic: Company Van - No personal use
Replies: 5
Views: 650

Re: Company Van - No personal use

Upon formation of the company, I asked my accountant whether I should buy a Van through the company or personally? I was advised to purchase the Van personally and I could claim mileage for business use. Now I feel as though that advise may have been wrong, for the following reasons. Unless you ful...
by robbob
Fri Jun 19, 2020 9:13 am
Forum: Income Tax
Topic: Paying income tax on Salary and Dividends
Replies: 2
Views: 403

Re: Paying income tax on Salary and Dividends

My understanding is that I will have to declare the £10K earnings from my LTD company which will increase my total earnings to £80K and will get taxed on this amount. Only if you draw funds into your pocket !! - even then your income wont quite be the same as company earnings due to corp tax paid. ...
by robbob
Mon Jun 15, 2020 9:21 am
Forum: Income Tax
Topic: Self Assessment Child Benefit Charge twice?
Replies: 4
Views: 563

Re: Self Assessment Child Benefit Charge twice?

I still don’t understand why I’m still seeing underpayments in the years after they started taking off the following years child benefit with my tax code. I’d expect to only see that only in the first year they accounted for child benefit directly in my tax code. In my mind the following year shoul...
by robbob
Thu Jun 11, 2020 9:58 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Tax on Benefit in Kind Gross or net amount?
Replies: 3
Views: 512

Re: Tax on Benefit in Kind Gross or net amount?

The crazy thing here is that these meals/refreshments could probably if the arrangement was structured right by your employer potentially qualify on a completely tax free basis. It's not that hard to meet the workplace canteen exemption from tax rules if you put your mind to it. They could and shoul...
by robbob
Tue Jun 09, 2020 7:32 pm
Forum: VAT & Excise Duties
Topic: Charging points and VAT
Replies: 4
Views: 559

Re: Charging points and VAT

Interesting thread The company can recover the VAT if there is a taxable business activity. For example if a charge is made to the employee for use of the charging point. les35 - are you able to clarify this answer For example say - 50% business use and 50% private use and employee pays employer not...
by robbob
Mon Jun 08, 2020 9:00 am
Forum: Income Tax
Topic: Tax Code affected by Untaxed Savings Interest
Replies: 8
Views: 814

Re: Tax Code affected by Untaxed Savings Interest

Now that all seems plausible, but I do not understand why the figure associated with untaxed interest is deducted from my personal allowance given that the figure is way below the threshold for how much untaxed interest I can earn before I am taxed on it. Good luck trying to get any sense out of hm...
by robbob
Fri Jun 05, 2020 4:10 pm
Forum: Capital Gains Tax, CGT
Topic: NRCGT return
Replies: 265
Views: 200050

Re: NRCGT return

It's like tghye dont want people to report or pay - i think the new report within 30 days uk property sale rules have similar foibales - if an individual doesn't have governmnet gateway the agent cant do the relevant onlin eform which forces the non tech savy person into setting up a gateway they ma...
by robbob
Wed Jun 03, 2020 8:37 am
Forum: Business Tax
Topic: short tax returns - self assessment
Replies: 1
Views: 404

Re: short tax returns - self assessment

You should not really wait to receive anything from hmrc - once you hit 6/4/2020 you are good to go , if you filed online you will simply get a notice to file and no physical return. If you need physical pages these can be downloaded from hmrc website. If you are unsure whether return has ben issued...
by robbob
Mon Jun 01, 2020 2:07 pm
Forum: Income Tax
Topic: Tax Codes
Replies: 1
Views: 157

Re: Tax Codes

It gets very messy ad nothing you have posted in particularly east to address- there isnt enough info here to work out how this will pan out - all i would say is do as many projected calcs as you need so that if there is large year end adjust then you are at least aware. There will be after year end...

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