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Where Taxpayers and Advisers Meet

Search found 2845 matches

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by robbob
Sun Jan 26, 2020 9:35 am
Forum: Income Tax
Topic: Personal pension relief
Replies: 1
Views: 75

Re: Personal pension relief

I think something may have gone wrong here , note any confusion between whether your pension payments are "net pay arrangement" that are deducted from your gross salary reducing taxable pay and deductions from your net salary (after you have been taxed) can be costly from a tax perspective. The othe...
by robbob
Fri Jan 24, 2020 9:25 am
Forum: Income Tax
Topic: Interaction between VAT and income tax
Replies: 2
Views: 282

Re: Interaction between VAT and income tax

Ok unless you exceed the vat registration threshold there is no need to register for vat, but lets presume you do want to register and get a vat registration number. pawncob 1. You're earning $ so not in the UK and not liable to VAT Whether you bill $ or not has no impact on the vat treatment , so w...
by robbob
Thu Jan 23, 2020 1:22 pm
Forum: Income Tax
Topic: Higher Rate Tax Relief on Pension
Replies: 2
Views: 209

Re: Higher Rate Tax Relief on Pension

I've just spoken to HMRC and they say it is Box 1! That confused me as I thought that was for a personal pension, not through an employers scheme. HMRC love to confuse with regard to pensions - (eg deductions from gross pay being called net pay arrangements) I am presuming your payments are not to ...
by robbob
Tue Jan 21, 2020 6:32 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Closing down a limited company costs money?
Replies: 1
Views: 254

Re: Closing down a limited company costs money?

Main thing to do is do your own research and plan accordingly - a good accountant will help in that regard. In theory you have more flexibility with a company as you’re able time your taxable income when it suits you subject to certain constraints. Ref fees they are what they are- do you mean taxes ...
by robbob
Tue Jan 21, 2020 6:20 am
Forum: Capital Gains Tax, CGT
Topic: Can’t claim capital allowances if using cash basis ?
Replies: 1
Views: 220

Re: Can’t claim capital allowances if using cash basis ?

Cash basis is not suitable for everyone - everyone who uses the cash basis should be aware that you could end up paying extra tax unnecessarily and plan a such. If it doesn’t suit your needs don’t use it. The cash basis should be seen as a Brucie bonus and no more- not everyone gets their brucie bon...
by robbob
Tue Jan 21, 2020 6:04 am
Forum: Income Tax
Topic: The £1k trading allowance
Replies: 1
Views: 197

Re: The £1k trading allowance

Hello Qwerty Generally speaking you are fine to earning 1k Tax and reporting obligation free whether it’s casual income or a more official sole trader type business. If your income exceeds 1k the choice is yours whether you only pay tax on income over 1k or whether full income is taxable but you cla...
by robbob
Sun Jan 19, 2020 12:12 pm
Forum: Property Taxation
Topic: Old BTL property
Replies: 2
Views: 295

Re: Old BTL property

There is potential chunky capital gains tax due if you dispose of this house or part of this house. The tax rules are changing 6/4/2020 - so its likely that any disposal after that date will result in materially increased capital gains tax (unless we have change from current plans in march budget). ...
by robbob
Sun Jan 19, 2020 11:07 am
Forum: Income Tax
Topic: Help with tax calculation please
Replies: 13
Views: 366

Re: Help with tax calculation please

Let me try one more question. I know that I have a shortfall between my income and my expenditure of £4049. That shortfall has to come out of my personal pension. I know that I will have to pay tax on 75% of the amount and can have 25% tax free. If I need to end up with a net amount of £4049, how c...
by robbob
Sun Jan 19, 2020 10:59 am
Forum: Income Tax
Topic: Help with tax calculation please
Replies: 13
Views: 366

Re: Help with tax calculation please

Oh dear! I think this may be beyond me. lol i thought this z = x + y - (x * 0.15) + ((12,500-y) * .2) was less complicated than your version z = (((x X 0.75) + y)) - 12500) X 0.2 + (x X 0.25) Anyway i was in a bit of a rush to go to the pub yesterday so lets do a quick proof check of the formula Ok...
by robbob
Sun Jan 19, 2020 10:39 am
Forum: Income Tax
Topic: Confused over Gift Aid on Self Assessment return
Replies: 3
Views: 340

Re: Confused over Gift Aid on Self Assessment return

, but what do I put in the first box? £4500 or £1500?
You put £4500 in the first box

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