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Where Taxpayers and Advisers Meet

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by robbob
Tue Nov 05, 2019 4:51 pm
Forum: Income Tax
Topic: Limited company v salaried staff
Replies: 2
Views: 551

Re: Limited company v salaried staff

Generally its probably 20-30% higher rates being self employed - i guess the main difference between the two being that you get 12% extra if you were previously only billing for 46.4 weeks worked if you took bog standard holidays and rate only reflected actual hours worked. 1000 week employee 52k 10...
by robbob
Tue Nov 05, 2019 10:24 am
Forum: Business Tax
Topic: Help - Corp tax - Submitting first year accounts
Replies: 1
Views: 715

Re: Help - Corp tax - Submitting first year accounts

Just keep notes of steps you have taken if you need to appeal, as a first year submitter the fact you tried on time might help. don't delay registration as that will have time stamp and you may want to try ringing corp tax to see what they advise if they wont let you submit in like a hurry. Note the...
by robbob
Tue Nov 05, 2019 10:17 am
Forum: Income Tax
Topic: Personal Tax Account-change PAYE tax code for pension etc?
Replies: 1
Views: 667

Re: Personal Tax Account-change PAYE tax code for pension etc?

There are options from within your personal tax account to add income sources and update estimate income details. Login to personal tax accounts and choose your services then pay as you earn. I think the allowances / reliefs bit is nicely hidden out of view. Try clicking on "what makes up your tax f...
by robbob
Thu Oct 31, 2019 9:44 am
Forum: General
Topic: High Income Child Benefit Charge and Net Pension Contributions Deductions
Replies: 1
Views: 1320

Re: High Income Child Benefit Charge and Net Pension Contributions Deductions

Hello Rob27 Your understanding is 100% correct , the general hmrc advisors and very unreliable when it comes to going through the nitty gritty, this isn't always helped if the individual calling hmrc isnt 100% sure themselves or may use confusing terminology. You need to confirm with hmrc that your ...
by robbob
Wed Oct 30, 2019 9:31 am
Forum: General
Topic: ***DO U HAVE TO INCLUDE ACCOUNT ADJUSTMENTS OR GOOD WILL GESTURES ON SELF ASSESSMENT?
Replies: 1
Views: 1438

Re: ***DO U HAVE TO INCLUDE ACCOUNT ADJUSTMENTS OR GOOD WILL GESTURES ON SELF ASSESSMENT?

If the items are in no way trade related i would say you have no reporting obligations. Note if its a bank account you use for sole trader transactions and claim bank charges on that account i would say the income would be trade related and i would reduce bank charges by the amount of income receive...
by robbob
Tue Oct 29, 2019 5:19 pm
Forum: Income Tax
Topic: £1000 Trading Allowance
Replies: 3
Views: 1488

Re: £1000 Trading Allowance

Just to clarify also, when I add the income from the consultancy on the self assessment should I say yes to the self-employed question and add the income there or just under the Other Income section? If your income is below 1k limit no need to enter it at all if you are unsure whether the business ...
by robbob
Tue Oct 29, 2019 12:39 pm
Forum: Income Tax
Topic: £1000 Trading Allowance
Replies: 3
Views: 1488

Re: £1000 Trading Allowance

Yes you are correct presuming there is no related party restrictions that would apply. You are within time limits to go back into 2018 tax return and amend the return submitted to the figures you want them to be. Note couple of relevant warnings 1 you can't claim trading allowance AND expenses too -...
by robbob
Fri Oct 25, 2019 9:31 am
Forum: Savings & Investments, Pensions & Retirement
Topic: Untaxed Interest - P800 vs Self Assessment
Replies: 4
Views: 3613

Re: Untaxed Interest - P800 vs Self Assessment

I have now received my P800 and as part of the calculation, 'Untaxed Interest' is included and of a lessor amount than above (I assume this is gathered directly from banks and of sole accounts only). It seems as HRMC has not used the information in my tax return. The tax owing to be automatically c...
by robbob
Thu Oct 24, 2019 9:21 am
Forum: Income Tax
Topic: TAX ON REDUNDANCY
Replies: 4
Views: 2812

Re: TAX ON REDUNDANCY

Am I correct in assuming that by receiving the payment in this current tax year, most of the 50k will initially be taxed at the higher rate? see below By the time I receive the redundancy I will have worked approx 10 months of current tax year - i.e. approx £36 Thus approx 14K will be taxed at 20% ...
by robbob
Tue Oct 15, 2019 9:57 am
Forum: VAT & Excise Duties
Topic: VAT on new utilities connections
Replies: 3
Views: 8929

Re: VAT on new utilities connections

Nice clean technical question - the answer is clear as mud - that won't stop me speculating though- i would start by ringing vat helpline though. My speculation which may be correct or may not be. If i had to guess i would say it sounds like the zero rating only applies if its part of a zero rating ...

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