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Where Taxpayers and Advisers Meet

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by robbob
Fri Mar 27, 2020 7:20 pm
Forum: Income Tax
Topic: Self Ass' advice RE Covid19 grant..Pls help tax noob
Replies: 3
Views: 201

Re: Self Ass' advice RE Covid19 grant..Pls help tax noob

Hello 0SP0 if you want to claim grant you will need to amend 18/19 return. However i suspect you would not be eligible for the grant as one of the rules is Your self-employed trading profits must also be less than £50,000 and more than half of your income come from self-employment. So if you have ot...
by robbob
Fri Mar 27, 2020 9:56 am
Forum: Company Taxation
Topic: Covid 19 help for small limited companies
Replies: 8
Views: 291

Re: Covid 19 help for small limited companies

Looks like whoever wrote the latest release didnt realise there was 29 days in february this year - sigh :(
by robbob
Fri Mar 27, 2020 9:47 am
Forum: Company Taxation
Topic: Covid 19 help for small limited companies
Replies: 8
Views: 291

Re: Covid 19 help for small limited companies

https://www.gov.uk/government/news/chancellor-gives-support-to-millions-of-self-employed-individuals Ok i have found wording that suggests its fine for directors to claim their furloughed wages in principle. Those who pay themselves a salary and dividends through their own company are not covered by...
by robbob
Fri Mar 27, 2020 9:44 am
Forum: Company Taxation
Topic: Covid 19 help for small limited companies
Replies: 8
Views: 291

Re: Covid 19 help for small limited companies

The lack of clarificatioin is very unhelpful latest update is here https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme D&C They are either furloughed - doing absolutely no work for the company - or not. That advise is now outdated - certain volunteer work ca...
by robbob
Fri Mar 27, 2020 9:36 am
Forum: Company Taxation
Topic: Covid 19 help for small limited companies
Replies: 8
Views: 291

Re: Covid 19 help for small limited companies

Who is going to be in a position to claim the 80%?
~The accountants who run the payroll ? :)
by robbob
Tue Mar 17, 2020 11:12 am
Forum: Income Tax
Topic: Deferred state pension - lump sum
Replies: 2
Views: 502

Re: Deferred state pension - lump sum

Hello stableboy I understand that the lump sum which results from deferring my state pension will be taxed at my marginal tax rate. Personally i wouldn't use the term marginal rate here the official hmrc wording is Your state pension lump sum is taxed at the highest rate charged on other income rece...
by robbob
Wed Mar 11, 2020 7:27 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Gross Pay Less Than Taxable Pay
Replies: 14
Views: 7636

Re: Gross Pay Less Than Taxable Pay

just when you think it cant get any more confusing it does.
by robbob
Tue Mar 10, 2020 5:03 pm
Forum: Income Tax
Topic: Freelance tax advice - total newbie
Replies: 7
Views: 598

Re: Freelance tax advice - total newbie

Presumably, if somebody is already earning a salary above the personal allowance, then the self-employed income might be more relevant; if however, the self-employed income is their only source of income, and it's below the personal allowance, then registering as self-employed would not be necessar...
by robbob
Tue Mar 10, 2020 4:45 pm
Forum: Income Tax
Topic: Some general advice on income tax and private pension contributions
Replies: 9
Views: 645

Re: Some general advice on income tax and private pension contributions

Seems a bit of a confusing thread here. I would expect it to work as follows - if you earn 5k (taxable at higher rate) and you add 5k grossed up into your pension (relief on which is eligible at 40%) You earn 5k have 40% tax deducted so have £3,000 cash in your pocket. To add 5k (grossed up) into pe...
by robbob
Thu Feb 27, 2020 7:54 pm
Forum: Income Tax
Topic: SIPP Exemption
Replies: 2
Views: 338

Re: SIPP Exemption

Hello Eddy Thats a nice confusing question you have there. Basically when you are a sole trader any payments made to your sipp are not allowable expenses of the sole trader trade. Therefore if these payments are going through your sole trader bank account they should be posted to drawings. if they a...

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