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Where Taxpayers and Advisers Meet

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by robbob
Wed Jan 16, 2019 10:11 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Gross Pay Less Than Taxable Pay
Replies: 11
Views: 4109

Re: Gross Pay Less Than Taxable Pay

On my payslips, my gross pay is significantly below my taxable pay. I have been paying a high proportion of my income into my pension. It's hard to say whats up here, i would expect the adjustments to be shown on the payslip and make sense - in the absence of things being obvious go back to your em...
by robbob
Tue Jan 15, 2019 12:53 pm
Forum: VAT & Excise Duties
Topic: MTD postponement
Replies: 4
Views: 149

Re: MTD postponement

I rang vat office ref annual accounting scheme client with vat period 1st april to 31st march as they are on annual accounting with payments on account they are delayed till october 19 per guidance hmrc helpline couldnt even confirm first making tax digital period requirement I am guessing they dont...
by robbob
Tue Jan 15, 2019 10:25 am
Forum: Company Taxation
Topic: Taking Dividends to clear Directors Loan balance - My Accountant can’t explain his reasoning for this, can you?
Replies: 1
Views: 56

Re: Taking Dividends to clear Directors Loan balance - My Accountant can’t explain his reasoning for this, can you?

I guess there is a communication breakdown between you and your accountant - i think you need to email him your projected other income details by tax year for ye 5/4/2019 - 5/4/2020 and 5/4/2021 and possibly 5/4/2022 - so it is in black and white what can be taken before higher rate tax applies as t...
by robbob
Sat Jan 12, 2019 11:22 am
Forum: Income Tax
Topic: 80% tax for property income on self assessment tax return
Replies: 3
Views: 88

Re: 80% tax for property income on self assessment tax return

80% tax rate isn't a record its relatively simple now to achieve 99% tax marginal rate if you want to be generous to hmrc - i am presuming you are not of that ilk though so lets see whats up. When i fill in my self assessment tax return I'm pretty sure my employer has dealt with all tax owed on the ...
by robbob
Sat Jan 12, 2019 10:38 am
Forum: VAT & Excise Duties
Topic: Place of supply + reverse charge for non-EU service invoices
Replies: 3
Views: 82

Re: Place of supply + reverse charge for non-EU service invoices

would reverse charge be the only duty that applies?

There is no duties with regard to services as there are no physical items crossing a border - thankfully, simply the uk output vat that you need to apply (with matching inputs - if allowable) under the reverse charge.
by robbob
Fri Jan 11, 2019 7:37 pm
Forum: Property Taxation
Topic: When you sell your property, how long do you have to let HMRC know
Replies: 2
Views: 72

Re: When you sell your property, how long do you have to let HMRC know

So if we were to sell our property in March 2019, when do we have to let the HMRC know by. 05/10/19 And do we have until Jan 31st 2020 to disclose any Capital Gain made in the self-assessment? yes - presuming form is filed online Would this be any different if we sold the property mid April 2019? Y...
by robbob
Thu Jan 10, 2019 2:35 pm
Forum: Income Tax
Topic: Van purchase on cash basis accounting
Replies: 8
Views: 98

Re: Van purchase on cash basis accounting

You are fine swapping to the actual method (cost of vehicle and actual running costs ALL adjusted for private use - with NO claim for 45p/25p mile) from 25p/45p mile or vice versa when you are on the cash scheme - as long as the change is done at the time of the vehicle change - as this is a new veh...
by robbob
Wed Jan 09, 2019 7:26 pm
Forum: Income Tax
Topic: Van purchase on cash basis accounting
Replies: 8
Views: 98

Re: Van purchase on cash basis accounting

If so can/do I still use the 45p/m for 10k miles if purchase is allowed as a capital expense Just be be 100% clear here the 45p/25p claim always covers the full purchase price and running costs of a car or van. So if you are claiming 25/45p per mile you cannot ever claim for the cost of the vehicle...
by robbob
Wed Jan 09, 2019 12:15 pm
Forum: Property Taxation
Topic: Self Assessment - Loan Interest
Replies: 2
Views: 66

Re: Self Assessment - Loan Interest

do I need to submit total loan interest paid or adjust to 75%? You follow the advise per hmrc guidance - you only enter 75% of finance costs in box 26 - the other 25% goes in box 44 https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/690391/sa105-Notes-20...
by robbob
Tue Jan 08, 2019 7:21 pm
Forum: Property Taxation
Topic: moving pension pot into property
Replies: 6
Views: 121

Re: moving pension pot into property

Hello bd6759 Thanks for the clarification to my post which was incorrectly/poorly worded - i was thinking of the class 2ni rules and extending it to tax for some silly reason. specifically with regard to the class 2 NI side of things only would you agree things are not as clear cut in this regard - ...

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