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Where Taxpayers and Advisers Meet

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by robbob
Sat Sep 21, 2019 11:48 am
Forum: Income Tax
Topic: HMRC confusion on £3000 underpayment
Replies: 2
Views: 82

Re: HMRC confusion on £3000 underpayment

I am struggling to help How and when was the original assessment raised by hmrc? - if its an in tax year adjustment for 18/19 tax year officially coding out a specific amount of 18/19 tax to 19/20 i am guess you are stuck with that under normal circumstances -however it may be more complicated if yo...
by robbob
Fri Sep 20, 2019 9:29 am
Forum: Income Tax
Topic: Disclaiming the Dividend Allowance and the Personal Savings Allowance
Replies: 6
Views: 197

Re: Disclaiming the Dividend Allowance and the Personal Savings Allowance

Disclaiming the Personal Allowance is known as Exclusion 100. After doing so the first pound of earned income is charged at 20% tax. Yes, it must be done in writing, not online. I also want to disclaim the Dividend Allowance and the Personal Savings Allowance to avoid those 0% tax bands. Does anyon...
by robbob
Thu Sep 19, 2019 8:41 am
Forum: Income Tax
Topic: Taxi business via ltd company but car owned by director/shareholder
Replies: 1
Views: 158

Re: Taxi business via ltd company but car owned by director/shareholder

3 is the correct method if owned privately - in this case the the business doesn't claim car running costs or car purchase costs as the 45/25p per mile covers tha. I would say here there is an argument to get two quotes for you car insurance - one for normal sdp and one for taxi driver - and the bus...
by robbob
Thu Sep 19, 2019 8:33 am
Forum: Income Tax
Topic: Disclaiming the Dividend Allowance and the Personal Savings Allowance
Replies: 6
Views: 197

Re: Disclaiming the Dividend Allowance and the Personal Savings Allowance

One way to increase the bill is to disclaim the Personal Allowance, which HMRC does accept. However, I would also like to disclaim the Dividend Allowance and the Personal Savings Allowance. The HMRC advisers on the phone don’t seem to know about that. Do you think it may be possible? I have never h...
by robbob
Wed Sep 18, 2019 4:49 pm
Forum: Company Taxation
Topic: Loan to director
Replies: 2
Views: 179

Re: Loan to director

If you took the loan in March then why not shorten your year end to 28/2/2019 - that would give you until 9 month after 28/2/2020 before the loan needs to be repaid for s455 tax purposes. Note if you go down this route there is still the beneficial loan issue from the point of the loan up to 5/4/201...
by robbob
Wed Sep 18, 2019 9:23 am
Forum: Income Tax
Topic: POA
Replies: 7
Views: 116

Re: POA

You are best to wait to tax return has been fully processed and then check view account for tax year ended 5/4/2019 and also current tax position You will find there that the payments on account made will have been credited against final calculated ye 5/4/2019 liability on the updated liabilites pag...
by robbob
Wed Sep 18, 2019 8:55 am
Forum: Business Tax
Topic: Corporation Tax and personal tax
Replies: 1
Views: 182

Re: Corporation Tax and personal tax

If I have a limited company, and it makes a profit in year 1 but I decide to leave the profit in the company, then I will only have to pay corporation tax is my understanding. However, if in year 2 I decide that I'd like to remove the profit after corporation tax, I assume I will then also have to ...
by robbob
Tue Sep 17, 2019 1:20 pm
Forum: Income Tax
Topic: POA
Replies: 7
Views: 116

Re: POA

When I got to the final page of my SA , at no point was the amount that I had paid on account mentioned , and the tax due was the full amount I was expecting. that is how it works the payments on account don't form part of the actual submission , but any payments on account made will be sat waiting...
by robbob
Tue Sep 17, 2019 9:45 am
Forum: Income Tax
Topic: POA
Replies: 7
Views: 116

Re: POA

Probably best done by example - this is increasing tax example - if your tax doesnt increase balancing payment will not be relevant and you should have small credit - note sometime payments on account are slightly less than previous year as student loan / class2ni are excluded from calcs - so poa's ...
by robbob
Thu Sep 12, 2019 12:15 pm
Forum: VAT & Excise Duties
Topic: vat direct debit issues july returns mtd - funds not collected
Replies: 0
Views: 146

vat direct debit issues july returns mtd - funds not collected

It looks like the vat office have not collected the vat direct debits as would have expected for some (a very high %) July period end clients filing their first return under mtd (nearly all our clients) HMRC have advised its their problem but have been unable to advise today as when this is likely t...

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