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Where Taxpayers and Advisers Meet

Search found 27 matches

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by Mikethebook
Tue Jul 09, 2019 2:37 pm
Forum: VAT & Excise Duties
Topic: Import Duties on Competition Prize
Replies: 3
Views: 132

Import Duties on Competition Prize

If prize of a competition based in the USA, valued at £1,500, is shipped to the winner in the UK, would he/she have to pay any import duty or VAT, please?
by Mikethebook
Sat Nov 17, 2018 1:42 pm
Forum: Income Tax
Topic: Taxation of Book Royalty Advance
Replies: 2
Views: 346

Re: Taxation of Book Royalty Advance

Thanks for the links but they don't really address the issue. My question is whether self-employment starts on receipt of a publishing advance or at the point the book is published. I lean towards the latter view since the money received isn't for sales at that time but for sales in the future. But ...
by Mikethebook
Sat Nov 10, 2018 1:37 pm
Forum: Income Tax
Topic: Taxation of Book Royalty Advance
Replies: 2
Views: 346

Taxation of Book Royalty Advance

An amateur writer enters a writing competition and wins a publishing contract with advance royalties, the book to be published two years hence. Obviously, he becomes a professional writer subject to income tax but at what point does he become self-employed and the advance become taxable. Now, when h...
by Mikethebook
Fri Sep 07, 2018 5:48 pm
Forum: Business Tax
Topic: Tax Relief for Hospitality
Replies: 4
Views: 796

Re: Tax Relief for Hospitality

Thanks very much!
by Mikethebook
Fri Sep 07, 2018 12:53 pm
Forum: Business Tax
Topic: Tax Relief for Hospitality
Replies: 4
Views: 796

Re: Tax Relief for Hospitality

She is a missionary, which often involves counselling and leading individual retreats.
by Mikethebook
Wed Sep 05, 2018 7:02 pm
Forum: Business Tax
Topic: Tax Relief for Hospitality
Replies: 4
Views: 796

Tax Relief for Hospitality

As part of her self-employment, my wife has people to stay in our home in the country for a day or two at a time either "on retreat" or to receive counselling. No charge is made for their stay. Can we legitimately deduct the cost of food for her clients as a business expense, please? Or does it come...
by Mikethebook
Tue Sep 04, 2018 11:59 am
Forum: International Tax
Topic: Tax on Early US Social Security Pension
Replies: 2
Views: 589

Re: Tax on Early US Social Security Pension

Thanks for your reply. Is there a special form required to make the election since I'm unaware of any boxes to tick on the IRS return. My wife continues to pay self-employment taxes on her earnings so that she can claim her social security pension now instead of at the normal retirement age. I presu...
by Mikethebook
Mon Sep 03, 2018 5:03 pm
Forum: International Tax
Topic: Tax on Early US Social Security Pension
Replies: 2
Views: 589

Tax on Early US Social Security Pension

My wife, an American citizen, permanently resides and is self-employed in the UK. She is now receiving the US Social Security Pension - I think she calls it Retirement - several years before retirement age since she fulfils certain stipulations. I assume it is taxable in the UK but wonder whether it...
by Mikethebook
Mon May 28, 2018 4:09 pm
Forum: International Tax
Topic: Totalization Agreement clarification
Replies: 2
Views: 743

Re: Totalization Agreement clarification

Thanks, David. I need to get a certificate of coverage from the Inland Revenue for her years of self-employment in the UK. Since she only filed returns for 2011-2015 in late 2016 don't we have until late 2019 to resubmit the returns with self-employment tax removed? As far as I'm aware everything el...
by Mikethebook
Mon May 21, 2018 4:56 pm
Forum: International Tax
Topic: Totalization Agreement clarification
Replies: 2
Views: 743

Totalization Agreement clarification

My wife is an American citizen who has permanently lived and worked (self-employed) in the UK since 2008. Every year she has paid social security taxes to the IRS when, apparently, under the Totalization Agreement with the UK, she should be exempt from them, only liable to the corresponding taxes in...

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