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Where Taxpayers and Advisers Meet

Search found 22 matches

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by Ray Coman
Fri Oct 16, 2020 2:54 pm
Forum: Income Tax
Topic: Income tax on dividends
Replies: 8
Views: 724

Re: Income tax on dividends

My opinion is that if the dividends are not taxable (because your total dividends are less than the dividend allowance) there is no need to include these on a UK Tax Return.
by Ray Coman
Sun Oct 11, 2020 6:40 pm
Forum: Income Tax
Topic: Rent - Self Assessment Quick Question
Replies: 11
Views: 812

Re: Rent - Self Assessment Quick Question

If the rental profit per person is less than £1,000 it does not need to be reported. If between £1,000 and £2,500 profit per person, it is possible to ask HMRC to collect tax via PAYE. If more they could consider appointing a tax agent who will be able to file online for them. It is one Tax Return a...
by Ray Coman
Sun Oct 11, 2020 12:22 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: UK resident and working for a foreign company in a third-country
Replies: 6
Views: 1605

Re: UK resident and working for a foreign company in a third-country

Your US employer would be liable to paying you via PAYE if your work activity confers economic benefit to the UK branch of their operation: https://comanandco.co.uk/hiring-a-uk-worker-from-overseas#Liability_to_UK_PAYE Whether or not PAYE has been deducted at source is a strong indicator of whether ...
by Ray Coman
Sun Oct 11, 2020 12:14 pm
Forum: Business Tax
Topic: Sole Trader BBLS for new van
Replies: 2
Views: 797

Re: Sole Trader BBLS for new van

You can claim the AIA for the new van, however consider that if your turnover has been down, you might be better of claiming the capital allowance in a future year. For instance if claiming the AIA brings your total income to below the personal allowance, it would be better to disclaim some of the c...
by Ray Coman
Sun Oct 11, 2020 12:03 pm
Forum: Income Tax
Topic: EEA Furnished Letting Expense
Replies: 5
Views: 977

Re: EEA Furnished Letting Expense

If it qualifies as a Furnished Holiday Lettings https://comanandco.co.uk/lodger-and-guest-house-income#Furnished-holiday-lettings , you will be entitled to capital allowances on furniture, equipment and fixtures. The guidance on the HMRC site is explicit about this... It is on the first page here: h...
by Ray Coman
Sun Oct 11, 2020 11:53 am
Forum: Income Tax
Topic: Excess Reported Income
Replies: 1
Views: 461

Re: Excess Reported Income

Fund distributions are usually treated as income much in the same way as a UK investment fund. Any profit on eventual disposal comes under the capital gains tax regime
by Ray Coman
Sat Oct 03, 2020 7:44 pm
Forum: Income Tax
Topic: Self Assessment and Previous Payment on Accounts
Replies: 2
Views: 455

Re: Self Assessment and Previous Payment on Accounts

Select view account and then tax years. You will probably see a repot that looks a bit like this: Tax 0.00 Tax overpaid from return filed 0.00 Surcharges 0.00 Interest 0.00 Penalties 0.00 Sub total 0.00 Less payments for this year 0.00 Less other adjustments 0.00 Total 0.00 (except the numbers will ...
by Ray Coman
Sat Oct 03, 2020 7:40 pm
Forum: General
Topic: Starting a new Company and Employed
Replies: 3
Views: 521

Re: Starting a new Company and Employed

Here are some ideas for you: 1) If you set the business up as self-employed you would be able to deduct the loss against your employment earnings of the same tax. However, a company is seen as a separate entity (even though you are the shareholder/director.) Therefore the loss cannot be offset as th...
by Ray Coman
Fri Apr 09, 2010 10:30 am
Forum: Income Tax
Topic: Tax Year
Replies: 2
Views: 822

Re: Tax Year

That is not correct, you will have to send in a Tax return including the proportion of your profits made in the period from 1 March 2010 to 5 April 2010.
by Ray Coman
Wed Apr 07, 2010 10:11 pm
Forum: Business Tax
Topic: driving instructor
Replies: 4
Views: 1314

Re: driving instructor

I suppose with a high proportion of the mileage allowance at 25 pence, the tax advantage to claiming the mileage allowance would be lower.

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