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Where Taxpayers and Advisers Meet

Search found 418 matches

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by JRG
Mon Apr 06, 2020 9:47 pm
Forum: HMRC Administration, Practices & Methods
Topic: Self Assessment
Replies: 1
Views: 795

Re: Self Assessment

I suggest you sign up with HMRC for doing your own Self Assessment online, so you have your own ID, etc.
by JRG
Mon Mar 09, 2020 2:15 am
Forum: Income Tax
Topic: Hmrc website says information correct as of 21/02/2020
Replies: 1
Views: 499

Re: Hmrc website says information correct as of 21/02/2020

Surely it only has to be correct as at 05/04/20, the last day of the tax year.
by JRG
Mon Mar 09, 2020 2:12 am
Forum: Income Tax
Topic: Updating tax code online
Replies: 2
Views: 693

Re: Updating tax code online

Just submit your tax return after the end of the 2019/20 tax year and you’ll get a tax rebate.
by JRG
Sat Nov 30, 2019 1:50 am
Forum: Income Tax
Topic: Paid too little tax calculation
Replies: 4
Views: 972

Re: Paid too little tax calculation

D&C is correct. Your wife must have applied for the Marriage Allowance which enables 10% of her personal allowance to be added to your personal allowance, which for 2018/19 was £1190. If her original personal allowance was £11,850 it would have decreased to £10,660 (= tax code 1066). Correspondingly...
by JRG
Sat Apr 20, 2019 1:04 am
Forum: General
Topic: Prize money abroad?
Replies: 2
Views: 11433

Re: Prize money abroad?

As far as I know any money you win from a lottery/competition abroad would be taxed, or not taxed, dependent on that country's rules. If it is taxed then you should receive the net value. I suggest you review the competition rules to determine how the competition promoters deal with matters in the c...
by JRG
Sat Apr 20, 2019 12:54 am
Forum: Income Tax
Topic: Money gifted from abroad
Replies: 2
Views: 582

Re: Money gifted from abroad

Under the UK's Money Laundering provisions you might be required to validate the source of these regular transfers from abroad. I would suggest that you contact your UK bank for advice on this matter.
by JRG
Fri Mar 29, 2019 10:42 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance money from France
Replies: 1
Views: 599

Re: Inheritance money from France

There is no UK tax payable on your inheritance, there is no need to advise HMRC, and there are no restrictions on what you use the money for once it’s in your account.
UK tax would only be liable if your account paid interest and your total interest exceeded the savings interest allowance.
by JRG
Mon Mar 18, 2019 4:15 pm
Forum: Income Tax
Topic: Transferring money from Hong Kong to UK
Replies: 2
Views: 734

Re: Transferring money from Hong Kong to UK

There is no UK tax applicable on gifts of money. The only tax applicable will be on any interest accrued on their accounts.
Be aware that money received from abroad may be subject to review under UK money laundering rules.
by JRG
Thu Feb 21, 2019 3:20 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: Tax on savings
Replies: 1
Views: 11574

Re: Tax on savings

There is no tax payable on money being transferred/gifted to you. However, if you put into an account that pays interest there will be tax payable if the total interest on all your accounts exceeds HMRC's current exception limits. Be aware that any large amount of money coming from abroad might be v...
by JRG
Wed Oct 24, 2018 7:24 pm
Forum: Income Tax
Topic: Tax return mislaid?
Replies: 4
Views: 668

Re: Tax return mislaid?

HMRC are notorious for mislaying paper tax returns. Might I suggest that in future you complete your tax returns online, which not only immediately calculates your tax liability, but also acknowledges receipt of your submitted return.

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