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Where Taxpayers and Advisers Meet

Search found 415 matches

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by JRG
Sat Nov 30, 2019 1:50 am
Forum: Income Tax
Topic: Paid too little tax calculation
Replies: 4
Views: 677

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: 10281

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: 456

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: 502

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: 520

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: 10384

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: 503

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.
by JRG
Fri Oct 12, 2018 3:11 pm
Forum: Income Tax
Topic: Are National Insurance contributions deducted before tax?
Replies: 2
Views: 536

Re: Are National Insurance contributions deducted before tax?

All NICs are payable in addition to income tax. Class 2 NICs are payable at £2.95 per week on profits exceeding £6,205 for this tax year.
by JRG
Sun Oct 07, 2018 8:45 pm
Forum: Income Tax
Topic: Gift received from abroad
Replies: 1
Views: 385

Re: Gift received from abroad

This question has been asked and answered so many times on this forum.

There is no tax payable on gifts received, wherever they come from.

The only tax payable would be on any interest received if the money is paid into an interest-paying account.
by JRG
Tue Sep 11, 2018 9:44 pm
Forum: Income Tax
Topic: Energy Supplier Referral Income Taxable?
Replies: 8
Views: 1118

Re: Energy Supplier Referral Income Taxable?

If you refer a friend to your energy company and they give you money, or a discount on your bill, for doing so, then I would consider this to be a gift, and gifts are not liable to income tax.

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