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Where Taxpayers and Advisers Meet

Search found 12 matches

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by DtheRed
Thu Oct 03, 2019 10:52 am
Forum: Tax Investigations and Enquiries
Topic: Tax query for 2013-2014 - overpaid
Replies: 7
Views: 10505

Re: Tax query for 2013-2014 - overpaid

If the year is "open" (even under investigation) then the tax liability (or repayment) has yet to be determined.
Great thanks. An investigation that will work in my favour!
by DtheRed
Tue Oct 01, 2019 9:38 am
Forum: Tax Investigations and Enquiries
Topic: Tax query for 2013-2014 - overpaid
Replies: 7
Views: 10505

Re: Tax query for 2013-2014 - overpaid

If HMRC have discovered that you have underpaid tax, there can be no overpayment to repay. HMRC can assess an underpayment up to 20 years later if the underpayment was caused deliberately and up to 6 years later if caused carelessly. Otherwise the normal 4 year rule applies Thanks, sure, I understa...
by DtheRed
Mon Sep 23, 2019 4:29 pm
Forum: Tax Investigations and Enquiries
Topic: Tax query for 2013-2014 - overpaid
Replies: 7
Views: 10505

Tax query for 2013-2014 - overpaid

Afternoon, HMRC requested to see my SA calculations for the FY 2013-2014. I already know I did my tax calculations wrong that year (based on bad HMRC advice (phone call so no proof)) and I ended up overpaying tax by about £8,000. As a result, earlier this year I re-did all my accounts and corrected ...
by DtheRed
Fri Jan 25, 2019 7:07 pm
Forum: Income Tax
Topic: Untaxed Income going above £100,000 (£122,000)
Replies: 6
Views: 400

Re: Untaxed Income going above £100,000 (£122,000)

Well that's disappointing! So i can fill all the boxes accurately and still get the blame!

Thanks Robbob
by DtheRed
Thu Jan 24, 2019 8:03 pm
Forum: Income Tax
Topic: Untaxed Income going above £100,000 (£122,000)
Replies: 6
Views: 400

Re: Untaxed Income going above £100,000 (£122,000)

Darn it! Well that makes sense, and I am sure you are right (as also confirmed on the link you sent). But, after posting my earlier question, i logged into my SA and pretended to amend it (before cancelling) - just to see the calculation using hypothetical figures... I put my income down as £122,000...
by DtheRed
Thu Jan 24, 2019 4:24 pm
Forum: Income Tax
Topic: Untaxed Income going above £100,000 (£122,000)
Replies: 6
Views: 400

Re: Untaxed Income going above £100,000 (£122,000)

Thanks Robbob!

So if I put the excess over 100k into a SIPP to bring it under 100k, would that prevent the 'minor annoyances' occurring too?

And does bank interest and bond interest count as 'earned income'?

Cheers,
D
by DtheRed
Thu Jan 24, 2019 2:48 pm
Forum: Income Tax
Topic: Untaxed Income going above £100,000 (£122,000)
Replies: 6
Views: 400

Untaxed Income going above £100,000 (£122,000)

Hi all, Grateful for some advice/views. I pay tax via self assessment. For next year only, due to maturity dates of bonds i have held for years, my untaxed income will shoot up to £122,000 instead of the usual £55,000. I understand that without any mitigating action this means I would lose my person...
by DtheRed
Fri Oct 19, 2018 9:22 am
Forum: International Tax
Topic: UK tax on NRE Accounts in India
Replies: 3
Views: 1275

Re: UK tax on NRE Accounts in India

If you are a UK taxpayer (and don't avail of the domicile arrangements), then you pay tax on it. The money is freely remittable so there is no reason not to pay. Just add it to the foreign section of your SA (after HMRC published exchange rate conversion). Tax rate will be as per UK income tax bands.
by DtheRed
Thu Oct 18, 2018 2:12 pm
Forum: International Tax
Topic: Indian GST on Digital Goods
Replies: 1
Views: 821

Re: Indian GST on Digital Goods

Hi, I am not an expert but have some experience of GST. My first thought is to recheck your advice on liability because it does not sound right. A lot depends on your company status. Once you are sure you have a liability, then I have found the practicalities of actually paying GST to be really simp...
by DtheRed
Tue Jan 23, 2018 1:53 pm
Forum: General
Topic: Did not declare as Self Employed on SA
Replies: 1
Views: 4400

Did not declare as Self Employed on SA

Hi, I did not declare as self employed on my Self Assessment. I did not because I have no income or expenses/allowances (writing a book).

Is this a problem?

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