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Where Taxpayers and Advisers Meet

Search found 25 matches

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by anjo56
Wed Jul 15, 2020 1:46 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Settlement Agreement follow-on question please
Replies: 0
Views: 574

Settlement Agreement follow-on question please

Hello again Further to my post yesterday, my colleague has been offered the same deal as me but he has been told that the payment made would be FULLY taxable and not just the amount in excess of £30k. In my agreement the payment is described as "compensation for loss of employment" (Compensation Pay...
by anjo56
Tue Jul 14, 2020 4:36 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Settlement Agreement -NICs & Taxation
Replies: 3
Views: 521

Re: Settlement Agreement -NICs & Taxation

Thank you darthblingbling. It is an ex-gratia payment and I am working out my notice so your reply seems pretty clear. The Settlement Agreement mentions both tax and NICs being deductible so I can check the calculation when i get the payment. Thanks again.
by anjo56
Tue Jul 14, 2020 2:20 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Settlement Agreement -NICs & Taxation
Replies: 3
Views: 521

Settlement Agreement -NICs & Taxation

Hello I have been offered a Settlement Agreement of £56k, from my employer of which the first £30k is tax free, I'm told. I owe the firm £2.8k for my Season Ticket loan. What would be the tax treatment of the £26K please? Do I only get taxed on £23.2k as that is what I'll receive and are NICs payabl...
by anjo56
Sat Jun 13, 2020 6:00 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: Voluntary retirement offer from Employer - Tax & PensionImplications
Replies: 5
Views: 1688

Re: Voluntary retirement offer from Employer - Tax & PensionImplications

Thanks both for the replies but sorry, don't recognise any of the acryonyms you mention. This is completely new territory for me.
by anjo56
Fri Jun 12, 2020 2:50 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: Voluntary retirement offer from Employer - Tax & PensionImplications
Replies: 5
Views: 1688

Voluntary retirement offer from Employer - Tax & PensionImplications

Hi My firm is offering voluntary retirement with a potential package of £65k . The first £30k is tax free, I understand, but would welcome advice about how to deal with the balance in the most tax-efficient way. I am in the company DC pension scheme (via salary sacrifice) and have been overpaying AV...
by anjo56
Thu Aug 01, 2019 8:02 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT Gift - Quick query
Replies: 8
Views: 13742

Re: IHT Gift - Quick query

Many thanks. Much appreciated.
by anjo56
Fri Jul 26, 2019 6:52 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT Gift - Quick query
Replies: 8
Views: 13742

Re: IHT Gift - Quick query

Thank you Lee. Total about £900 for mortgage arrangement fee and property survey. When you mention annual exemptions, are you referring to the £3000 gift provision? Am just starting out on this journey.
by anjo56
Fri Jul 26, 2019 11:56 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT Gift - Quick query
Replies: 8
Views: 13742

IHT Gift - Quick query

I am gifting some money to my son for a property purchase. Some of the fees are payable by credit card only and he doesn't have one. I have made a couple of payments using my card on his behalf. Are these eligible to be counted as a gift as I am not asking for repayment? Thank you.
by anjo56
Tue Jan 08, 2019 2:38 pm
Forum: Capital Gains Tax, CGT
Topic: Sale of Property and Timing of CGT Liability
Replies: 3
Views: 709

Re: Sale of Property and Timing of CGT Liability

Thanks for the reply and sorry for delay in acknowledging. This is the first time I've been exposed to any CGT considerations but I thought once the taxable gain (after allowances etc) has been quantified that the whole amount would be subject to either 18% or 28%. Am I interpreting your reply corre...
by anjo56
Tue Jan 01, 2019 6:44 pm
Forum: Capital Gains Tax, CGT
Topic: Sale of Property and Timing of CGT Liability
Replies: 3
Views: 709

Sale of Property and Timing of CGT Liability

I have a flat bought in 1982 which was my main residence for almost 20 years. I moved out in 2001 and it has been variously tenanted and empty since that time. I saw in the last Budget that the Chancellor is considering changes to the various reliefs which would increase the tax bill from Apr 2020. ...

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