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Where Taxpayers and Advisers Meet

Search found 28 matches

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by hendersontax
Thu Nov 07, 2019 11:57 am
Forum: Income Tax
Topic: Freelance, Years of Unpaid Tax
Replies: 7
Views: 1093

Re: Freelance, Years of Unpaid Tax

From a UK perspective, you'll need to consider first whether you are resident here under the Statutory Residence Test for each year concerned. If you're spending significant time outside the UK, then you may be non-resident here, in which case if you carry out freelance work in the US (physically in...
by hendersontax
Mon Nov 04, 2019 10:48 am
Forum: International Tax
Topic: Tax in uk and india
Replies: 2
Views: 1081

Re: Tax in uk and india

Hi Kaytee. Unfortunately you can't assume that paying tax in India on your Indian earnings means they aren't in scope of UK tax, and likewise you cannot assume that paying tax in the UK on your UK earnings means those earnings are not within scope of Indian tax. Each country has its own tax rules an...
by hendersontax
Mon Jul 08, 2019 2:49 pm
Forum: Income Tax
Topic: Overseas employment income in a split year
Replies: 2
Views: 1911

Re: Overseas employment income in a split year

On the basis that the income is not within scope of UK tax (i.e. earnings for non-UK duties performed in the overseas part of a split year) then you don't need to declare it. Alternatively, you can report the earnings on the employment pages and also in box 12 page Ai2 to indicate they are not taxab...
by hendersontax
Wed Jul 03, 2019 10:01 am
Forum: Income Tax
Topic: Help with Split Year Treatment/ Foreign income self assessment
Replies: 1
Views: 882

Re: Help with Split Year Treatment/ Foreign income self assessment

Hi templehof1. In terms of your own UK Self Assessment tax return, it sounds about right that you (personally) won't be eligible for split-year treatment under the Statutory Residence Test in your circumstances, but if you did not earn any income after leaving the UK then you will not need to make a...
by hendersontax
Tue Jul 02, 2019 1:25 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on a Foreign Property
Replies: 4
Views: 2771

Re: CGT on a Foreign Property

As the property was gifted to you, your CGT base cost will be the market value of the property at the date of the gift. You'll then need to work out the gain (proceeds less market value at date of acquisition less costs) and assuming it is sold before April 2020, it sounds like you'll get private re...
by hendersontax
Tue Jul 02, 2019 12:57 pm
Forum: Capital Gains Tax, CGT
Topic: More than one transfer
Replies: 5
Views: 3269

Re: More than one transfer

In fact, there is a government consultation on this very issue - see https://www.gov.uk/government/consultations/capital-gains-tax-private-residence-relief-changes-to-the-ancillary-reliefs. The government are proposing to change the rules on PRR for transfers between spouses such that the period of ...
by hendersontax
Tue Jul 02, 2019 11:52 am
Forum: Capital Gains Tax, CGT
Topic: CGT on a gift
Replies: 2
Views: 2260

Re: CGT on a gift

You should also consider the Inheritance Tax implications of the gift as this would be a Potentially Exempt Transfer with IHT potentially due if you do not survive seven years from the date of transfer - and there would be no deduction for the CGT already paid. For IHT purposes there is an additiona...
by hendersontax
Tue Jul 02, 2019 11:33 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Critical illness and dental insurance
Replies: 4
Views: 11619

Re: Critical illness and dental insurance

It does not make sense that you have received a P11D showing taxable amounts (assuming it doesn't show any amounts 'made good') and at the same time you are saying you funded these benefits yourself. Either the P11D should show your own contributions as amounts 'made good' and the taxable benefit is...
by hendersontax
Tue Jul 02, 2019 11:28 am
Forum: International Tax
Topic: Cleansing Income/Capital
Replies: 2
Views: 6460

Re: Cleansing Income/Capital

The individual will need to self-assess whether or not he has made a taxable remittance, there is no need to prove it unless HMRC open an enquiry. If the money was transferred from a bank account which was not a mixed fund and contained nothing other than pre-arrival capital (for example, at the poi...

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