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Where Taxpayers and Advisers Meet

Search found 221 matches

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by jerome.lane
Sat Jul 04, 2020 7:09 am
Forum: Income Tax
Topic: Tax on second employment
Replies: 1
Views: 362

Re: Tax on second employment

If your second source is employment, it’s not self employment! The employer should be deducting basic rate tax if set up properly and you shouldn’t have to do a tax return. If you’re self employed, you’ll pay income tax on profit and class 2 NIC. You’re below thresholds for class 4 NIC. You can clai...
by jerome.lane
Sat Jul 04, 2020 7:00 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT and pension payment
Replies: 1
Views: 230

Re: IHT and pension payment

Usually when a pension is wound up or a trivial/small lump sum payment is made, either PAYE is operated in full or 25% is treated as tax free. The pension administrators should deal with this so that you receive an amount with tax already deducted. If you are a higher rate tax payer, then you may ha...
by jerome.lane
Sun Jun 28, 2020 7:13 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Wrong start date on employment history
Replies: 3
Views: 465

Re: Wrong start date on employment history

From a tax perspective, it shouldn’t matter or affect your tax position as it’s all in same tax year. I’m assuming this could affect your citizenship application. If the employer is not being helpful, you should be able to evidence your actual start date with employment contract, payslips and your H...
by jerome.lane
Sun Jun 28, 2020 7:07 am
Forum: Company Taxation
Topic: Failed investment
Replies: 1
Views: 469

Re: Failed investment

The company won’t pay corporation tax on a loss but it won’t get any relief either unless there’s gains in the year or future gains. The company should record its loss which should be carried forward indefinitely to use against future disposals.
by jerome.lane
Sat Jun 27, 2020 7:38 am
Forum: Property Taxation
Topic: BTL allowable expenses
Replies: 2
Views: 496

Re: BTL allowable expenses

Provided renovation expenses are in preparation for letting the property, you can claim these against your other property income. You’ll be treading on thin ice if you never let the property. You may decide it’s safer to bring them into account when you add the property to the letting business since...
by jerome.lane
Sat Jun 27, 2020 7:27 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Surplus income query
Replies: 3
Views: 579

Re: Surplus income query

You can make regular monthly or annual payments out of surplus income on top of other gifts out of capital. It is recommended that you document each gift and I would suggest making a written declaration as some sort of letter of wishes with regards to your intention to make regular gifts out of inco...
by jerome.lane
Fri Jun 26, 2020 5:15 am
Forum: Income Tax
Topic: Disclosing old property income help
Replies: 1
Views: 452

Re: Disclosing old property income help

Nothing ventured, nothing gained! A claim could be refused. Get in touch if you want it looked at in more detail.
by jerome.lane
Fri Jun 26, 2020 5:13 am
Forum: Income Tax
Topic: Dividends from closing down Property Ltd Company
Replies: 1
Views: 412

Re: Dividends from closing down Property Ltd Company

U.K. dividends go in box 4. Backdating dividends isn’t good practice or legal and I’m (a little bit) surprised your accountant is suggesting this.
by jerome.lane
Mon Jun 22, 2020 8:42 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Invoicing my wife's freelancing work via my limited company?
Replies: 1
Views: 372

Re: Invoicing my wife's freelancing work via my limited company?

Hi, there’s nothing to stop your company billing for the work (Subject to any legal considerations such as insurance and professional indemnity) but your wife will still need to prepare a tax return or notify HMRC if she is paid by your company. It’s not too difficult to set up as self employed or r...
by jerome.lane
Sat Jun 20, 2020 5:28 pm
Forum: Property Taxation
Topic: Joint owners & uneven rental income split
Replies: 3
Views: 526

Re: Joint owners & uneven rental income split

Hi Jerome, Thanks for your reply. Doesn't the £40k threshold only apply for a 2nd property? Currently we own 1 property and we are looking to change the beneficial interest on this property. Thanks Yes - sorry, having a blonde moment. A return is required for a transaction over £40k but SDLT only b...

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