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Where Taxpayers and Advisers Meet

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by Lambs
Thu Jun 18, 2020 7:47 pm
Forum: Capital Gains Tax, CGT
Topic: NRCGT return
Replies: 265
Views: 200276

Re: NRCGT return

Shortening the tempers, maybe.

VB,

Lambs
by Lambs
Thu Jun 11, 2020 10:21 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Tax on Benefit in Kind Gross or net amount?
Replies: 3
Views: 519

Re: Tax on Benefit in Kind Gross or net amount?

R, OP said "company is quite large" but "not many of us in this situation". This is why I did not raise the issue of tax-free provision in my reply: it has to be made available to all employees on a site in order to be tax-free. Although it is possible that it might nevertheless work on a site-by-si...
by Lambs
Thu Jun 11, 2020 12:15 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Tax on Benefit in Kind Gross or net amount?
Replies: 3
Views: 519

Re: Tax on Benefit in Kind Gross or net amount?

N, The benefit in kind is usually assessed by reference to the cost to the employer of providing the benefit. In circumstances such as you describe, this would generally mean the cost of the food so provided. There are now some situations where HMRC has managed to break the link between the taxable ...
by Lambs
Fri May 29, 2020 10:00 am
Forum: Income Tax
Topic: Registering as Self Employed with no tax liability
Replies: 8
Views: 435

Re: Registering as Self Employed with no tax liability

I am not convinced that these payments are taxable. They are almost certainly not subject to NICs, if the parent and carer are living under the same roof. Depending on the payer's income sources, the amounts could well comprise "gifts out of income" and be wholly exempt from consideration for IHT pu...
by Lambs
Wed May 27, 2020 8:31 pm
Forum: Income Tax
Topic: Registering as Self Employed with no tax liability
Replies: 8
Views: 435

Re: Registering as Self Employed with no tax liability

A, I am not sure that I would consider the money given to you by your mother to be earnings that are taxable. From memory - and please note it is many years since I have dealt with such a case - HMRC accepts that such payments can be made out of one person's love and affection for a relative, and no...
by Lambs
Wed May 27, 2020 8:09 pm
Forum: Income Tax
Topic: Dividends given but not recieved
Replies: 3
Views: 325

Re: Dividends given but not recieved

J, You / your husband may not have physically received the cash or had it credited to a personal bank account, but that does not necessarily mean that anything is "wrong". For example, it is very common in small limited companies for the director/shareholders to use company funds to pay for private ...
by Lambs
Mon May 25, 2020 6:47 am
Forum: General
Topic: Webcam Model looking for Tax advice
Replies: 6
Views: 939

Re: Webcam Model looking for Tax advice

P, In broad terms there is indeed a risk that you could be perceived as employer. It would depend on the nature of the relationship that you have with your models, the extent of control you have over their work and various other factors. Having said that there is a risk, it seems to me that the rela...
by Lambs
Fri May 22, 2020 4:16 pm
Forum: General
Topic: Webcam Model looking for Tax advice
Replies: 6
Views: 939

Re: Webcam Model looking for Tax advice

S, They are already separate. If you are running your own cam site / subsidiary-site then you will be self-employed which is entirely separate from employment. Assuming you make more than a very modest amount out of that self-employment, then you will need to: Tell HMRC about your new source no late...
by Lambs
Sun Apr 26, 2020 7:06 pm
Forum: Income Tax
Topic: Chang of accounting period
Replies: 1
Views: 371

Re: Chang of accounting period

E,

Are you talking about a company or about a sole trader? The rules for Income Tax v Corporation Tax are quite different.

Regards,

Lambs
by Lambs
Tue Apr 21, 2020 1:16 pm
Forum: Property Taxation
Topic: Transferring properties from parent to children
Replies: 5
Views: 696

Re: Transferring properties from parent to children

M,

I was assuming kids were adult, given that the querist spoke of direct sale / lease.

VB,

Lambs

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