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Where Taxpayers and Advisers Meet

Search found 922 matches

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by jpcentral
Thu Jun 23, 2016 5:18 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Stamp duty
Replies: 2
Views: 588

Re: Stamp duty

If it was your main residence, you will qualify for Private Residence Relief and Letting Relief. Unless the figures are big, it is unlikely that you will have any CGT to pay. You will need to give more detail of purchase date, purchase price and probable selling price for someone to give you a more ...
by jpcentral
Thu Jun 23, 2016 5:12 pm
Forum: VAT & Excise Duties
Topic: Claiming back VAT on charitable income
Replies: 5
Views: 1039

Re: Claiming back VAT on charitable income

Agreed. I did say, ".......need a bit of analysis to be certain."

Essentially, don't make a decision until you are certain.
by jpcentral
Thu Jun 23, 2016 2:49 pm
Forum: Income Tax
Topic: Self Assessment Repaying of Loans
Replies: 1
Views: 535

Re: Self Assessment Repaying of Loans

You can't include the loan repayment as a business expense, because it isn't. You can include the interest portion of the loan repayment. When you make a payment on a loan, part of it is repaying the original amount borrowed and part of it is interest paid to the lender for use of the money. The loa...
by jpcentral
Thu Jun 23, 2016 8:52 am
Forum: VAT & Excise Duties
Topic: Claiming back VAT on charitable income
Replies: 5
Views: 1039

Re: Claiming back VAT on charitable income

No, you can't claim it back.

It is probably going to be better for you to deregister. Sounds as if it might need a bit of analysis to be certain.
by jpcentral
Wed Jun 22, 2016 5:57 pm
Forum: VAT & Excise Duties
Topic: Claiming back VAT on charitable income
Replies: 5
Views: 1039

Re: Claiming back VAT on charitable income

The charity must have income from trading activities in excess of the VAT threshold (£83,000 per annum) to be subject to VAT. I assume from your question that you are aware of this and are satisfied that your trading income exceeds this threshold? If you think your trading is above the threshold, yo...
by jpcentral
Tue Jun 21, 2016 3:29 pm
Forum: VAT & Excise Duties
Topic: Receipt for Payment of VAT Invoice
Replies: 7
Views: 1146

Re: Receipt for Payment of VAT Invoice

In which case all you really need is the date and amount of payment and the invoice number (and possibly date) of the invoice it has been applied to.
by jpcentral
Tue Jun 21, 2016 3:21 pm
Forum: Income Tax
Topic: Freelance work pushing into higher tax bracket -ISA?
Replies: 1
Views: 514

Re: Freelance work pushing into higher tax bracket -ISA?

There are a lot of different questions there and I don't think anyone really has the time to write a book. Best thing to do is sit down with a local accountant and explain your situation to him/her and ask for advice. To answer your first question - an ISA is not effective in reducing a current tax ...
by jpcentral
Tue Jun 21, 2016 3:16 pm
Forum: Income Tax
Topic: Question about tax going from employed to self-employed in the same tax year
Replies: 1
Views: 500

Re: Question about tax going from employed to self-employed in the same tax year

Of course it isn't self-employed income. When you complete a tax return, you will complete two different sections - Employment Pages and Self Employment pages. Your employment income will be entered on the employment pages. What you haven't said is what exactly you purchased. If it is equipment whic...
by jpcentral
Mon Jun 20, 2016 3:39 pm
Forum: VAT & Excise Duties
Topic: Receipt for Payment of VAT Invoice
Replies: 7
Views: 1146

Re: Receipt for Payment of VAT Invoice

Whenever we are, very occasionally, asked to provide a receipt, we usually send a copy of the original invoice with "Paid in Full" and the date written across it.
by jpcentral
Thu Jun 16, 2016 11:12 am
Forum: International Tax
Topic: US FBAR query
Replies: 2
Views: 989

Re: US FBAR query

You still need to file an FBAR. These are separate with different deadlines.

Are you sure you don't have to file a US tax return? The threshold for a single person is $10,300 (around £6,800) but if you have any self employment income the threshold drops to $400 (around £267).

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