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Where Taxpayers and Advisers Meet

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by jpcentral
Mon Jun 13, 2016 8:46 am
Forum: Property Taxation
Topic: income tax from rental properties
Replies: 2
Views: 867

Re: income tax from rental properties

Simple answer - No.

There is probably a more complicated answer where ownership is transferred but way beyond the scope of this forum.
by jpcentral
Thu Jun 09, 2016 6:14 pm
Forum: Income Tax
Topic: Tax implications of receiving large sums for gambling
Replies: 9
Views: 1854

Re: Tax implications of receiving large sums for gambling

I would take the last comment with a pinch of salt. There have been cases where someone's only (substantial) income was from gambling and these have not been treated as a trade, so not taxable. In a recent case in 2014 the Court of Appeal held that Mr Hakki, whose sole income was from poker winnings...
by jpcentral
Tue Jun 07, 2016 5:27 pm
Forum: International Tax
Topic: Russian VAT
Replies: 1
Views: 777

Re: Russian VAT

I don't think you are going to find many experts on Russian VAT around. However, I've had a quick look. Russia are not in the EU so there is no arrangement to charge zero VAT. You cannot reclaim Russian VAT on a UK VAT Return. The question is therefore whether they need to charge you VAT. Export of ...
by jpcentral
Tue Jun 07, 2016 4:00 pm
Forum: Income Tax
Topic: Getting payed 2 weeks wages in 1 week
Replies: 1
Views: 533

Re: Getting payed 2 weeks wages in 1 week

The tax will sort itself out because this is done on a cumulative basis. Unfortunately the NI (National Insurance) will not. NI is calculated on the weekly pay and unused NI allowance does not get carried forward. Simple example Pay in Week 1 of £200 results in employee NI of £5.40 and employer NI o...
by jpcentral
Fri Jun 03, 2016 4:46 pm
Forum: VAT & Excise Duties
Topic: VAT on good sold outside the EU
Replies: 2
Views: 729

Re: VAT on good sold outside the EU

Not entirely clear but I think you mean that the packing company is charging the UK machine supplier and is charging VAT on that supply. If that is the situation then the UK machine supplier is contracting with the packing company to provide the packing materials and the service of packing, so why s...
by jpcentral
Fri Jun 03, 2016 8:43 am
Forum: Income Tax
Topic: Tax implications of receiving large sums for gambling
Replies: 9
Views: 1854

Re: Tax implications of receiving large sums for gambling

Gifts are not taxable under Income Tax. They do, however, become PETs (Potentially Exempt Transfers) under Inheritance Tax rules. So, if you gift substantial sums of money to your friend, they may have an implication on your estate if you happen to die within seven years. That possibility may seem r...
by jpcentral
Thu Jun 02, 2016 4:27 pm
Forum: Income Tax
Topic: Tax implications of receiving large sums for gambling
Replies: 9
Views: 1854

Re: Tax implications of receiving large sums for gambling

You could say that. Whether or not HMRC believe you is the debatable point.
by jpcentral
Thu Jun 02, 2016 11:53 am
Forum: Income Tax
Topic: Tax implications of receiving large sums for gambling
Replies: 9
Views: 1854

Re: Tax implications of receiving large sums for gambling

Interesting question. You are correct in saying that gambling winnings are exempt but a person/company providing a service connected to gambling is classed as trading and profits are therefore subject to tax. A bookmaker has to pay tax on his profits as does a tipster. The question is therefore whet...
by jpcentral
Fri May 27, 2016 4:58 pm
Forum: Company Taxation
Topic: Corporation tax carry back limited to 1 year?
Replies: 1
Views: 817

Re: Corporation tax carry back limited to 1 year?

For accounting periods ending between 24 November 2008 and 23 November 2010 trading losses could be carried back to the preceding three years with a cap of £50,000 to the earliest two years of the extended period.

That is according to the HMRC website. I don't think it was extended.
by jpcentral
Thu May 19, 2016 12:40 pm
Forum: Income Tax
Topic: Idk why im paying tax.
Replies: 6
Views: 1213

Re: Idk why im paying tax.

That depends on your tax code. HMRC will normally tell your employer to use a tax code which automatically gives you the £11,000 personal allowance. If your employer is using a tax code of 1100L, you are automatically getting the £11,000 allowance. If a different tax code is used, it might be worth ...

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