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Where Taxpayers and Advisers Meet

Search found 99 matches

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by Brightonian
Mon Jun 11, 2018 10:44 am
Forum: Income Tax
Topic: Trading Income Allowance and non-exec director
Replies: 4
Views: 663

Trading Income Allowance and non-exec director

I have a client who is a non-exec director. He is paid a small amount each year - for 17/18, it was three payments of £200, so £600 for the year. I have previously pointed out that he is an office-holder and that these amounts should, in my opinion, be taxed under PAYE, but the organisation disagree...
by Brightonian
Mon Jun 04, 2018 3:28 pm
Forum: Property Taxation
Topic: Residential finance costs
Replies: 0
Views: 901

Residential finance costs

I am preparing a return for a client whose total taxable income consists of rental income and is below the personal allowance. After deducting 75% of loan interest and normal expenses, I am left with profit of around £1,000. I have excess finance costs (the remaining 25% of loan interest paid in the...
by Brightonian
Wed Mar 28, 2018 9:50 am
Forum: Income Tax
Topic: Pension arrears paid after death
Replies: 4
Views: 756

Re: Pension arrears paid after death

Having looked at the information on arrears, it looks as though HMRC can assess only 2013/14, 2014/15, 2015/16 and 2016/17. Is this correct? The pensioner died in February 2017, even though the arrears have just recently been paid. They have been paid to the daughter but presumably HMRC will assess ...
by Brightonian
Tue Mar 27, 2018 5:04 pm
Forum: Income Tax
Topic: Pension arrears paid after death
Replies: 4
Views: 756

Re: Pension arrears paid after death

Dear pawncob,

Thank you for taking the time to answer my question. I will check out the links you posted.
Kind regards.
by Brightonian
Tue Mar 27, 2018 4:24 pm
Forum: Income Tax
Topic: Pension arrears paid after death
Replies: 4
Views: 756

Pension arrears paid after death

I have a client whose mother died a year ago. The estate was well below the IHT nil rate band - £118,000 roughly. Last week, out of the blue, she received a letter DWP. It seems that they had underpaid her mother's pension from 2009 until her death. They enclosed a cheque, made payable to my client,...
by Brightonian
Tue Mar 13, 2018 4:29 pm
Forum: HMRC Administration, Practices & Methods
Topic: Debt collection
Replies: 5
Views: 5090

Re: Debt collection

Thank you all for your replies. There is indeed a hard luck story behind all this. The taxpayer's wife died in her Forties a few years ago and he has not been the same since. I think it may have affected his work, with the result that he has earned less than in the past. However, I began acting for ...
by Brightonian
Fri Mar 02, 2018 12:11 pm
Forum: HMRC Administration, Practices & Methods
Topic: Debt collection
Replies: 5
Views: 5090

Re: Debt collection

Thanks, robbob. That's very helpful. It's the interest issue that really upset him. He is disorganised but he has always paid on time before. There's been some unfortunate family circumstances which seem to have derailed him. It didn't help that he sent me his tax return information on the afternoon...
by Brightonian
Fri Mar 02, 2018 10:46 am
Forum: HMRC Administration, Practices & Methods
Topic: Debt collection
Replies: 5
Views: 5090

Debt collection

My client is having financial problems and was unable to pay the income tax due on 31 January. The amount is £17,000. I suggested that he call HMRC himself before 28 February in hope that he could make a 'time to pay' arrangement and avoid a 5% penalty but they told him that it had already been pass...
by Brightonian
Mon Dec 18, 2017 10:10 am
Forum: International Tax
Topic: 401k
Replies: 7
Views: 735

Re: 401k

Thank you so much for your help, David. Merry Christmas!
by Brightonian
Fri Dec 15, 2017 4:52 pm
Forum: International Tax
Topic: 401k
Replies: 7
Views: 735

Re: 401k

I am not sure I understand. If I show these as pension payments on his UK tax return, do I have to do anything else? I am not responsible for any US liability although I will mention the point you raise. I assume you mean that the IRS could tax the payments too?

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