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Where Taxpayers and Advisers Meet

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by RMC
Tue Mar 06, 2018 10:59 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: backdated pay from closed tax years
Replies: 8
Views: 3726

Re: backdated pay from closed tax years

Assuming that you were resident and domiciled in the UK both in the year the money was earned and in the year of receipt, the tax liability arises in the year or receipt.
by RMC
Tue Mar 06, 2018 10:19 am
Forum: Capital Gains Tax, CGT
Topic: Shares in Dissolved Company
Replies: 1
Views: 579

Re: Shares in Dissolved Company

Report the loss as taking place 2 years earlier. It can be either set off against capital gains you've made then or gains made up to 4 years from the end of the tax year in question (probably 5.4.2020).
by RMC
Sun Mar 04, 2018 1:28 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on sale of rental property for new home?
Replies: 3
Views: 1022

Re: CGT on sale of rental property for new home?

Rejoice - you (or rather your parents) have made a sizeable gain! and tax on it is much lower than if you had to work for it like most people, and no NIC either!

Also very nice having tenants working away to keep you.
by RMC
Sun Mar 04, 2018 1:18 pm
Forum: Income Tax
Topic: Relocated to France / Income Tax on Bonus announced following Tax Year
Replies: 4
Views: 1965

Re: Relocated to France / Income Tax on Bonus announced following Tax Year

Answers to your questions: 1. HMRC does not tax anybody – it’s employers deducting PAYE & NIC or employees self-assessing! 2. Again, HMRC does not adjust anybody’s Income Tax to overall revenue in Tax Year 2017/2018. 3. It depends whether you will be liable to tax in France, which depends on issues ...
by RMC
Sun Mar 04, 2018 10:30 am
Forum: General
Topic: Online trader questions
Replies: 2
Views: 5123

Re: Online trader questions

You probably turned over less than £83k, so you could enter all business expenses as one lump sum. Hope you filed your return on time!
by RMC
Sun Mar 04, 2018 10:24 am
Forum: Income Tax
Topic: Employer pays tuition fees - tax treatment
Replies: 1
Views: 939

Re: Employer pays tuition fees - tax treatment

ITEPA 2003 s.250 mentions (I quote) “the payment or reimbursement to or in respect of an employee of” tuition fees for work-related training. It should not matter whether payments are made a college etc., to the employee on presentation of an invoice, or to the Student Loan Company.
by RMC
Sun Mar 04, 2018 8:34 am
Forum: Company Taxation
Topic: Tax liability for compensation payment
Replies: 2
Views: 1987

Re: Tax liability for compensation payment

Could it be said that it was not the company who suffered inconvenience but the residents, and the compensation belongs to them? Unless of course the company incurred or will incur expenditure on works to rectify any problems caused by the developers. If the company does not wish to pay the money to...
by RMC
Sat Mar 03, 2018 9:25 am
Forum: Property Taxation
Topic: Giving property as a gift to wife and mortgage outstanding
Replies: 1
Views: 585

Re: Giving property as a gift to wife and mortgage outstanding

The 3% higher rate for additional dwellings (HRAD) is disaplied where an individual buys a property from their spouse or civil partner. So your wife will pay Stamp Duty only on the outstanding mortgage. Good that you worked out the feasibility of remortgaging the property. Why not give her, subject ...
by RMC
Fri Mar 02, 2018 10:26 pm
Forum: Income Tax
Topic: Tax on income help [New at this]
Replies: 1
Views: 483

Re: Tax on income help [New at this]

Presumably you are paid monthly? Please let us know payslip info:
PAYE code
Tax deducted
NIC deducted
Any other deductions / adjustments.
by RMC
Fri Mar 02, 2018 9:18 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: ISA Allowance
Replies: 3
Views: 2175

Re: ISA Allowance

Yes, you can use your ISA allowance on as many platforms as you fancy. Policing: Please note that bank interest and some other types of taxable income are pre-populated into your personal tax account, to assist you with tax return preparation. Wouldn’t surprise me if tax-free income was sooner or la...

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