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Where Taxpayers and Advisers Meet

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by JSK TAXATION
Thu Mar 03, 2005 9:08 am
Forum: Income Tax
Topic: Returning to a Tax Debt
Replies: 2
Views: 1411

<r>Further to Instinctive's reply.<br/> <br/> The Revenue would have had several options as regards the overdrawn loan account. If the tax on the loan was unable to be recovered from the company then the Revenue could have treated the loan as a payment of remuneration, calculated appropriate PAYE ta...
by JSK TAXATION
Sun Feb 27, 2005 3:17 am
Forum: Company Taxation
Topic: PAYE and IR35
Replies: 7
Views: 3077

<r>The last contributor is correct to explain that this issue is much more complicated than the first contributor is implying.<br/> <br/> It is important to recognise that if you had a number of clients all with different contractal arrangements, one would need to consider the nature of EACH of thos...
by JSK TAXATION
Sat Feb 26, 2005 3:13 pm
Forum: International Tax
Topic: Non residency status
Replies: 5
Views: 1672

<r>Ones residence status is statutorily based on a tax year but by concession the Revenue allow split year treatment provided the absence spans a complete tax year.<br/> <br/> Since the querist first period outside the Uk ended at the end of 2001 his NR/NOR status would presumably also end at that p...
by JSK TAXATION
Fri Feb 25, 2005 8:59 am
Forum: Property Taxation
Topic: Building a house on land that has been a gift from parents - From Ian
Replies: 2
Views: 1190

<r>As usual it is difficult to be definitive because one would need additional information but broadly, a gift of the nature you describe would be a Potentially Exempt Transfer for IHT purposes.<br/> <br/> Firstly there would need to be a view taken on the value of the land and this would be best ar...
by JSK TAXATION
Fri Feb 25, 2005 2:03 am
Forum: Income Tax
Topic: Tax Evasion?
Replies: 1
Views: 1385

<r>Unfortunately you do have to declare this income.<br/> <br/> However, if you are employed the onus will be on your employer to provide you with a form P46 and operate PAYE on the income he pays you whether it is paid in cash, cheque or in kind.<br/> <br/> To be paid in cash and not declare it eit...
by JSK TAXATION
Fri Feb 25, 2005 1:57 am
Forum: Capital Gains Tax, CGT
Topic: letting relief
Replies: 3
Views: 2591

<r>Good question!!<br/> <br/> My first impression is to say 'no'.<br/> <br/> PPR provisions are contained at S222 TCGA 1992 and S222(6) states that only one residence qualifies for PPR where the property is owned between a husband and wife; although Extra Statutory Concession D6 provides some relief...
by JSK TAXATION
Fri Feb 25, 2005 1:43 am
Forum: International Tax
Topic: Non residency status
Replies: 5
Views: 1672

<r>Regrettably it appears not.<br/> <br/> For the period 1996 to 2001, you would be treated as Not Resident/Not Ordinarily Resident from the day of departure to the day of arrival providing you satisfied the 91 day rule as an average.<br/> <br/> However, as regards the second period of absence, one ...
by JSK TAXATION
Wed Feb 23, 2005 2:00 am
Forum: Capital Gains Tax, CGT
Topic: Change to Limited Company
Replies: 2
Views: 970

<r>A short question but not easy to reply fully without further info.<br/> <br/> Are the properties UK situated?<br/> <br/> Are you UK domiciled?<br/> <br/> Is one of the properties your main residence?<br/> <br/> Broadly if you sell the properties to the company then there will be a CGT charge on a...
by JSK TAXATION
Tue Feb 22, 2005 2:41 pm
Forum: Business Tax
Topic: Income versus dividend
Replies: 5
Views: 6265

<r>Re: Skinner<br/> <br/> If you are 'running' the company as you describe you are in fact a director by any other name. Just by appointing your father as a director and employing you as an employee does not circumvent the issue of you being a 'shadow director' for both company law and taxation purp...
by JSK TAXATION
Tue Feb 22, 2005 6:17 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Class 2 contributions
Replies: 1
Views: 1437

<t>Taking your query at face value and therefore assuming you are correctly self employed the way to deal with this matter is as follows:<br/> <br/> Contact National Insurance Contributions Office (NICO) who should be willing to restrict the arrears position to the previous 6 years should your self ...

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