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Where Taxpayers and Advisers Meet

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by bd6759
Thu Feb 13, 2014 8:01 pm
Forum: Business Tax
Topic: Reimbursing employee spending personal vouchers for business
Replies: 4
Views: 700

Re: Reimbursing employee spending personal vouchers for business

You reimburse the amount he incurred - £20.
My mistake. He incurred £nil, so there is nothing to reimburse.
by bd6759
Thu Feb 13, 2014 7:59 pm
Forum: Business Tax
Topic: Reimbursing employee spending personal vouchers for business
Replies: 4
Views: 700

Re: Reimbursing employee spending personal vouchers for business

You reimburse the amount he incurred - £20.
by bd6759
Wed Feb 12, 2014 9:36 pm
Forum: Income Tax
Topic: Unpaid Income Tax
Replies: 6
Views: 6144

Re: Unpaid Income Tax

It looks like you can't pay this using online banking:

http://www.hmrc.gov.uk/payinghmrc/vdp.htm#1

Give then a call and ask them to sort it. They ought to have sent you a payslip and using that at a Post Office is free.

http://www.hmrc.gov.uk/payinghmrc/getright.htm#5
by bd6759
Fri Feb 07, 2014 10:26 pm
Forum: Property Taxation
Topic: Mixed Use Property - Capital Expenditure
Replies: 3
Views: 541

Re: Mixed Use Property - Capital Expenditure

Capital expenses are not allowable deductions for neither proper accounting nor for tax. A proportion of the running costs may be claimed. You need to allocate them on a reasonable basis - i.e. how much of the expenditure is exclusively for the purpose of the business. Perhaps an apportionment by wa...
by bd6759
Fri Feb 07, 2014 10:01 pm
Forum: General
Topic: tax, VAT implications of buying properties thru LTD company
Replies: 4
Views: 1257

Re: tax, VAT implications of buying properties thru LTD company

No. The properties are a capital expense and cannot be deducted.
by bd6759
Fri Feb 07, 2014 9:58 pm
Forum: General
Topic: redundancy... notice in lieu taxation
Replies: 4
Views: 1400

Re: redundancy... notice in lieu taxation

Pay in lieu of notice is taxable. You will pay 40% tax and 2% nic on most of it, and 20% tax an 12% nic on some of it. Redundancy and severance will be tax free up to £30k, with no NIC on any amount.
by bd6759
Fri Feb 07, 2014 6:27 pm
Forum: Income Tax
Topic: Need help with tax for self employment
Replies: 1
Views: 479

Re: Need help with tax for self employment

You need to register now. Any penalty will be based on the tax unpaid. If there is no tax unpaid, you won't be fined. From what you say, there will be no tax liability in the 2012-13 tax year (ended on 5 April 2013). You have until 5 october this year to notify that you are liable to tax in the 2013...
by bd6759
Fri Feb 07, 2014 6:20 pm
Forum: Income Tax
Topic: Income Tax on Offshore Allowance
Replies: 1
Views: 497

Re: Income Tax on Offshore Allowance

The allowance is classed as earnings, and therefore subject to tax. Earnings are: any salary, wages or fee, any gratuity or other profit or incidental benefit of any kind obtained by the employee if it is money or money's worth, or anything else that constitutes an emolument of the employment. Stric...
by bd6759
Fri Feb 07, 2014 6:09 pm
Forum: Income Tax
Topic: Redundancy - Damages (Breach of Contract)
Replies: 6
Views: 1368

Re: Redundancy - Damages (Breach of Contract)

I agree that if it is "damages" it will not be covered by s62. The payment will be caught by s401. This is really a matter between yourself and your ex-employer because they have not paid you what you are entitled to get under the terms of the agreement, which is another breach of contract!
by bd6759
Thu Feb 06, 2014 6:53 pm
Forum: Income Tax
Topic: Redundancy - Damages (Breach of Contract)
Replies: 6
Views: 1368

Re: Redundancy - Damages (Breach of Contract)

1. The payments should be categorised in accordance with the agreement. 2. It seems that the employer agreed to pay you in lieu of notice and you are calling that damages. Since the employer will also be liable to NIC on those payments he is not likely to categorise them incorrectly. It would suit t...

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