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Where Taxpayers and Advisers Meet

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by GlobalTaxAdviser
Thu Dec 11, 2014 2:15 pm
Forum: International Tax
Topic: International Tax Implications
Replies: 1
Views: 621

Re: International Tax Implications

This is a UK website and you would be better off finding a similar German website
by GlobalTaxAdviser
Thu Dec 11, 2014 2:14 pm
Forum: Income Tax
Topic: Leaving the UK - Self assessment Q
Replies: 2
Views: 695

Re: Leaving the UK - Self assessment Q

Yes complete a tax return for 2014/15

https://online.hmrc.gov.uk/shortforms/form/CeaseTrading

Complete a P85
by GlobalTaxAdviser
Thu Dec 11, 2014 11:39 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Iht on 1.3m
Replies: 2
Views: 655

Re: Iht on 1.3m

There is no IHT if the assets are passed to to the wife (as per the Will) whatever the value of the Estate. When the wife dies the value of the IHT exemption will be 650K. If you did give the house to the kids and you didn't survive 7 years (after three years it is tapered) then IHT will be due. The...
by GlobalTaxAdviser
Thu Dec 11, 2014 12:02 am
Forum: Income Tax
Topic: Tax relief on my relocation to the UK
Replies: 7
Views: 2766

Re: Tax relief on my relocation to the UK

I don't think you can claim under Section 287 ITEPA 2003 which says the employer must pay for expenses and not the employee If your employer pays for your relocation expenses then it is not taxable and your employer will get a tax deduction in their accounts and this is assuming that your employer r...
by GlobalTaxAdviser
Mon Dec 08, 2014 5:47 pm
Forum: Income Tax
Topic: Sole trader or opening a company?
Replies: 2
Views: 579

Re: Sole trader or opening a company?

Hi You can offset expenses with a sole trader or limited company I always suggest to sole trader clients if you are earning more than 30K profit then if you include the accountancy fees it would certainly be more tax efficient to go down the limited company route. There are other reasons to go limit...
by GlobalTaxAdviser
Mon Dec 08, 2014 11:33 am
Forum: Income Tax
Topic: 2yr old Freelance work outside of Full Time role
Replies: 1
Views: 450

Re: 2yr old Freelance work outside of Full Time role

Hi Nothing to worry about it all. I would normally suggest writing to HMRC and make the disclosure. Any penalties could be lower by making a voluntary disclosure though you or your adviser could possibly negotiate this right down For £500 I doubt HMRC will make much fuss and I would just include it ...
by GlobalTaxAdviser
Mon Dec 08, 2014 1:58 am
Forum: International Tax
Topic: How to apply DTA and question of being treaty non-resident
Replies: 5
Views: 1671

Re: How to apply DTA and question of being treaty non-reside

Hi Andi In general terms, you will need to look at UK and Austrian residency rules separately, The 4 out of 7 years apply to the UK tax year i.e 6th to 5th April You only go to the tiebreaker only if your are considered to be resident in both UK and Austria according to local tax laws in respect to ...
by GlobalTaxAdviser
Sun Dec 07, 2014 11:01 pm
Forum: Income Tax
Topic: Working in Iraq (Kurdistain) Tax free?
Replies: 1
Views: 763

Re: Working in Iraq (Kurdistain) Tax free?

Hi While you should check with an adviser in Iraq as there are other considerations like being on an oil rig meaning you could be outside the Iraqi tax jurisdiction. Your employer should withhold tax on your salary The bad news is that you could still be considered as tax resident in UK as well unde...
by GlobalTaxAdviser
Sun Dec 07, 2014 10:21 pm
Forum: General
Topic: Using a limited company to manage tax
Replies: 1
Views: 2217

Re: Using a limited company to manage tax

Dear Peter A limited liability company is a separate legal entity which is distinct from yourself. While there is no legal requirement definitely advisable to have all contracts, invoices, payments go through the company hence a company bank account will make that distinction There are a number of r...
by GlobalTaxAdviser
Sat Dec 06, 2014 7:21 pm
Forum: International Tax
Topic: Tax for Non UK Resident Director
Replies: 5
Views: 3372

Re: Tax for Non UK Resident Director

Hi – I’m hoping someone can assist me. If you are a non UK resident and a director of a UK Ltd company, where the director is also the sole employee and works outside UK, what would be the most tax efficient way to withdraw the corporation profit? My understanding is that to avoid overpaying tax in...

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