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Where Taxpayers and Advisers Meet

Search found 61 matches

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by D&C
Mon Nov 05, 2018 10:28 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: NI contribuutions and state pension
Replies: 4
Views: 592

Re: NI contribuutions and state pension

That should be totally misunderstood ;)
by D&C
Mon Nov 05, 2018 10:26 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: NI contribuutions and state pension
Replies: 4
Views: 592

Re: NI contribuutions and state pension

I fear you have totally understood the new State Pension rules. The 35 years only applies to those starting out on their journey to a State Pension after 5 April 2016. You are clearly not in that position so the 35 years rule doesn't apply. Some people will get the max (or possibly more) without hav...
by D&C
Sat Nov 03, 2018 12:00 am
Forum: Income Tax
Topic: Higher rate for first time, looking at a SIPP?
Replies: 1
Views: 246

Re: Higher rate for first time, looking at a SIPP?

I calculate my total income as £53,750. I'm considering putting £4,000 into a pension, to bring me below the £50k and avoiding child benefit. High Income Child Benefit Charge is based on "adjusted net income" so your plan may well work and you would also be very likely to be entitled to high higher...
by D&C
Wed Aug 29, 2018 8:35 pm
Forum: Property Taxation
Topic: House Rental - Allowable Deductions
Replies: 3
Views: 707

Re: House Rental - Allowable Deductions

Sorry, should be 50% this year, 25% next and 0% in 2020:21.
by D&C
Wed Aug 29, 2018 8:31 pm
Forum: Property Taxation
Topic: House Rental - Allowable Deductions
Replies: 3
Views: 707

Re: House Rental - Allowable Deductions

You can't even claim all of the mortgage loan interest being paid on the house you are letting out as a deduction anymore. Limited to 50% this year, 75% next and 0% the year after. You can claim a tax credit instead against any rental profits but the change ultimately means you have higher taxable i...
by D&C
Sun Aug 26, 2018 9:42 pm
Forum: Income Tax
Topic: Tax You Owe - calculations
Replies: 3
Views: 473

Re: Tax You Owe - calculations

It is likely to be different because you are really comparing apples and pears :) The £85 is being collected over the whole year so (6 April to 5 April) The £196 is being collected from whenever your code was changed to account for this (August 2018?) to 5 April. So a bigger deduction is required as...
by D&C
Sat May 26, 2018 4:11 pm
Forum: Income Tax
Topic: Confusing payslip with some added bonus...
Replies: 1
Views: 502

Re: Confusing payslip with some added bonus...

First thing is that your annual income after the first payday of the year is £39,000 (£3,250 x 12) so you are only liable to pay 20% tax (based on the standard tax code of 1185L) But after your second pay day your annual income is £49,620 (£3,250 + £3,250 + £1,770 / 2 x 12) so you are paying some 40...
by D&C
Thu May 17, 2018 6:14 pm
Forum: Income Tax
Topic: Marriage Allowance - charity donations
Replies: 9
Views: 965

Re: Marriage Allowance - charity donations

I think you have been caught out by a quirk of the Marriage Allowance legislation which specifies at section 55B 2 (ba) If for the year the individual is liable to tax at the dividend nil rate, the individual would for that year neither be liable to tax at the dividend upper rate, not be liable to t...
by D&C
Wed May 16, 2018 10:04 am
Forum: Income Tax
Topic: Marriage Allowance - charity donations
Replies: 9
Views: 965

Re: Marriage Allowance - charity donations

This may be the result of Dividend income.

Would some higher rate tax have been charged if it hadn't been for the Dividend nil rate band (otherwise known as the Dividend Allowance)?
by D&C
Sun Mar 04, 2018 11:06 pm
Forum: Income Tax
Topic: New Landlord buy-to-let mortgage tax relief system and the consequences of going slightly over the lower rate tax band
Replies: 11
Views: 1502

Re: New Landlord buy-to-let mortgage tax relief system and the consequences of going slightly over the lower rate tax ba

There is one crucial thing you have misunderstood regarding the new Scottish tax regime. Scottish taxation only applies to certain types of income, two types of income which will continue to use UK tax rates and tax bands are savings interest and dividend income. This is an extremely complicated are...

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