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Where Taxpayers and Advisers Meet

Search found 215 matches

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by AmanSood
Mon Mar 13, 2017 8:37 am
Forum: Savings & Investments, Pensions & Retirement
Topic: How Do I Claim Tax Releif on Pension Contribution
Replies: 3
Views: 1407

Re: How Do I Claim Tax Releif on Pension Contribution

Think there's more information needed in order to advise you on the situation but i'll provide a high level overview and make a few assumptions. I'll assume that the £50k interest earned would be treated as taxable income on you and will therefore need to be reported on your self assessment tax retu...
by AmanSood
Sat Mar 11, 2017 8:24 pm
Forum: Income Tax
Topic: Mileage for employees to place of study
Replies: 3
Views: 1237

Re: Mileage for employees to place of study

I have a different view to bd6759. The location you are attending is not a temporary workplace as you are not working there but studying. This would count as work related training and would be exempt if the Company reimbursed the travel to the study place (s250 ITEPA). However, if the Company choose...
by AmanSood
Sat Mar 11, 2017 9:51 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Tax and NI on back pay
Replies: 2
Views: 1325

Re: Tax and NI on back pay

tricky situation! from the Company's perspective, it's simpler to just tax it when it's paid to you in the relevant tax year as otherwise they would have to open up their payroll records for the last 6 years which would be difficult for them. Unfortunately with this approach, as you say you would be...
by AmanSood
Sat Mar 11, 2017 9:42 am
Forum: International Tax
Topic: Bringing funds from overseas to UK
Replies: 8
Views: 3833

Re: Bringing funds from overseas to UK

Thank you AmanSood for your reply. If after we decide to return to the UK and be fully domiciled there is a possibility that I may leave some funds in a bank account overseas, these are just funds and not investments or assets. If i decided at a later date that I would like to transfer the remainde...
by AmanSood
Thu Mar 09, 2017 9:53 am
Forum: Capital Gains Tax, CGT
Topic: Capital Gains and Income Tax
Replies: 2
Views: 637

Re: Capital Gains and Income Tax

In your example your total income is £60k (£42k gains and £18k income). Assuming you are talking about the 2016/17 UK tax year, the tax payable would be calculated as follows:- Income Earned - £18,000 Personal Allowance - £11,000 Taxable income = £18,000 -£11,000 - £7,000 Gains made - £42,000 Gains ...
by AmanSood
Thu Mar 09, 2017 9:34 am
Forum: International Tax
Topic: Bringing funds from overseas to UK
Replies: 8
Views: 3833

Re: Bringing funds from overseas to UK

The remittance basis tax only applies in the year you are UK tax resident. So in your case, assuming the income you plan to bring into the UK was all earned whilst you were non-UK tax resident (which would be the case if as you say you have been working overseas fulltime for the last 8 years) then t...
by AmanSood
Wed Mar 08, 2017 10:37 am
Forum: Savings & Investments, Pensions & Retirement
Topic: Exceeding Pension Annual Allowance
Replies: 1
Views: 1092

Re: Exceeding Pension Annual Allowance

If you exceed your annual allowance then you have to pay any additional tax due on the excess via your self assessment tax return. So in your example, the annual allowance has been exceeded by £10k. The amount in your pension is still £10k and not £6k. When you file your return you would have to pay...
by AmanSood
Wed Mar 08, 2017 10:20 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: tax on railcard refund
Replies: 2
Views: 1053

Re: tax on railcard refund

Hi, the basic position is that the amount of an employment related loan outstanding is no more than £10,000 for no taxable benefit to arise. I assume your annual season ticket is less than £10,000 and therefore not considered a taxable benefit. Therefore, where your employer pays for your season tic...
by AmanSood
Wed Mar 08, 2017 10:09 am
Forum: International Tax
Topic: Split pay
Replies: 1
Views: 523

Re: Split pay

Presumably whilst posted in Malaysia you will no longer be tax resident in the UK? If so, then you wouldn't be taxed on any of your employment income whilst working in Malaysia. The key consideration is whether Malaysia would give you relief for any contributions paid by you/your employer into your ...
by AmanSood
Mon Mar 06, 2017 9:50 am
Forum: Income Tax
Topic: Minor and dividends
Replies: 12
Views: 2883

Re: Minor and dividends

Nothing wrong with paying your Niece dividends. However, any dividends received by your Niece would need to be declared as income for her parents as she is a minor.

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