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Where Taxpayers and Advisers Meet

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by AmanSood
Mon Mar 06, 2017 9:50 am
Forum: Income Tax
Topic: Minor and dividends
Replies: 12
Views: 3296

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.
by AmanSood
Sat Feb 25, 2017 8:01 pm
Forum: International Tax
Topic: UK NZ Dta
Replies: 2
Views: 825

Re: UK NZ Dta

You can't get a credit for UK NIC paid and also the credit for the UK taxes would be capped at the NZ tax rate. You may also have overpaid UK tax if you left the UK part way through the 2015/16 tax year so may be due a refund from HMRC.
by AmanSood
Fri Feb 24, 2017 9:53 am
Forum: Income Tax
Topic: Tax Code K2259
Replies: 2
Views: 1602

Re: Tax Code K2259

The K code definitely does not sound right and you should call HMRC to get this corrected. If it's not corrected, it basically means that they will assume you have additional taxable income in the year of £22.6k and you would pay an additional amount of tax on it at 20%/40%. Your tax bill for the mo...
by AmanSood
Wed Feb 22, 2017 9:53 am
Forum: International Tax
Topic: Not paying tax in previous Italian tax year
Replies: 2
Views: 760

Re: Not paying tax in previous Italian tax year

Question isn't clear and more information is needed in order to comment such as 1) Was she working as an employee whilst in Italy and if so did the Italian employer withhold Italian taxes? 2) Was she working as a freelancer in Italy? 3) Are you trying to get agreement that the £2,000 isn't taxable i...
by AmanSood
Wed Feb 22, 2017 9:48 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Tax on Backpay
Replies: 2
Views: 738

Re: Tax on Backpay

The £1,000 backpay is still salary and is taxable via the payroll as normal subject to PAYE/NIC withholding. No personal income tax to pay via your self assessment tax return for example..
by AmanSood
Mon Feb 20, 2017 10:58 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Two PAYROLLs in one Agency
Replies: 3
Views: 1218

Re: Two PAYROLLs in one Agency

Hi Jakub As you are in 2 separate jobs, the BR tax code would apply. You should contact HMRC to let them know and they may issue you with a revised tax code but if you remain on 2 payrolls the challenge will be how to apply this as you could end up underpaying tax. Simplest approach might be to come...
by AmanSood
Mon Feb 20, 2017 10:55 am
Forum: International Tax
Topic: Foreign Interest and Gifts
Replies: 4
Views: 956

Re: Foreign Interest and Gifts

Hi 1) on the basis that your wife is UK resident and UK domiciled, then strictly she would be taxable on her worldwide income. However, on the basis that her only income is the interest income of £1,000 then this would be covered by her personal allowance (currently £11k) which she would be entitled...
by AmanSood
Fri Feb 17, 2017 1:49 pm
Forum: Income Tax
Topic: K tax code
Replies: 5
Views: 3944

Re: K tax code

you should contact HMRC and get your tax code amended as this would be incorrect especially since you only earn £14k per year and in total you should only pay tax of £600 for the tax year.
by AmanSood
Fri Feb 17, 2017 11:47 am
Forum: Income Tax
Topic: K tax code
Replies: 5
Views: 3944

Re: K tax code

The K tax code basically means you will be treated as having a notional amount of income to recover the underpaid tax from the previous year. I would assume you are a 45% tax payer and therefore the tax underpaid is (45% x £1205 = £542). This amount will be clawed back from you via the payroll in eq...
by AmanSood
Thu Feb 16, 2017 10:13 am
Forum: HMRC Administration, Practices & Methods
Topic: HMRC paperwork required when returning to the UK
Replies: 2
Views: 2521

Re: HMRC paperwork required when returning to the UK

Hi, your P45 from 2010 is no longer relevant. So when you are back in the UK and start your new employment, your employer will set you up on the payroll as having your first job and therefore you should not be on the emergency tax code. Likewise the P85 is no longer relevant as that applies when you...

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