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Where Taxpayers and Advisers Meet

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by AmanSood
Sun Jan 29, 2017 9:30 pm
Forum: International Tax
Topic: US Class A Common Stock
Replies: 1
Views: 553

Re: US Class A Common Stock

Hi pasture1970, the implications are dependent on your residence status (UK or US tax resident) and your US citizenship status.
by AmanSood
Sun Jan 29, 2017 9:27 pm
Forum: International Tax
Topic: declaring foreign (australian) income + FBT on UK tax return
Replies: 1
Views: 885

Re: declaring foreign (australian) income + FBT on UK tax return

Hi mgp4 In response to your queries 1) Can I declare the income as detailed on my australian tax summary or do I have to declare my income including the income that was deducted as salary sacrifice? Salary sacrifice is normally viewed as being effective in the UK. It is worth making sure that the sa...
by AmanSood
Sun Jan 29, 2017 9:20 pm
Forum: International Tax
Topic: UK to Australia tax queries (disputed tax)
Replies: 1
Views: 654

Re: UK to Australia tax queries (disputed tax)

from the point at which you leave the UK, you will most likely become non-UK tax resident so the UK HMRC an only tax you on UK sourced income. You would still be liable to any UK tax potentially due on the loans whilst you were UK tax resident but after you leave there shouldn't be a need to pay any...
by AmanSood
Sun Jan 29, 2017 9:09 pm
Forum: Income Tax
Topic: How to claim remittance basis
Replies: 2
Views: 1242

Re: How to claim remittance basis

It's too late to file a paper return as deadline was 31 Oct and unfortunately you can't elect to be taxed on a remittance basis using HMRC's standard software. you will need commercial software and HMRC's website (https://www.gov.uk/government/publications/self-assessment-commercial-software-supplie...
by AmanSood
Sun Jan 29, 2017 9:05 pm
Forum: Income Tax
Topic: Section 336 Claim to support P11D expenses
Replies: 2
Views: 2832

Re: Section 336 Claim to support P11D expenses

The claim under s336 is necessary to ensure that HMRC doesn't treat your expenses as taxable benefits as opposed to genuine business expenses which are not taxable. If you did not file the note, i'd recommend making the claim on your tax return as otherwise HMRC will assume these expenses are taxabl...
by AmanSood
Sun Jan 29, 2017 9:01 pm
Forum: Income Tax
Topic: self employment to paye tax
Replies: 2
Views: 1264

Re: self employment to paye tax

the amount of tax being withheld each month by your employer via PAYE/payroll cannot be more than 50% of your monthly income. So for example, if your salary is £30,000 (£2,500 a month), the maximum tax that can be withheld by HMRC is £1,250 per month and this is all dependent on the tax code which i...
by AmanSood
Sun Jan 29, 2017 8:57 pm
Forum: Income Tax
Topic: Freelance income from overseas
Replies: 2
Views: 968

Re: Freelance income from overseas

Hi As a starting point, it's worth understanding 2 key points:- 1) Whether your LLC has a permanent establishment/base in the UK; and 2) Whether you would be viewed as an employee of the LLC rather than self employed. If the answer is yes to the above 2 questions, then the simplest option is for the...
by AmanSood
Sun Jan 29, 2017 8:51 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Help with Employer Payroll Error
Replies: 1
Views: 534

Re: Help with Employer Payroll Error

Hi Ohdear, the only possible explanations I can think of is that the amount of the pension contributions per you payslip are reduced by 20% so no actual tax is being deducted at source. Otherwise like you say it's likely to be a big issue particularly for individuals who are not 40% higher rate taxp...
by AmanSood
Thu Jan 12, 2017 10:58 pm
Forum: Income Tax
Topic: Tax Bill Seems To High?
Replies: 3
Views: 1394

Re: Tax Bill Seems To High?

the tax liability due by 31 January may also include a payment on account in relation to the current year's tax liability as HMRC assume you will have the same amount of self employment income as in the previous tax year. Whilst completing your tax return, it will provide a breakdown of how your tax...
by AmanSood
Wed Jan 11, 2017 6:17 am
Forum: Income Tax
Topic: my wifes income tax
Replies: 5
Views: 1539

Re: my wifes income tax

Hi Gibbage, the tax free personal allowance for 2015/16 is £10,600 and if your wife's only income is a self employment income of £8,000, then you are correct that she wouldn't have to pay any tax in the UK. Presumably you have completed the return as her being UK tax resident and there are no other ...

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