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Where Taxpayers and Advisers Meet

Search found 25 matches

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by Cap_Scarlet
Fri Apr 12, 2019 11:58 am
Forum: Income Tax
Topic: Which exchange rate to apply?
Replies: 5
Views: 312

Re: Which exchange rate to apply?

Got it - thank you both.

So there is a bit of flexibility.
by Cap_Scarlet
Tue Apr 09, 2019 10:08 am
Forum: Income Tax
Topic: Which exchange rate to apply?
Replies: 5
Views: 312

Re: Which exchange rate to apply?

HMRC publsh their own monthly averages I believe. But you can use a market rate if it's reasonable.
Yes, thanks, i know that.

My question was whether to apply the average for the month or the actual rate on the day the cash was received?
by Cap_Scarlet
Fri Apr 05, 2019 6:42 pm
Forum: Income Tax
Topic: Which exchange rate to apply?
Replies: 5
Views: 312

Which exchange rate to apply?

For overseas income that is received monthly which exchange rate should I apply for UK income tax purposes. I assume the rate on the day the income was received?
by Cap_Scarlet
Wed Feb 13, 2019 1:44 pm
Forum: Income Tax
Topic: Contractor Company Alphabet shares
Replies: 1
Views: 285

Contractor Company Alphabet shares

We currently own a newly (last year) established company in which my wife and I are both directors and equal shareholders (1 share each). I want to waive my right to dividends and understand the best way to do that is via issue of alphabet shares which should have the same rights as the existing ord...
by Cap_Scarlet
Fri Dec 07, 2018 4:58 pm
Forum: VAT & Excise Duties
Topic: VAT on Hotel
Replies: 3
Views: 548

Re: VAT on Hotel

i would say pretty much any scenario is possible here with these "hotel type aggregators" or middlemen- and there definitely is the possibility that you could miss out on an allowable input vat reclaim by using one of these sites. All you need to do though is confirm the vat treatment with 100% cer...
by Cap_Scarlet
Fri Dec 07, 2018 3:48 pm
Forum: VAT & Excise Duties
Topic: VAT on Hotel
Replies: 3
Views: 548

VAT on Hotel

I have recently registered for VAT and have noticed that when I book a hotel via an online business (e.g. Anoma) as they are based in Spain they are saying the supply is exempt? Is this correct? If so then a) it is misleading and b) It means that effectively I am paying a 20% mark up. Other than boo...
by Cap_Scarlet
Fri Nov 23, 2018 12:14 pm
Forum: Income Tax
Topic: Limited company pension contributions
Replies: 2
Views: 242

Re: Limited company pension contributions

The wording you have used makes me worry you do not understand the difference between employer contributions (no tax relief for the individual) and personal contributions (basic rate tax relief). That's why I am asking - I understand the personal limits but wanted to understand whether there are an...
by Cap_Scarlet
Fri Nov 23, 2018 10:33 am
Forum: Income Tax
Topic: Limited company pension contributions
Replies: 2
Views: 242

Limited company pension contributions

I understand taper relief that for every £2 of income over £150k my available tax relief reduces by £1 such that over an income of £210k relief is limited to £10,000. My question is if my limited company is contributing to a pension on my behalf does that mean that the company would not receive a co...
by Cap_Scarlet
Fri Nov 02, 2018 10:02 am
Forum: Income Tax
Topic: UK tax credit for overseas tax paid
Replies: 0
Views: 388

UK tax credit for overseas tax paid

I am now a UK resident but still deriving earned income from overseas which is taxed overseas (in Germany). Quick question, when I submit my UK tax return, if it turns out in total I have overpaid tax (taking into account both UK and overseas) will I get a tax refund in the UK? Or is any overpayment...
by Cap_Scarlet
Thu Aug 09, 2018 11:02 pm
Forum: Income Tax
Topic: Optimizing tax in the UK
Replies: 2
Views: 414

Optimizing tax in the UK

I am looking for a general steer before I pay my tax advisor for some more detailed advice :) Here is my thinking. My wife and I moved back to the UK on 5 April 2018 after a long time overseas so we will be fully tax resident for 2018 / 2019. We have income as follows: 1. Consultancy income for me c...

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