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Where Taxpayers and Advisers Meet

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by Lambs
Sat Dec 04, 2004 5:54 am
Forum: Income Tax
Topic: overseas employment
Replies: 2
Views: 1180

Don't forget National Insurance Contributions!

Duties performed in the UK must be wholly incidental to work performed outside UK - with directors, reporting back to a UK board would NOT normally be incidental.

Regards

lambs
by Lambs
Sat Dec 04, 2004 5:45 am
Forum: Tax Investigations and Enquiries
Topic: Accountant won't send my documents
Replies: 9
Views: 5635

<t>Have you advised the Inland Revenue of the problem? Under the circumstances, I suggest you do so, personally, at your earliest opportunity.<br/> <br/> Despite the fact that you have apparently appointed an accountant to act on your behalf to deal with tax matters, you must appreciate that your ow...
by Lambs
Sat Dec 04, 2004 5:39 am
Forum: Income Tax
Topic: INcome tax repayment? US/UK
Replies: 4
Views: 1621

<r>Hmmm. Unfortunately, you are contemplating a quite complex area of personal taxation. It doesn't help that, by inference, you are actually a Canadian national and "started off" in Canada. I am quite surprised that you think that you are "tax exempt" here in the UK: most people who earn in the UK ...
by Lambs
Sat Dec 04, 2004 5:15 am
Forum: Capital Gains Tax, CGT
Topic: Capital gains tax on 2 properties
Replies: 1
Views: 1286

<r>I don't think that you will, but the answer to your question is not necessarily straight forward. Firstly, let's consider Principal Private Residence (Relief), or PPR. One's home is normally a capital asset, and as with most capital assets, falls within the ambit of Capital Gains Tax, (CGT), rath...
by Lambs
Thu Dec 02, 2004 12:26 pm
Forum: General
Topic: Competition - Most interesting part of the pre-Budget Report
Replies: 0
Views: 885

<t>There will be absolutely no great prizes for finding the most interesting / important issue to come out of the pre-Budget Speech.<br/> <br/> Come on, prove that we're not all boring, (or being bored by Mr. Brown), and find us something to raise the eyebrows!<br/> <br/> The gauntlet has been throw...
by Lambs
Thu Dec 02, 2004 6:25 am
Forum: Income Tax
Topic: PLEASE Tell Me This Isn't True....(non-res income tax)
Replies: 4
Views: 2479

<t>If you have stayed out of the UK for a complete tax year, i.e. past 5th April 2005, then your overseas earnings between 6/4/04 and 5/4/05 should fall out of the UK tax net because you were not physically present in the UK for a complete tax year, so cannot be deemed resident in the UK for that ta...
by Lambs
Wed Dec 01, 2004 6:10 pm
Forum: Income Tax
Topic: Tax implications of money in Offshore account
Replies: 4
Views: 1800

<r>Er, no?<br/> Your first sentence is heading in the right direction: if you'd been out working full time for a complete tax year, then your earnings would normally escape UK tax. However, you haven't satisfied this test, and you're taxable in the UK on your worldwide earnings, as and when you earn...
by Lambs
Wed Dec 01, 2004 5:12 pm
Forum: Capital Gains Tax, CGT
Topic: Negligible value claim
Replies: 2
Views: 1244

<t>Would it not be easier to move the profitable parts of the trade out to another company, and crystallise a loss-making disposal through s24 when the first company's killed off?<br/> <br/> NV's great, but I am afraid I agree with the Revenue - how can they be of NV whilst it's continuing to trade?...
by Lambs
Wed Dec 01, 2004 4:55 pm
Forum: General
Topic: Starting a business - ltd co or sole trader?
Replies: 4
Views: 1497

<t>Oooh, let me guess.....rent a room?<br/> <br/> Ferret, you should perhaps take a step back from looking just at tax, and consider the broader picture: a limited liability company offers you exactly that: limited liability. Even if it's going to be a relatively small concern, it's better to be lim...
by Lambs
Wed Dec 01, 2004 4:31 pm
Forum: Income Tax
Topic: PLEASE Tell Me This Isn't True....(non-res income tax)
Replies: 4
Views: 2479

<r>Don't want to burst your bubble, but in theory yes, the UK Revenue could apply tax and NI. You need to look at the Revenue's booklet IR20.<br/> <br/> <URL url="http://www.inlandrevenue.gov.uk/pdfs/ir20.htm">http://www.inlandrevenue.gov.uk/pdfs/ir20.htm</URL><br/> <br/> and consider the parts abou...

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