Share Name Share Symbol Market Type Share ISIN Share Description
Tax Systems LSE:TAX London Ordinary Share GB00BDHLGB97 ORD 1P
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  +0.00p +0.00% 68.00p 66.00p 70.00p 68.00p 66.00p 68.00p 1,903.00 14:00:15
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General Retailers - - - - 51.68

Tax Systems Share Discussion Threads

Showing 1426 to 1449 of 1450 messages
Chat Pages: 58  57  56  55  54  53  52  51  50  49  48  47  Older
DateSubjectAuthorDiscuss
07/1/2017
09:30
Taxman unleashes its 'snooper computer': what information does its have on you? 0 Comments Reminder letter from HMRC for filing of self-assessment tax return The deadline for 2015/16 self assessment tax returns is looming, at the end of January Credit: DWImages /Alamy list of article image 2 Easy transfers to a foreign bank account What is the most cost-effective and convenient way to get money to loved ones abroad? Read more › Sponsored Laura Suter 7 January 2017 • 7:37am HM Revenue & Customs has spent years and £100m or more on a super-computer designed to identify those who may have paid too little tax. And now – with the deadline for filing 2015-16 tax returns just weeks away – the system is being fully deployed for the first time. Instead of relying solely on information provided by taxpayers via their returns, HMRC’s powerful “Connect”; system now draws on information from myriad government and corporate sources to create a profile of each taxpayer’s total income. Where this varies from the information provided by the taxpayer, the account is flagged and could be subject to further investigation. For the first time, HMRC is also using these powers to warn individuals to check that they have not underpaid. Sponsored stories Here’s the House Obama Will Live in After He Moves Out of the White House Here’s the House Obama Will Live in After He Moves Out of the White House Mansion Global Gamers around the world have been waiting for this game! Gamers around the world have been waiting for this game! Forge Of Empires Recommended by "We all leave a massive electronic footprint of where we are, when we are away, what we do and what we spend"George Bull, RSM Last month it sent letters to 10,000 individuals who had submitted their 2014-15 tax return without a complete declaration of savings interest received. HMRC said it had used information gathered from banks, peer-to-peer lenders such as Zopa and other financial institutions and then checked it against individuals’ tax returns. It sent letters to those with discrepancies. A spokesman said: “We have written to customers who appear to have under-declared untaxed interest.” Screen shot provided by Airbnb from their website shows a typical search for listings of rooms to rent Home-sharing website Airbnb is used by many to rent out rooms or their whole property, and earn additional income Credit: AP The Connect system’s data-hoarding does not stop at the income people have received from work and investment. “Connect broadly deals with information spontaneously available in government departments or as part of the digital footprint that people leave when they use the internet,” said George Bull, senior tax partner at RSM, the auditing and consulting firm. “We all leave a massive electronic footprint of where we are, when we are away, what we do and what we spend.” The Connect system crunches data from Airbnb, the rental platform, for instance, or eBay. It can also access Land Registry records to see houses purchased and ensure the correct tax has been paid. From there, further sources enable it to determine if properties are being rented out and whether that income has been declared. It can also determine if someone is likely to be able to afford such properties, or whether they are suspected of having used previously undeclared income or savings. HMRC gains anonymised information on all Visa and Mastercard transactions, enabling it to identify areas of likely underpayments which it can then target further, seeking details of individuals’ transactions where necessary. As of September last year, HMRC can now get information from banks and financial organisations in British overseas territories, such as the Channel Islands, while from this year it can gather this information from 60 more countries. “This is the tipping of the scales,” said Richard Morley of accountant BDO. “Five years ago those making minor tax errors would feel fairly safe. But HMRC now has more information and more access to information.” HMRC will also be one of the government bodies to gain access to information under new laws known commonly as the “snoopers̵7; charter”. The legislation means telecom providers store customers’ web browsing and email records for at least a year; it can then be accessed by the Government.
la forge
07/1/2017
09:30
Taxman unleashes its 'snooper computer': what information does its have on you? 0 Comments Reminder letter from HMRC for filing of self-assessment tax return The deadline for 2015/16 self assessment tax returns is looming, at the end of January Credit: DWImages /Alamy list of article image 2 Easy transfers to a foreign bank account What is the most cost-effective and convenient way to get money to loved ones abroad? Read more › Sponsored Laura Suter 7 January 2017 • 7:37am HM Revenue & Customs has spent years and £100m or more on a super-computer designed to identify those who may have paid too little tax. And now – with the deadline for filing 2015-16 tax returns just weeks away – the system is being fully deployed for the first time. Instead of relying solely on information provided by taxpayers via their returns, HMRC’s powerful “Connect”; system now draws on information from myriad government and corporate sources to create a profile of each taxpayer’s total income. Where this varies from the information provided by the taxpayer, the account is flagged and could be subject to further investigation. For the first time, HMRC is also using these powers to warn individuals to check that they have not underpaid. Sponsored stories Here’s the House Obama Will Live in After He Moves Out of the White House Here’s the House Obama Will Live in After He Moves Out of the White House Mansion Global Gamers around the world have been waiting for this game! Gamers around the world have been waiting for this game! Forge Of Empires Recommended by "We all leave a massive electronic footprint of where we are, when we are away, what we do and what we spend"George Bull, RSM Last month it sent letters to 10,000 individuals who had submitted their 2014-15 tax return without a complete declaration of savings interest received. HMRC said it had used information gathered from banks, peer-to-peer lenders such as Zopa and other financial institutions and then checked it against individuals’ tax returns. It sent letters to those with discrepancies. A spokesman said: “We have written to customers who appear to have under-declared untaxed interest.” Screen shot provided by Airbnb from their website shows a typical search for listings of rooms to rent Home-sharing website Airbnb is used by many to rent out rooms or their whole property, and earn additional income Credit: AP The Connect system’s data-hoarding does not stop at the income people have received from work and investment. “Connect broadly deals with information spontaneously available in government departments or as part of the digital footprint that people leave when they use the internet,” said George Bull, senior tax partner at RSM, the auditing and consulting firm. “We all leave a massive electronic footprint of where we are, when we are away, what we do and what we spend.” The Connect system crunches data from Airbnb, the rental platform, for instance, or eBay. It can also access Land Registry records to see houses purchased and ensure the correct tax has been paid. From there, further sources enable it to determine if properties are being rented out and whether that income has been declared. It can also determine if someone is likely to be able to afford such properties, or whether they are suspected of having used previously undeclared income or savings. HMRC gains anonymised information on all Visa and Mastercard transactions, enabling it to identify areas of likely underpayments which it can then target further, seeking details of individuals’ transactions where necessary. As of September last year, HMRC can now get information from banks and financial organisations in British overseas territories, such as the Channel Islands, while from this year it can gather this information from 60 more countries. “This is the tipping of the scales,” said Richard Morley of accountant BDO. “Five years ago those making minor tax errors would feel fairly safe. But HMRC now has more information and more access to information.” HMRC will also be one of the government bodies to gain access to information under new laws known commonly as the “snoopers̵7; charter”. The legislation means telecom providers store customers’ web browsing and email records for at least a year; it can then be accessed by the Government.
la forge
05/1/2017
17:05
UK-Swiss Terminate Savings Tax Deal For Automatic Info Exchange by Jason Gorringe, Tax-News.com, London 05 January 2017 Google + Delicious Reddit The UK and Switzerland have terminated tax arrangements under the Savings Tax Directive and will instead share information in tax matters automatically under the Common Reporting Standard. The UK Government said, under the switch to the OECD's Common Reporting Standard, UK taxpayers will no longer be able to pay a withholding tax to stop their information being shared with HM Revenue and Customs. Under the UK-Swiss Confederation Taxation Co-operation Agreement, agreed in 2011 and implemented from 2013, UK residents with Swiss bank accounts were required to either permit the disclosure of bank details to HMRC or pay a substantial withholding tax to maintain their anonymity. This arrangement was negotiated on the basis of the EU Savings Tax Directive. Although the UK Government at the time had been optimistic that the deal would bring in substantial revenues, the deal resulted in just a quarter of the anticipated revenue in its first fiscal year in operation. The Agreement has now been terminated. - See more at: Http://www.tax-news.com/news/UKSwiss_Terminate_Savings_Tax_Deal_For_Automatic_Info_Exchange____73140.html#sthash.Dj1orwDk.dpuf
ariane
01/1/2017
10:49
Http://www.taxresearch.org.uk/Blog/2017/01/01/if-were-tackling-fake-news-lets-stop-the-official-lying-about-the-scale-of-government-borrowing/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+org%2FlWWh+%28Tax+Research+UK+2%29
waldron
01/1/2017
10:47
Http://www.taxresearch.org.uk/Blog/2017/01/01/if-were-tackling-fake-news-lets-stop-the-official-lying-about-the-scale-of-government-borrowing/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+org%2FlWWh+%28Tax+Research+UK+2%29
waldron
07/7/2016
14:57
Http://www.theweek.co.uk/74272/britons-should-pay-uk-tax-wherever-they-live-in-the-world
waldron
12/4/2016
12:37
Http://www.irishtimes.com/business/economy/think-you-pay-too-much-tax-the-oecd-finds-you-don-t-1.2607667
la forge
12/4/2016
12:34
Http://www.irishtimes.com/business/economy/think-you-pay-too-much-tax-the-oecd-finds-you-don-t-1.2607667
la forge
16/3/2016
21:35
Text back to normal now. Revenue must have just cashed my cheque!
asmodeus
16/3/2016
11:01
Well you gotta larf, aintcha? ;-) http://www.dailymail.co.uk/money/saving/article-3494088/How-dragged-savings-tax-chaos-New-rules-let-earn-1-000-tax-free-savers-hit-errors.html
pvb
15/3/2016
18:39
Everything? It looks OK on my browser. Perhaps you haven't paid your tax! ;-) Some of the wording in MIATA's original heading is in red.
pvb
15/3/2016
18:28
Why is everything appearing in red here?
asmodeus
15/3/2016
18:23
OK. Thanks, asmodeus. I hope it does help somebody.
pvb
15/3/2016
18:22
Thank you pvb. You may not be a taxexpert, but you have taken a lot of trouble to learn just as much as one, and your Post is much appreciated by this basic-rate payer for one.
asmodeus
15/3/2016
17:31
[N.B. No Edit] OK so possibly nobody is interested. Either because: 1. Nobody is interested 2. Everyone on ADVFN is already fully familiar with all this 3. Everyone on ADVFN already files a SA tax form 4. Or... ;-) But surely there have to be some Basic Rate Taxpayers on here who need to know and understand the new income tax system, due to come in at the start of the new Tax Year and how it could/might affect them. From 6th April this year Tax on income, such as interest payments and share dividends, is no longer handled 'automatically' for BR taxpayers and will in future be collected from you directly using the PAYE system, via adjustment to your annual Tax Code. So is your Tax Code correct? How do you know? Have you checked? Yes I know it's boring but you need to pay attention. WARNING What follows is based on my experience, is all only MY OPINION etc. and directed at BR taxpayers. I'm sure HR taxpayers can work it out for themselves and will anyway be filing a SA form (for now at least). I AM NOT ANY KIND OF TAX EXPERT. Anyways, here is a summary to date of 'what we know'. It's all about this, the governments plans for income Tax to go digital: https://www.gov.uk/government/publications/making-tax-digital This is the proper reason for the new personal £1000 tax free allowance on interest payments. Forget all that "help for hard working people" stuff, IMO it's real point is to take the majority of BR taxpayers out of personal taxation for interest - this makes the upcoming HMRC online taxation IT systems workable and also takes the political heat off the government if otherwise practically all taxpayers woke up and realised they faced a future of fiddling around with taxation and the HMRC. I assume everyone knows that, from 6th April this year, interest paid on cash accounts will be paid gross, no tax will be taken off at source. It will still be taxed (at 20% for BR taxpayers), but only above the new £1000 Personal Interest Allowance. Also, dividends will be taxed above the £5000 Dividend Allowance (at 7.5% for BR taxpayers). These taxes will in future all be paid directly by you, usually via the PAYE system. How is your Tax Code derived? Simple: Start with the Annual Personal Allowance (£11,000 - 2016/17) add on the personal Savings Allowance (£1000 - 2016/17). Total = £12,000 Then they start taking things off: Dividend Tax e.g -£225 (see below for an explanation of this figure) Interest paid gross e.g -£1500 State Pension (paid gross) e.g. -£7000 Result 12,000 - (225 + 1500 +7000) = 3275 If you are a BR taxpayer on the standard allowance then your Tax Code will be 327L. This is given to your main PAYE payer and they will take off ALL the tax due from your main PAYE income at the 20% rate (BRT taxpayers). The point of the above seems to be that effectively (assuming BRT) ALL the above can be taxed at the 20% rate (BRT on PAYE income, Savings Rate Tax on interest and also at 20% on the 'dividend income') and collected from your PAYE source - pay or pension. Hang on! Isn't dividend tax 7.5% NOT 20% (for BR taxpayers)? And what about that £5000 dividend allowance? Correct. That is why the 'dividend income' of £225 shown above is not the real taxable dividend you receive it is an adjusted amount derived from the actual figure you are expected to receive. It seems to work like this: say you are expected to receive £5600 in dividends during the tax year 2016/17 so, the adjusted figure in the Tax Code calculation is equal to 7.5/20 * (Expected Dividends - Dividend Allowance). So in this case: £5600 - £5000(div allowance) = £600 taxable dividends. Following adjustment by the ratio of the 7.5% Dividend Taxation rate and the 'normal' 20% basic rate we get: (7.5/20) * £600 = £225 And it is this 'reduced' figure that appears in the Tax Code calculation rather than the 'actual' £600 of taxable dividends above the £5000 dividend allowance, to be taxed at the 20% rate (for BR taxpayers). Neat huh? The point is, the interest and dividends used are those assumed or known to HMRC for the tax year 2016/17. IS IT CORRECT? Only you know or can estimate this in advance. But the figures shown on your recent Tax Coding Notice will be used to collect the tax from your income via PAYE in advance, not after you have received it. You need to check that it is reasonably correct or you can end up paying too much or too little tax during the year - it is no longer neccesarily 'automatic' even for BR taxpayers. At the end of the tax year any errors will need to be adjusted either by payments or adjusting the next years Tax Code. This will be done via the Online Personal Tax Account in future yeras, according to the government documentation. If incorrcet now you may get your Tax Code adjusted by filling in this form online: HTTPS://online.hmrc.gov.uk/shortforms/form/P2?dept-name=&;sub-dept-name=&location=43&origin=HTTP://www.hmrc.gov.uk I did this as my Code was too low and I have had it raised. They aim to get back to you in 15 days. It seemed painless enough You can wait for your new tax code to be posted to you or look at your Online Personal Tax Account (if you have one). You can do this after registering using your Government Gateway Account credentials (if have one) or using the newer GOV.UK Verify service, which uses approved companies (eg Post Office, Verizon) as sponsors to guarantee you are who you say you are. Here is the Government Gateway route: HTTPS://www.tax.service.gov.uk/account/sign-in?continue=/personal-account/do-uplift First time you will need to register for the Online Tax Account - You need, DOB, NI number and likely a P60 as they asked me for details as a check. You need a phone for a one time PIN number sent by SMS every time you log on. This sytem is still in public BETA but will, presumably, 'go' from 5th April.
pvb
09/3/2016
13:21
Firstly, apologies for quoting from the Daily Mail. And, as usual, you have to discount the "we'll all be murdered in our beds" flavour. ;-) However, with only about 28 days to go, public noises are finally being made: http://www.thisismoney.co.uk/money/saving/article-3482777/Savings-tax-shambles-New-rules-soon-let-earn-1-000-tax-free-explain-details-reforms-work.html
pvb
05/3/2016
00:55
http://www.bbc.co.uk/news/business-35722328 HMRC on "Making Tax Digital" : https://www.gov.uk/government/publications/making-tax-digital
pvb
28/2/2016
15:59
...the only institution I am currently aware of who has made an attempt at communicationg the significance of the changes to its customers is Coventry Building Society.
pvb
24/2/2016
15:04
And have since received my 206/17 Tax Coding Notice. Huh! I knew it would be like this! I said so. They weren't listening. They are now. Well actually, no they aren't. Nobody seem to be addressing the new Income Tax system (effective 6th April 2016) and how it could/might/will effect people (in particular some BRT payers). Nothing on Moneybox etc. At least I haven't heard as of yet. They will. ;-) The new system effectively works in advance, even for BRT payers. Think about it. Whatever happened to 'simple'? :-(
pvb
19/2/2016
14:01
The digital Personal Tax Accounts (Beta version) are now accessible online via the Government Gateway (as well as directly via HMRC) - if you have a GG account. HTTPS://www.tax.service.gov.uk/account/sign-in?continue=/personal-account/do-uplift Can register with a P60 (for NI number plus data) plus mobile for texted one time login code.
pvb
10/11/2015
11:07
Interesting! I have just received my "Annual Tax Summary 2014-15" from HMRC. This is only the second year these have been sent out, I shall study it closely. The thing is, what about next tax year? It will be interesting to see how all this works out going forward wrt the 'Tax Free £1000 savings interest' (£1000 for BR taxpayers at least), the changes in the taxation system for share dividends and the new Online Personal Tax Accounts. Anyone heard any news on those?
pvb
13/4/2015
06:57
Best wishes to Miata.Not many give great advice so freely and unselfishly over many years.
stopps
12/4/2015
11:04
goatherd please pass my best wishes onto Miata for all the helpful and invaluable advice he has undintingly provided to everyone on his thread over many years. Without knowing his medical circumstances I wish him as an absolute minimum a speedy improvement to his health although preferably a return to full health and a dramatically improved quality of life. IE
investoree
12/4/2015
10:39
Further to my 1316 - at last, here is an explanation of "gross" and "net" dividends from the AITC. "What about overseas dividends? This is more complicated and has to be looked at on a case-by-case basis, as some overseas countries do deduct withholding tax from the dividends which you may be able to reclaim. However, most investment companies which are not based in the UK are based in the Channel Islands. For these, the tax position for dividends is exactly the same as for a UK based investment trust. No tax is deducted from the dividend and you are entitled to the same 10% tax credit. It is therefore not true to say that Channel Islands investment companies pay dividends ‘gross’ and UK based investment trusts pay dividends ‘net’. If either declares a £9 dividend, you will receive £9 in cash and will pay exactly the same amount of income tax on it." Of course this confirms pvb's 1317. But did I ever doubt it? Many thanks.
asmodeus
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