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TAX Tax Systems

112.50

0.00 (0.00%)

03 May 2024 - Closed

Delayed by 15 minutes

Tax Systems Investors - TAX

Share Name	Share Symbol	Market	Stock Type
Tax Systems	TAX	London	Ordinary Share

	Price Change	Price Change %	Share Price	Last Trade
	0.00	0.00%	112.50	01:00:00

Open Price	Low Price	High Price	Close Price	Previous Close
			112.50	112.50

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Posted at 28/3/2024 16:56 by apotheki Contact HSBC's Investor Relations - contact details should be on the HSBC website Plus remember that in the U.K. that there is NO CGT payable on death just potentially IHT depending on the size of the estate. Read Full Thread Reply
Posted at 17/11/2022 15:00 by florenceorbis Autumn Statement 22: 'Double whammy against investors' with hit on dividend and CGT allowances Employers' NICs threshold frozen Valeria Martinez 17 November 2022 • 2 min read The government is halving the dividend tax allowance, Chancellor Jeremy Hunt has announced, falling from £2,000 to £1,000 next year and to £500 from 2024. The dividend allowance was introduced to help savers in 2017, explained Shaun Moore, financial planning expert at Quilter. Having initially been at £5,000, it has been frozen at £2,000 for the past five years, which covered the majority of savers' dividend income. The Chancellor's move will mean more people end up paying tax on their dividends, he said. "For a basic rate taxpayer, the reduction in the dividend allowance to £1,000 will mean they will end up paying £87.50 more in tax. Similarly, if you are a higher rate taxpayer this rises to £337.50 more in tax and £393.50 if you are an additional rate taxpayer. From April 2024, a basic rate taxpayer will pay £123.75 more, increasing to £506.25 and £590.25 for a higher rate and additional rate taxpayer respectively." Delivering his Autumn Statement at the House of Commons today, Hunt also said the annual capital gains tax exemption will fall from £12,300 to £6,000 next year, and then be cut to £3,000 from April 2024. "The cut in the dividend allowance and Capital Gains Tax threshold is a double whammy against investors," said Charles Incledon, client director at Bowmore Asset Management. "Cuts to this income could cause a real squeeze on the finances of many small investors, especially those who are retired and depend on dividend income from their shares. Bad news considering that we have a cost of living crisis at the moment," he added. Autumn Statement 22: Government unveils £13.6bn package to support business rates payers Think tank Capital Economics had said that another possible measure would be raising the dividend tax rate by 1.25 percentage points across all three tax bands, but Hunt did not confirm this in his speech. The chancellor also announced the government will freeze the employers' NICs threshold until April 2028. However, it will retain the Employment Allowance at its new, higher level of £5,000. According to Hunt, some 40% of all businesses will still pay no NICs at all. Meanwhile, the VAT registration threshold will be maintained at its current level until March 2026. Other measures include a series of "stealth" raids on income tax. The chancellor has also lowered the threshold at which people pay the 45p rate of income tax from £150,000 to £125,140. A month ago, Hunt, who was appointed Chancellor of the Exchequer on 14 October, ripped up the bulk of former chancellor Kwasi Kwarteng's Mini Budget, reversing nearly all the tax measures introduced in the 'Growth Plan' unveiled on 23 September. The measures he reversed included the £6bn cut in the basic rate of income tax, changes to dividend taxes, a VAT tax break for foreign shoppers and a freeze on alcohol duty. Read Full Thread Reply
Posted at 29/3/2022 11:56 by la forge Published in: Investing 29th March 2022 Share dividends tax: why taking action NOW could help you avoid next week’s hike Updated: 29th March 2022 by Karl Talbot Share dividends tax: why taking action NOW could help you avoid next week’s hike A new tax year begins on Wednesday 6 April. From this date, the tax on share dividends will increase by 1.25%. However, if you’re worried about the tax hike, don’t despair. Here’s how you might be able to avoid share dividends tax by taking action ahead of the changes. What is share dividends tax? Share dividends tax applies to dividends received on shares. It also applies to any income you pocket from funds that invest in shares. For the current 2021/22 tax year, the dividends tax rate that applies to you depends on your income. Here’s the lowdown: Basic rate taxpayers pay 7.5% share dividends tax Higher rate taxpayers pay 32.5%. Additional rate taxpayers pay 38.1%. Importantly, you only pay the above rates on any dividends above the £2,000 dividends allowance. The allowance will remain at this level for 2022/23. How is share dividends tax changing from 6 April? The new tax year begins on Wednesday 6 April. From this date, the share dividends tax will increase by 1.25%. So, from 2022/23, the following share dividends tax rates will apply: Basic rate taxpayers will have to pay 8.75%. Higher rate taxpayers will pay 33.75%. Additional rate taxpayers will pay 39.35%. Again, these rates only apply to dividends you receive over the £2,000 tax-free allowance. How might you avoid the tax hike if you act now? Taxes aren’t often easy to (legally) avoid. Yet, share dividends tax is relatively easy to dodge for most investors. That’s because, aside from the £2,000 tax-free allowance, the share dividends tax does not apply to investments held within an ISA. For example, if you have a stocks and shares ISA and you earn dividends from it, they aren’t subject to share dividends tax. This applies even if the dividends you receive are in excess of £2,000. So, if you currently have non-ISA investments that typically return dividends over £2,000, it’s well worth considering whether to move them into a stocks and shares ISA. This is particularly important right now, given that the new tax year will also signify the end of the 2021/22 ISA allowance. The ‘ISA allowance’ refers to the maximum amount you can put into any type of ISA within a given tax year. If you don’t use your 2021/22 allowance before the tax year slams shut, you’ll lose it. In other words, you can’t carry it over to the 2022/23 tax year. So, it’s possible that if you act before 5 April, you could potentially shield up to £20,000 of your investments from share dividends tax. And then, from 6 April onwards, you can put a further £20,000 into an ISA for the 2022/23 tax year. This will protect more of your investments from share dividends tax and could even see you avoid it altogether. How else can you shield your investments from share dividends tax? Aside from putting your investments into an ISA wrapper, share dividends tax also does not apply to investments held within a pension. So, if you have retirement savings, such as a workplace pension, you might wish to consider topping this up. Are you looking to open an ISA before the end of the tax year? If so, take a look at The Motley Fool’s top-rated stocks and shares ISAs to find the right account for you. Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future. The content in this article is provided for information purposes only. It is not intended to be, nor does it constitute, any form of tax advice. Readers are responsible for carrying out their own due diligence and for obtaining professional advice before making any investment decisions. Don’t leave it until the last minute: get your ISA sorted now! If you’re looking to invest in shares, ETFs or funds, then opening a Stocks and Shares ISA could be a great choice. Shelter up to £20,000 this tax year from the Taxman, there’s no UK income tax or capital gains to pay any potential profits. Our Motley Fool experts have reviewed and ranked some of the top Stocks and Shares ISAs available, to help you pick. Investments involve various risks, and you may get back less than you put in. Tax benefits depend on individual circumstances and tax rules, which could change. Karl Talbot Karl is a writer specialising in investing and personal finance content. He regularly contributes articles on savings, bank accounts, mortgages, and loans. He was previously a Personal Finance Writer for MoneySavingExpert. Read Full Thread Reply
Posted at 07/9/2021 22:35 by waldron Published in: Investing 7th September 2021 Tax on share dividends to increase by 1.25%. Here’s what it means for investors Updated: by Karl Talbot \| 3 min read Tax on share dividends to increase by 1.25%. Here’s what it means for investors The government has announced a 1.25% increase in the tax on share dividends that will apply from April 2022. The news comes at the same time as it was announced that National Insurance contributions will increase by 1.25% next year. The government says the rises will help fund health and social care in England. Both announcements are subject to a vote in the House of Commons. So if you’re an investor, what does the new tax on share dividends mean for you? Here’s what you need to know. How much tax is currently paid on share dividends? If you’re an investor, you currently get a dividend allowance of £2,000. So, if you receive dividends worth £2,000 or less, you don’t have to pay any tax on them. For dividends of more than £2,000, the amount of tax you pay depends on your income tax band. This is unless your investments are held in an ISA, in which case your dividend payments remain tax free. For non-tax-efficient investments, you must pay 7.5% tax on any dividends over £2,000 if you’re a basic rate taxpayer. If you’re a higher rate taxpayer, you must pay 32.5%, and it’s 38.1% if you’re an additional rate taxpayer. You can find more information on income tax bands on the gov.uk website. What are the changes to dividends tax? From April 2022, the government is implementing a 1.25% rise in the tax on dividends to help fund social care. Analysts expect that the move will raise up to £600 million, with the majority of payers coming from the top 10% of households. The new tax will not, however, apply to investments held within an ISA. Why has dividends tax increased? With a National Insurance hike of 1.25% also announced, many analysts feel that the dividends tax is a way for the government to show that it is keen to increase taxes on asset holders as well as those who rely on a working income. Critics of the National Insurance hike have repeatedly pointed to the fact that it will not apply to most pensioners, landlords or those living off income from assets, suggesting that only those relying on a working income face the burden. National Insurance, by definition, is also a regressive tax, meaning that an increase disproportionately impacts those on lower incomes. That’s because the amount of contributions you have to make, at a percentage level, decreases at higher incomes. However, critics of the dividend tax rise consider it a token gesture. That’s because the 1.25% rise won’t apply to investments held in an ISA. How has industry reacted? Commenting on the changes, Tom Selby, head of retirement policy at AJ Bell, says that investors should now take the time to examine their portfolios in order to ensure they aren’t inadvertently paying more tax than they need to. He explains: “The increase in dividend tax means people investing outside tax-sheltered wrappers like pensions and ISAs should review their portfolios to make sure they are making as much use as possible of their annual contribution allowances to keep their tax bills as low as possible.” Will the tax increase definitely go ahead? MPs will vote on the government’s health and social care plan, including the planned dividends tax rise, on Wednesday 8 September at 7pm. While a number of cross-party MPs do not approve of the proposals, the policy is expected to pass through the House of Commons. Read Full Thread Reply
Posted at 01/5/2020 19:21 by waldron HMRC overcharges pensioners £600m in tax – are you owed a refund? by Brean Horne from Moneywise \| 1st May 2020 09:56 ‘Emergency tax’ applied to pension pots by HMRC hits retirement savings HM Revenue & Customs (HMRC) has refunded more than half a billion pounds in overpaid tax to retirees since the pension freedoms were introduced in 2015, according to new data. Pension freedoms were designed to give people more flexibility to control their retirement income by allowing over-55s to withdraw money from their defined contribution pension pots when they wanted. But the taxman has overcharged pensioners by £600.4 million on these withdrawals, and has been refunding it to people who make claims. Almost £33 million was paid back to pension savers in the first three months of 2020 alone, and more than 10,000 people made an application to claim back this cash from HMRC in this period. The average sum repaid was £3,141.23. A total of 242,188 pensions tax refunds claims have been made since the pension freedoms came into effect. These figures only represent the number of people who have made claims themselves. The total number of savers overcharged is unknown. Why are pensions being overtaxed? Under the new pension freedom rules, people aged 55 and over can withdraw the first 25% of their pension tax-free. After this, income tax is applied to the remaining 75% of their pot. Unless your pension provider holds an up-to-date tax code, an ‘emergency tax code’ will be applied to your first lump sum withdrawal. An emergency tax code treats the lump sum being withdrawn as though it will continue to be paid each month. This is often referred to as a ‘Month 1’ basis. For example, if you make a £10,000 withdrawal you could end up being taxed as though your annual income is £120,000. How to claim back overtaxed pension I you think you HMRC has charged you too much pensions tax, you will need to fill out one of the following three claims forms which can be found on the government’s claim a tax refund page. P55 If you have not withdrawn your entire pension pot and are not taking out regular payments, you will need to fill out a P55 form. HMRC received 6,286 of these claims from savers in the first quarter of 2020. P53Z A P53Z form should be filled out if you have withdrawn your entire pension pot and also receive other taxable income. A total of 2,973 claims were made in the first three months of this year. P50Z If you have drawn down your entire pension pot but have no other taxable income you will need to fill out the P507 form. Only 1,138 of these were made during the first quarter of 2020. This article was originally published in our sister magazine Moneywise. Click here to subscribe. These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article. Read Full Thread Reply
Posted at 29/7/2018 08:13 by sarkasm monyinternational.com What Is The Common Reporting Standard For Expats? By Ryan Holder - July 29, 2018 0 23 The Common Reporting Standard is expected to swing into action in a few weeks – but how does this impact expats and the tax they pay? To find out, here’s a list of frequently asked questions about the standard: What is the Common Reporting Standard? The Common Reporting Standard or CRS is a network of international tax authorities working together to swap personal and financial data about each other’s citizens with bank accounts of investments in their countries. What is the CRS aiming to accomplish? The CRS establishes the tax residence of bank customers and investors who have offshore holdings. Financial institutions, which include banks, building societies, investment funds and trusts, must tell their local tax authority about any foreign customers and their holdings. The information is passed to the customer’s home tax authority to check against filings to make sure the right of tax has been paid on any interest, dividends or gains. When does CRS reporting start? It already has. Early adopters such as the UK and Spain started swapping tax data in September 2017, although the entire network is due to trigger from September 1, 2018. What is reported under CRS? Personal details requested by the financial institution expats deal with plus details about accounts and financial products, including the balance of an account or value of investment and the total of any interest or payments credited to them each year. How many countries are part of the CRS network? CRS has around 108 member countries with the notable exception of the USA. The UK, most European countries and the rest of the world’s leading financial centres are all involved. The list includes a host of notable places once considered as tax havens. Why isn’t the USA involved? The CRS is based on the US Foreign Account Tax Compliance Act (FATCA). FATCA already swaps data between the US Internal Revenue Service and foreign tax authorities and will continue to do so outside the CRS. How does this affect expat tax? It doesn’t unless an expat has undeclared offshore assets. If they are in a CRS member country, they will be fully disclosed to the expat’s home tax authority for comparison with tax filings. What do expats have to do under CRS? Expats do not have to take any action other than fully declaring their offshore assets. However, any financial institutions expats deal with offshore will ask for personal information, including tax identification numbers. Read Full Thread Reply
Posted at 28/7/2018 23:06 by chimers MIDAS SHARE TIPS: Tax is no burden for software firm Tax Systems that helps large firms submit data to the Revenue By JOANNE HART FOR THE MAIL ON SUNDAY The UK budget deficit – the difference between how much the Government spends and how much it receives in taxes – is expected to be more than £30billion for this financial year. The figure has been falling, but it is still too high for the Government's liking. Of course, Chancellor Philip Hammond does not want to increase taxes, but he is keen to collect more of them. One popular way of doing this is by making sure big companies pay the tax they owe. Tax Systems provides software to help large firms navigate the Government's increasingly complex demands. The shares are at 85½p and should rise as chief executive Gavin Lyons is driven, able and determined to expand the firm. Lyons ran cyber-security group Accumuli, which was recommended by Midas in 2013 at 12½p and taken over two years later at 33p. In 2016, he turned his attention to Tax Systems, then owned by a couple in their 70s, who had put the business up for sale. Backed by supportive investors, Lyons bought the firm and listed it on Aim. The company was already highly attractive, with about a thousand customers, including more than 100 firms in the FTSE 250 index and all but one of the UK's top 20 accountancy groups. But turnover had been static for three years and Lyons was keen to grow. The environment is conducive. In recent years legislation has been introduced to force companies to produce tax filings that are more detailed than ever before. And in April, the Government's 'Making Tax Digital' policy comes on-stream, requiring firms to file VAT returns online in the first instance. Tax Systems helps customers collect the relevant data, ensure they comply with regulations and manage the taxation process so they pay the right amounts at the right time in the right way. Lyons has also introduced new incentives for Tax Systems' sales people and strengthened top management, with the appointment of several directors who have worked successfully with him in the past. Early results of Lyons' strategy are encouraging. The company said in a trading statement last week, that it expected sales for the first half of 2018 to be 14 per cent ahead of the same period last year and directors were confident about earnings for the full year. Analysts expect 2018 profits of at least £5.8million, an 18 per cent rise on the year before. There is no dividend, as the firm took on about £30million of debt to pay the former owners for the business. But that has come down to £17.5million and should continue to fall over two to three years, at which point the company may start to pay dividends. Midas verdict: As anyone paying tax on account this week will testify, the Revenue is increasingly demanding. Tax Systems alleviates the burden and works with some of the UK's biggest firms and accountants, many of whom have been customers for years. Lyons is a seasoned operator with a history of delivering results. At 85½p, the shares are a buy. Read Full Thread Reply
Posted at 28/2/2018 17:02 by waldron Inheritance tax and ISAs: Unsuspecting Brits could face surprise bill By Kate Saines in Investments February 28, 2018 0 Few people are aware that ISAs are subject to inheritance tax (IHT), a survey by Octopus Investments has discovered. Research by the fund management company found that only 25% of those questioned knew the investments could form part of a person’s taxable estate and were therefore liable for IHT. This lack of understanding is leading to concerns many families could face an unexpected tax bill because they do not know the rules. It is not just the young who are unaware of the IHT implications of ISAs. The survey revealed just over a quarter (28%) of those aged 55 and over knew that ISAs were not exempt from the tax compared to 18% of 18 to 34 year olds. Over half of respondents (54%) said they didn’t know whether ISAs were exempt from IHT and a fifth (21%) incorrectly thought they were. Octopus said the results meant many Brits could be sleepwalking into an inheritance tax nightmare. Paul Latham, managing director for Octopus Investments, said: “This is not just a problem for the super-wealthy. Despite efforts to increase the current threshold, we still expect to see a rise in the number of estates subject to inheritance tax, particularly in London where the average property price currently stands at £484,000. “There are a number of options now available to those who currently have a stocks and shares ISA and who wish to pass on as much of it as possible to their children. “One of those options includes investing in AIM-listed shares.” He added: “By transferring a stocks and shares ISA to an ISA wrapper which holds a portfolio of AIM companies, investors can reduce their tax liabilities without locking away their money for the long term and continuing to benefit from the benefits of the ISA wrapper.” Read Full Thread Reply
Posted at 03/4/2014 12:08 by metier9 Hey MIATA, So as an investor I'm best to use the approx. £29k net dividends and the CGT allowance every year. Can I sell a share (non-ISA) and then buy the same amount in an ISA without being liable to CGT on the sale? I recently came back to the UK so most of my shares are outside an ISA and I am a whole generation away from SIPP drawdown etc... Thanks, Read Full Thread Reply
Posted at 21/3/2014 14:37 by miata Good question. In effect the answer is yes they are taxed, the reality is more complex. Regardless of whether shares are inside or outside an ISA the dividend payments are the same. The benefits of an ISA are no capital gains tax (but no allowance for losses) and gross income from bonds (eg TR25). From the HMRC website: " You can't claim the 10 per cent tax credit, even if your taxable income is less than your Personal Allowance and you don't pay tax. This is because Income Tax hasn't been deducted from the dividend paid to you - you have simply been given a 10 per cent credit against any Income Tax due." The point is that following the abolition of ACT many years ago, income tax is not deducted from share dividends. However as dividends are paid out from earnings which have (usually) suffered Corporation Tax, to prevent income being taxed twice a credit is given to persons to offset basic rate income tax. It was all part of the sophistry by Gordon Brown to reduce the amount repaid to overseas investors from 20% to 10%. Read Full Thread Reply

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