Tax Systems Share Discussion Threads

[miata] 26/4/2012 13:06

I would provide the full buy sell details with a line showing the totals multiplied by 50% (your share) to give the amounts included in your summary. And a copy of the same schedule in your wife's return.

[4711phil] 26/4/2012 12:42

Filling in my first ever tax return form online...HELP.

Made a profit from selling/trading share's last year,about 70 trades.I have used Stonebanks CGT calculator to arrive at final profit.Shares are held in joint account so mine and wife's return form will be the same.When tax office request my calculations,can i provide them using the full buy/sell details,or will i have to split every deal by 50% to reflect my wife's holding,or can i return mine and wife's form together with the original full value calculations,as we will both have the same tax bill to pay.

TIA....Phil

[mroalan] 20/4/2012 19:19

MIATA,cheers i,ve now sorted it to weekly payments,i asked why i wasn,t given the option? well um er i,m not sure sir,it seems its policy to just offer the monthly payment, thus stealing a months pension from you!

[miata] 20/4/2012 14:00

You should. Also the potential inflation-rate (triple-lock on future pension), tax rate and if relevant, benefits.

[serratia] 20/4/2012 13:56

Shouldn't you take into account the fact that you lose a years income?If you take your pension in year 1 it takes (I think) 15 years to make up for the lost years money.If you retire at 65 you only come out on top in terms of total money received when you reach 80.

[miata] 20/4/2012 13:11

If you put off claiming your State Pension for at least five weeks you can earn an increase to your weekly State Pension of 1 per cent for every five weeks you put off claiming. This works out at about 10.4 per cent extra for every year you put off claiming. The extra State Pension will be paid to you with your State Pension when you start to claim.

[mroalan] 20/4/2012 13:06

MIATA , please tell me if i can do the following, just registered for my state pension which they are paying me monthly and its also 4 weeks in arrears,which is theft! can i get over this by having it payed weekly, and only losing one week.?

[dudishes] 20/4/2012 07:03

G'day MIATA, Apols for my comments re: Granny tax (DAY). I guess many folk retiring next year would have gone with the flow (£8105 to £9105), whoopee!
Unfortunately, they have dipped out on the old level of £10500 allowances.

Believe it's another stealth tax issue. Many will lose £260+pa, and I would have thought that most will hand orf (rugby term) it, why, because they worked during the boom/bust/boom years, contributed to Co./private pensions, prior to the freeforall SERPS and other disasters that have happened since.

The canny peeps (although I may be wrong), transferred their Co. pension to private (with GMP), considering inflation since 1990's, winners I think?

PS: Would you like me to correct my DAY thread statement?

cheers

[miata] 19/4/2012 20:03

Haven't done a CT600 recently, but when I last did IBA was on page3 item 111.


I expect SA CT has both short and additional formats.

[goatherd] 19/4/2012 19:43

Sorry - SA as in self-assessment not South Africa!

I hate this abreviation thing!

[miata] 19/4/2012 19:34

UK and French tax systems but not SA I'm afraid.

[goatherd] 19/4/2012 15:41

Miata,

Fascinating thread - thank you.

I have a SA corporation tax problem. It sounds petty - but I spent 20 hours on it. including talking to a tax inspector, and could not get it solved.

I have some old IBA [and FBA] and cannot see where to enter them on the SA form.
I know where they should finish on the actual return; but it is a calculation box.

Any chance you could help, please?

[miata] 15/4/2012 09:44

This caught my eye in the Telegraph:

cargill55

We pay high taxes simply because we have a big state which does things it should not do and does them badly.
In this country we seem to need to spend £220 billion a year paing and pensioning 6 million public sector workers whereas 3 million would free up £110 billion, enough to half all income tax and abolish fuel duty.
Cutting overseas aid in half and getting out of wars would allow us to abolish capital gains tax, air passenger duty and inheritance tax.
Improving procurement efficiency by the state would probably allow us to halve corporation tax.
This is a rich country but we have a state which takes 50% of gdp to run itself and public sector workers which take 40% of all taxation raised to pay and pension itself.
What we are witnessing quite simply is a huge transfer of wealth from the private to the public sector and it needs to stop.
This is the biggest financial and economic problem facing this country.

[miata] 12/4/2012 18:30

At the small end of the market, nothing wrong with Quickbooks but you will find it easier to get staff familiar with Sage.

[captainfatcat] 12/4/2012 17:44

Small business accounting software, is anyone here give any feed back on Quickbooks or Freeagent? Any other recommendations gladly received.

TIA

[miata] 11/4/2012 08:53

That is what is being proposed. Politician's election hopes will probably mean it will not be implemented (though they did clobber 'grannies' for £3billion a year to subsidise their tax cut to the rich (themselves?) so who knows).

[david77] 11/4/2012 08:50

the only way my state pension would be taxed would be if they ignored my personal allowance and expected me to reclaim the tax at the end of the year - but I can't believe they would try that. Imagine what that would do to a politician's election hopes if they did that with normal pay!!

[miata] 11/4/2012 08:45

To give a cashflow benefit to the Treasury.

The other reason proffered is that a proportion of pensioners who should pay tax are not doing so. Some (apparently a large number) even think the state pension is similar to their other benefits and not taxable.

[david77] 11/4/2012 08:41

but the state pension is less than my personal allowance - so why should it be taxed if that was the first 'pot' to be subject to tax?

[miata] 11/4/2012 08:05

The above proposal would mean you receiving less until you claimed back £1,117 over a year later.

HRMC self-assessment site is now back online.

[david77] 10/4/2012 21:32

The state pension is not taxed but is taken from my personal allowance so other income is taxed when both reach the taxable level.

[miata] 10/4/2012 19:28

Dubbed 'Granny Tax 2', the Government has proposed deducting tax from state pension payments, even though the personal allowance means more than half of all pensioners are exempt from tax.

Pensioners' groups already seething over the freeze in age-related allowances announced in the latest Budget warned that the proposal would be seen as a 'mark two granny tax'.

The National Pensioners Convention said that, rather than tax payments at source, the Government should exempt the state pension from tax altogether.
Spokesman Neil Duncan-Jordan said: 'It is totally unnecessary. Pensioners are feeling persecuted.' He said his group had been contacted by a number of Conservative supporters saying they would never vote for the party again because of the freeze in allowances.

Outraged pensioners plan to stage a mass lobby of Parliament on 19 April, when Labour will force a Commons vote on the £3bn 'granny tax'. A petition opposing the move, which will cost 4.4m people up to £323, has attracted almost 60,000 signatures.

[miata] 06/4/2012 13:07

Completely untrue.

[offerman] 06/4/2012 12:48

Hi miata, good news, I also found out from another thread that the 30 day rule only applies to a sale just before the tax year end and the start of the new tax year. If you sold holding in say may 7th you could buy whole lot back on may 8th as its way after start of new tax year. This is very good news indeed.