Tax Systems Share Discussion Threads

[imastu pidgitaswell] 07/3/2013 15:45

Funny. Although to be fair that mob (the ATT) are the body for the non/part qualifieds. The real crooks (tax consultants) are in the CIOT (Chartered) and don't get caught (or targeted).

Re targeting, I did laugh at:

'Michael Todd, from the Bar Council, said at the time of the launch that it was not clear why the legal profession was being targeted.

"Barristers provide an essential, front-line public service which is crucial to the smooth running of our country's excellent and world-renowned justice system," he said. "The law is one of the UK's strongest exports, and barristers and solicitors bring billions in revenue to the UK every year." '

Frontline public service. Like firemen, police, doctors, nurses etc? And a 'service'? As opposed to a closed-shop, self-serving, money-grabbing, archaic, protectionist licence to print money which denies justice to all but the rich?

One of the few things HMRC have got right lately...

[s2lowner] 07/3/2013 15:20

You would think he could come up with a foolproof way around our tax system given his previous position.

[goatherd] 06/3/2013 18:16

Thanks. Helpful as always.

[miata] 06/3/2013 17:56

Depends on the size of business, how long the company has been going, HMRC's view of its internal control and whether previous inspections have found problems.

No.

[goatherd] 06/3/2013 16:55

Miata,

How frequently can one expect VAT inspections? One has to keep records for six years. If the time since the last inspection is greater than six years does that affect the rule?

[miata] 06/3/2013 14:35

Transfer ownership before gain.

[snatander] 06/3/2013 14:33

if one sells a share held in own name for cgt purposes, can you just have a one page agreement to share the gain or do you need to transfer it to ones wife first?

[miata] 05/3/2013 08:02

HMRC seeks CGT on second home sales:

[goatherd] 25/2/2013 10:37

Thanks Miata.

Good point about cash! In trying to be specific I overdid it!

[4711phil] 25/2/2013 10:21

MIATA,
many thanks,Phil.

[miata] 24/2/2013 17:24

996, Dividends do not have to be paid in cash.

I am not sure what you would be transferring to the director's loan account other than a cash entry.

[miata] 24/2/2013 17:19

995, Yes (assuming they are all earnings (rather than savings income where part might qualify for the 10% starting rate).

SIPPs

General
Contributions are limited to £3,600 (£2,880 before 20% tax refund) or 100% of earned income (if higher). The SIPP provider claims a tax refund at the basic rate (20%) on behalf of the customer (i.e. you pay £2,880 and your fund contribution for the year will become £3,600). The 20% is added to the 'pot' some 2–6 weeks after your payment is made.

Higher-rate and Upper-rate taxpayers must claim any additional tax refund through their tax return if they have one, or by otherwise contacting HMRC.

Specific
If you paid a lump sum of £3,800 into a SIPP the £950 basic rate tax would be reclaimed by your SIPP provider and paid into your SIPP.

[goatherd] 24/2/2013 12:15

Miata,

Do dividends have to be paid in cash? For instance could a company [all participants UK resident] pay dividends by transfer to a director's loan account?

[4711phil] 24/2/2013 09:42

HELP! Are my figure's correct? (forget NI for ease)

Total earning's for 2013-14 £14,190
Less 2013-14 Personal allowance £9,440 = Tax at 20% on £4,750 = £950.

If I paid a lump sum of £3,800 into my SIPP would the £950 tax paid be refunded into my SIPP?

If so,would I have to claim the refund via my tax return form,or would my SIPP provider do this for me.

Thanks in advance.....Phil.

[miata] 22/2/2013 10:50

Totally ineffectual.

The Trade Beverage Company was set up in March 2009, but 13 months later defaulted on a tax payment. It did the same in February 2011 and again in the following September. Last March it was served with a winding up notice and is now listed as being in liquidation.

[cassiopeia] 21/2/2013 20:57

Tax dodgers now being named and shamed by HMRC

Seems they are more interested in flogging the small fry in the North West than the big criminals in the City. Perhaps more of a stunt? I wonder if any politicians will be named eventually? Perhaps they have good enough accountants to make sure they don't get caught.

Quote:
Tax dodgers are being named on a list published by HM Revenue and Customs (HMRC) for the first time, as their affairs come under greater scrutiny.

The list highlights "deliberate defaulters" who were found during investigations by HMRC into affairs conducted after April 2010

[miata] 20/2/2013 10:36

Hidden money in the Isle of Man ?

Disclose and get immunity from prosecution. Fail to disclose and get hit by a 200 per cent penalty.

[miata] 15/2/2013 17:04

THE value of UK savings and pensions could be cut by up to 20 per cent by an EU tax on financial deals.

If applied in all 27 EU states, the tax could cut the value of a pension by up to 20 per cent

The EU Commission says the new levy would raise £30billion a year. But it would have a ­devastating impact on British savers, economists warned last night. They said someone paying into a pension plan for 30 years could lose the equivalent of six years' contributions.

The Commission has pressed ahead with its controversial Financial Transaction Tax even though just 11 out of 27 EU members want to adopt the levy on all dealings in stocks, bonds and other investments.

Pension funds and other investors in non-FTT countries will be face millions in extra costs when they deal with participating countries and their stocks and bonds wherever the trades take place.

The rules are designed to stop business switching from̳4;mainland Europe to centres such as London.

Jorge Morley-Smith, head of tax at the Investment Management Association, said: "This is a tax on savers and investors."

If applied in all 27 EU states, the tax could cut the value of a pension by up to 20 per cent by "eroding up to six out of every 30 years' worth of contributions to an actively managed retirement savings plan," said Mr Morley-Smith.

It was impossible to put a figure on the impact of a tax introduced in just 11 countries, he said, but the cost to the UK "could be in the millions".

Pension funds and other investors in non-FTT countries will be face millions in extra costs

Professor David Blake, director of the Pensions Institute at Cass Business School, said: "I am amazed they think they can get away with a tax on savings and pension plans."

Chas Roy-Chowdhury, of the Association of Chartered Certified Accountants, said: "This tax will force banks to relocate outside the FTT zone."

Britain and other non-participants will be part of talks on the details of the new tax but will not have a vote.

The UK does not oppose the tax in principle but is against introducing it only for Europe on the grounds that unless the new system is global it will drive trade away from the region.

[mroalan] 13/2/2013 17:48

Miata,sorry to trouble you here,but i remember reading some articles from your self re divi days and the resulting drop in the ft100 on the day,have you a link to that please? TIA.

[miata] 22/1/2013 13:37

No. Indexation and taper relief have been abolished.

[enewman36] 22/1/2013 10:45

Hi Miata
Quick question, if you hold a stock position for over 7 years, is there any kind of tax relief?

TIA