Tax Systems Share Discussion Threads

[miata] 20/3/2013 16:32

While airlines can surcharge existing tickets, they usually don't.


Campaign group A Fair Tax on Flying calculates that the increased APD would total €314 for a family of four flying in economy to Florida, or €389 for a flight to the Caribbean.

A recent study by PwC concluded that the damaging economic impact of the APD means the UK government's receipts from the duty are outweighed by its losses on other taxes.

In a joint statement, IAG chief executive Willie Walsh, easyJet chief executive Carolyn McCall, Ryanair chief executive Michael O'Leary, and Virgin Atlantic chief executive Craig Kreeger condemned the rise in APD.

"We are very disappointed that the Government's tax on flying, already the highest in the world, will increase yet again this year and next," they said.
"Increasing this alarmingly uncompetitive tax on business, trade, and inbound tourism beggars belief when the evidence clearly suggests that abolition would deliver growth, create 60,000 jobs and pay for itself through higher receipts from other taxes."

[david77] 20/3/2013 16:20

And what about those already booked and paid for a package holiday to go after 1st May?

[miata] 20/3/2013 14:29

Air Passenger Duty will rise from 01/04/2013 and will rise further from 01/04/2014.

1973 cars will be exempted from road tax (VED) !

[miata] 20/3/2013 13:07

BUDGET

"Stamp duty abolished on growth shares such as AIM"

20% corporation tax from 2015.

Increase in bank levy.

Personal allowance raised to £10,000 from 2014.

'Employment allowance' worth £2,000. Around 450,000 small businesses - one third of all employers - will pay no employer National Insurance after the introduction of a new Employment Allowance.

[larry laffer] 17/3/2013 18:27

thanks miata & goatherd

[miata] 17/3/2013 08:42

What you can do is sell only part of your holding of shares to realise just sufficient losses.

Losses must be used first, before taking account of your annual exemption.
So if you realise more than you need you will merely be wasting part of your annual exempt amount.

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In most cases:
You add together all of your gains for that tax year.
You add together all of the allowable losses you've made for that tax year.
You deduct the losses from the gains to work out the overall net gains or losses.
If the overall net gains are below the annual tax-free allowance (known as the 'Annual Exempt Amount'), there's no Capital Gains Tax to pay.
If the overall net gains are above the Annual Exempt Amount, you deduct unused allowable losses from a previous tax year. Deduct enough to reduce your gains to the Annual Exempt Amount. You can carry the rest forward to future tax years.
If you have overall gains work out which Capital Gains Tax rates apply and how to use your tax free allowance. For gains made in 2012-13 Capital Gains Tax is charged at 18 per cent, or 28 per cent for higher rate tax payers.
If you have gains chargeable at different rates, deduct the Annual Exempt Amount in the way which minimises your tax due.

[larry laffer] 16/3/2013 20:20

goatherd

yes they do

and i am about 1k over i think, so rather than donat to hmrc i want to realise a loss to cover it

[goatherd] 16/3/2013 19:27

Larry,

You mention "offsetting a realised gain elsewhere" - I take it that those gains exceed the basic CGT-free annual allowance? If not I think you need to revise your strategy!

[larry laffer] 16/3/2013 19:19

thanks miata

can i book only part of the losses incurred in the sale and then book the remaining part of the loss next year.

[miata] 16/3/2013 09:22

1020, You can report your losses through online self-assessment, or on your paper tax return or by letter to your tax inspector.

[larry laffer] 16/3/2013 08:40

If I want to book some lossses this year, as an example

sell a wedge of shares at £10k loss

use £7k to set against this years tax bill, offsetting a realised gain elsewhere.

carry £3k losses forward to the next tax year.

how would I record this for the tax man, or is it just a case of keeping the contracts so it can be traced through the paper work.

TIA

[optomistic] 14/3/2013 15:59

MIATA, haven't used that number, have made a note of it.

[miata] 14/3/2013 15:38

I guess they will have to invent an online query system to take the load but I expect it will just add to the queues at Citizens Advice bureaux.

Have you tried 141 01355 359022 ?

Aircraft carriers without aircraft, paratroopers without parachutes, desert rats without tanks, now tax enquiries without the 1300 staff who manned the enquiry centres. There seems a theme (I wouldn't call it logic) there.

[optomistic] 14/3/2013 15:32

MIATA, having experienced long delays on the phone to HMRC in the past will the closure of these centers maje it almost impossible to contact them by phone do you think?

[miata] 14/3/2013 15:16

HMRC close its 281 support centres next year saving more than £13m a year.
It said the 281 Enquiry Centres had seen a "sharp drop" in customer demand, from five million visitors in 2005/6 to fewer than £2.5m in 2011/12.

[miata] 14/3/2013 14:44

No, unless B & C were caught by the 30 day rule.

[dlku] 14/3/2013 13:53

Trade A : 12000 shares in Fenner bought at 350p

Trade B: 10000 shares sold at 420p

Trade C: 10000 shares bought back at 400p

could you use Trade B and C for cgt purposes and keep TRADE A running?

[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.