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Tax Systems Share Discussion Threads

Showing 1401 to 1425 of 1725 messages
Chat Pages: Latest  57  56  55  54  53  52  51  50  49  48  47  46  Older
DateSubjectAuthorDiscuss
17/5/2014
07:14
HMRC made inquiries about the tax affairs of 237,215 people last year, compared with about 119,000 in 2011-12. The number of self-employed people investigated has quadrupled in that time while annual prosecutions have risen sevenfold in three years. The figures are evidence of the attempts HMRC is taking to minimise the estimated £35 billion of tax lost every year. Experts have warned that people who have made simple errors when filling out self-assessment tax returns are "an easy target" for HMRC. Tax experts warned that middle-class professionals, such as doctors, lawyers and teachers, were being targeted. They were more likely to settle any claims without dispute because they felt "anxious" when HMRC sent warning letters. http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/10837249/There-is-nowhere-to-hide-from-the-taxman-now.html
miata
09/5/2014
12:22
The Treasury plan to allow HMRC to remove cash from bank accounts without a court order is "very concerning" because of its history of mistakes, a Commons committee said.
miata
07/5/2014
13:06
HMRC is looking to increase its powers to allow it to take tax debts directly from individuals' ISAs. In this year's Budget, the government gave HMRC the power to recover tax debts of over £1,000 directly from individuals' bank accounts if they had 'sufficient funds' leftover. In a consultation paper entitled 'Direct Recovery of Debts', HMRC proposed to extend these powers to take tax from ISAs in a 'lower cost and less invasive' way.'It is an administrative measure which will allow HMRC to recover tax and tax credit debts directly from debtors' bank and building society accounts, including ISAs, without the need to apply to a court,' it said.
miata
05/5/2014
15:24
Subject: Inheritance Tax MIATA may well have covered this before but in case some people do not realise I will put this briefly. If one person has not given away £325,000 (The current IHT limit) within the Seven years preceding their death then taper relief does not apply at all. It only applies if over £325,000 has been gifted. This is apart from those small amounts that are exempt i.e. £3,000 to one person or gifts of £250 to different people etc. http://www.hmrc.gov.uk/inheritancetax/how-to-value-estate/gifts.htm Of course, if the person dies more than seven years after gifting then no inheritance tax is paid on those gifts.
mirandaj
03/5/2014
20:51
Yes, that's what I was referring to in my final sentence but you have to have it set up right. If your fund isn't in 'segments', you may find that your first lump sum drawdown is the only one that is tax-free. As ever with pensions, you need proper advice to make sure you're doing the right thing.
jeffian
03/5/2014
20:43
I think it depends on how your pension fund is set up, what you want to do and what your specific provider's rules allow (plus cost effectiveness to you) but it is certainly possible under certain circumstances eg: "Firstly you will decide how much of your pension you want to move into income drawdown. You can choose to convert your entire pension to drawdown all at once, or you can convert smaller segments as and when you need them (this is known as partial drawdown). You can usually take up to 25% of each amount you move into income drawdown as a tax-free lump sum, before leaving the remainder invested from which to draw a taxable income."
miata
03/5/2014
16:43
Is it correct that you can draw down amounts tax-free over several years until they aggregate to 25%? (Your option 2b). I thought that the 25% was a one-off event and you either 'use it or lose it', although it would depend how the underlying investment was structured (I have read of cases where pensions are in separate 'pots' and the 25% could be applied as each unit was encashed).
jeffian
03/5/2014
10:07
Thanks for the very clear & speedy response Miata; it's an important juncture for me & one I intend/want to get right. Thank you.
scottishfield
03/5/2014
10:01
What a lot of questions!!! Firstly may I say my knowledge is centred on tax accounting rather than pensions, so bear with me. 2) Are these options correct? I believe so. Is that correct? Yes, assuming zero other income. 2b) Amount crystallizes on initial drawdown (ie fixed). Is the PAYE structure the same as described in Option 2(a)? Yes. Yes. Yes. In practice your pension provider will most likely want to make considerable charges for doing anything. This may include forcing you to pay for financial advice, perhaps even each time you make a substantial withdrawal, thus the simpler scheme the better. Thus partial drawdown may not prove cost effective. I suggest you initially take the whole 25% tax-free and put as much as you can in an ISA over the following years.
miata
03/5/2014
09:13
MIATA; A question/scenario if I may; SIPP 1. I am approaching retirement & will most probably go the 'income drawdown' route. (I currently do not have an additional qualifying £12,000 to (currently)allow Flexible Drawdown). 2.As regards the tax free element; a) If I wanted to take the total of 25% tax free straight away, I understand I can do that. b) If I only want to take a portion of that 25% tax free, I can do that also I believe. c) If I want to vary the amount of tax free cash taken year by year, and perhaps also the amount of taxable income taken year by year,I understand that is possible. Are these options correct? If so, then first taking/considering option 2(a); The money remaining is then taxable income. E.G. If I were to drawdown say £25k per year, I am assuming that as PAYE is applied at source, & with no other issues/complications elsewhere, the breakdown is, (a) personnal allowance of £10k tax free, and (b) the remaining £15k taxed at 20%, leaving a net of £12k. (a) + (b) = income nett of tax of £22k. Is that correct? Option 2(b). I am unsure of how this might work. If, for example, you only drew down 25%, 10% or whatever of the original tax free amount, how in practise would that work and what effect would it have, if any, on the remaining tax free amount, not yet drawn down. I.e. if the pot of remaining invested money goes up or down, does the remainder of the tax free amount also go up or down, or is it fixed as in 2(a)above at a point before drawdown is entered into at all? Is the PAYE structure the same as described in Option 2(a)? Eg, In year 3 I want to take 'some' remaining (of the original) tax free cash out & then take only the first £10k of my taxable income out (thereby using up my personal allowance). Do I then pay no tax that year? Option 2(c): A variation of 2(b). I hope I have not totally confused you. And finally, if I were to wait until April 2015, would anything change? Thanks in advance.
scottishfield
02/5/2014
15:51
Thanks Miata - most helpful!
goatherd
02/5/2014
11:10
No, but you should be able to fudge it! Its really gifts that don't reduce your standard of living. You (well your executors really but I hope you will leave them annual statements) will need to provide several years of statements to show your income exceeded your normal living expenses. By the way it is "normal gifts" meaning regular eg by standing order. HMRC quote: "The dictionary definition of 'normal' includes standard, regular, typical, habitual or usual."
miata
02/5/2014
11:06
Miata, There is an exemption from Inheritance Tax on gifts made "out of income" - but does that also apply to gifts made from capital gains? I suspect not - but worth a sniff! I presume it mainly depends on how you define "income". How about gambling winnings?
goatherd
01/5/2014
08:47
http://www.dailymail.co.uk/news/article-2616448/The-150-000-migrants-paying-1-week-tax-Generous-credit-means-single-people-earn-minimum-wage-make-tiny-contribution-Exchequer.html
miata
28/4/2014
13:44
Bernie's sweetheart deal http://ampp3d.mirror.co.uk/2014/04/28/bernie-ecclestone-and-the-uks-35bn-tax-gap/
miata
25/4/2014
07:00
For interest http://ec.europa.eu/taxation_customs/taxation/other_taxes/financial_sector/index_en.htm
mirandaj
22/4/2014
10:06
HTTP://www.thisismoney.co.uk/money/experts/article-2602572/My-tenants-house-warm-I-money-replacing-windows.html http://www.hmrc.gov.uk/manuals/pimmanual/pim2020.htm
miata
21/4/2014
08:04
Legislation requiring companies to declare publicly their true owners is set to be included in the Queen's Speech in a crackdown on tax evasion and money-laundering, said Business Secretary Vince Cable.
miata
19/4/2014
17:57
If u have modest savings then locking them into an annuity at current low rates would seem to not be the right things to do imho ...you'd need to make them work even harder
badtime
19/4/2014
15:36
Annuities are good for those with modest retirement savings. But you have to shop around here too. They are currently such poor value solely because of the BOE's Keynesian policies and financial repression, once again favouring all debtors over savers; once, yes once normal service resumes an Annuity will be good value, especially near the next base rate peak.
zastas
17/4/2014
20:20
my heirs, well you don't have to spend it all on an annuity. You could keep a % in high yielders/cash/ interest bearing or whatever your strategy is/was. Just an option; each to his/her own.
scottishfield
17/4/2014
20:09
At 75, one may consider the George Best 'end-game' rather than an annuity? ...... "I spent a lot of money on booze, birds and fast cars. The rest I just squandered". George Best. ;0)
2baffled
17/4/2014
18:51
"the number becoming 75 who have opted not to take annuities will only be 25% of all becoming 75." Au contraire, the number becoming 75 who have opted not to take annuities may rise to 84% of all becoming 75. New research from accountantS PwC has found that only 16 per cent of those aged between 50 and 75 now plan to buy an annuity. I agree with scottishfield that an annuity might become attractive at 75, if you are still healthy and forsee many further years. Also hopefully your funds have been invested and kept place with inflation and you are not so worried about future inflation as you have fewer years left.
miata
17/4/2014
18:37
And what about your heirs?
goatherd
17/4/2014
18:13
on the contrary goatherd, an annunity might be very attractive at 75. eg you have inc drawdown from retirement to 75, your capacity for/interest in managing your own pension wanes & you cash it, or some of it in for an annunity. Attractive to me anyway. All imo.
scottishfield
Chat Pages: Latest  57  56  55  54  53  52  51  50  49  48  47  46  Older
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