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Tax Systems Share Discussion Threads

Showing 1426 to 1449 of 1725 messages
Chat Pages: 69  68  67  66  65  64  63  62  61  60  59  58  Older
DateSubjectAuthorDiscuss
16/8/2014
15:13
Miata, l hope you are well and wish you all the best. Please do a post to say you're ok?
smurfy2001
16/8/2014
11:27
smurfy http://uk.advfn.com/cmn/fbb/thread.php3?id=19904650&from=514&to=514
jeffian
16/8/2014
11:02
Hmmmm, looks like Miata doesn't post much nowadays :( I don't know if anyone knows this question, If l make a rental loss of say £10K and next tax year make capital gains exceeding the allowance, will l still have to pay tax on the gains?? I don't quite get how the loss carries over is categorized i.e., if it's only allowed to offset income (such as future rent) against the loss???
smurfy2001
14/8/2014
20:11
A question. Let's just say that l pay for landlord insurance (as want cover in my name/address) and the tenant pays me to cover this. Do l then have to pay tax on this money?
smurfy2001
14/8/2014
15:23
Many thanks Diku.
mdara
14/8/2014
15:21
mdara Yes, its an allowable expense
dlku
14/8/2014
15:11
I'm mortgage free so can't help
tradejunkie2
14/8/2014
15:09
Hi, I'd be much obliged if someone could help me out here. I have paid off an existing buy to let mortgage with part of the proceeds of a new PPR mortgage. Is the interest payable on the portion of the PPR mortgage used to redeem the buy to let mortgage tax deductible? Thank you for any help in advance.
mdara
21/7/2014
20:56
Hear hear!
jeffian
21/7/2014
20:44
I'm sure we all wish MIATA a speedy recovery. I consider that he is one of the most helpful people (along with Gengulphus) in the complex matters of taxation. Kind regards to you MIATA and I will reiterate...a speedy recovery to your former health. Opto
optomistic
20/7/2014
14:54
Ooh sh*t SKYSHIP i did not know about MIATA's health issues was just seeing how he was in general! GET WELL REAL SOON MIATA
liquid millionaire
20/7/2014
14:45
LM - see the chat on the FTAX thread. We too hope he is recovering well after his heart attack - until he posts we just have to hope he has pulled through...
skyship
20/7/2014
13:48
Hope that all is well with you MIATA? A question if i may that relates to potential CGT on ones primary residence which is currently rented out on commercial terms as we are living abroad. Is there any potential CGT if say the property is rented out for say 5 years [will have been owned for say 30 years in total] remembering that this is a primary residence [no other properties owned] Assuming that we live in the property again for at least 12 months on a return to the UK would there then be any CGT payable on a subsequent sale of the property to purchase a new main primary residence? Thank you in anticipation.
liquid millionaire
22/6/2014
12:33
What does, "If you disposed of chargeable assets worth more than £43,600" mean? Let's say l have £50K worth of Barclays and made a profit of £5K do l say Yes or No to this question?
smurfy2001
11/6/2014
19:22
I am just wondering, but from a tax perspective is it better to hold a buy to let portfolio in a company or just as a single person? Does anyone have any experience of this? Thanks in advance.
critch16
09/6/2014
12:20
Can anyone please clarify whether Hayward Tyler HAYT shares which are registered on the I.O.M have been paid with or without payment of overseas withholding tax. I have a consolidated tax certificate from TD Direct which shows the net and gross amount as being the same. Whereas iWEB's show the gross dividend payment amount then subtract a 10% foreign withholding tax which gives a net dividend payment which is 10% less. Clearly both cannot be correct and although I have fully completed my self assessment tax return (except for my HAYT share dividends) I am at a loss as to how to proceed - any help would be greatly appreciated.
investoree
06/6/2014
18:25
Hi goatherd Thank you for your comments. Very helpful to my current situation and your time responding to me is appreciated. To be honest I have been too busy starting and maintaining a business (1st-business) and I have not kept focused on returns for the directors etc.. due to limited time. When I was first recommended my current accountant I agreed with him/them (for an agreed fee) that they would handle everything. e.g tax returns for all directors, V.A.T, N.I.C, wage slips etc... (not written confirmation) All V.A.T quarters were being handled by one member of the accountancy, wage slips by another, and full year accounts by another member. Not cheap but as the business was and still is strong, a fee I did not mind paying for peace of mind. V.A.T guy left early last year and I know the accountancy has lost business elsewhere and may have caused issues with our accounts etc.. Too many excuses and I have not the time. Back to what I have done and need to do. I emailed and received a response from Companies House (yesterday)regarding my statutory annual return. It has been received. 1 out of the way. Your right the N.I is not a rush I have paid what we owed plus interest for late payment. (hopefully MIATA may know something) Full year accounts (Guy who handles full year is efficient and has done a good job) agreed, signed and ready to submit. It is the returns for all 4 directors that was/is my cause for concern. Again we agreed that they would be completed by the accountant and was told that they had been submitted. (not written) But as they can be submitted late then I will have to pay whatever penalty is due. ( I carry the responsibility and assured the other directors everything was up to date/submitted. I blame myself (not written confirmation on some areas) and too much trust that important issues were being completed correctly. Negligence has occurred in my opinion from my accountant. Proving it does not matter to me now. I would no doubt struggle to prove anything and I do not have the time to start any litigation. I will put it down to another mistake (made many) pay whatever penalty is due and move on. I was concerned start of the week but feel much more confident that all this can now be corrected. Thank you for your comments again goatherd. Excellent thread, MIATA given advice in the past and it is all beneficial to me now and going forward.
westi1
05/6/2014
19:10
Hi goatherd, Paid annually. Invoice. Previous 2 years payment sent after full years accounts submitted. Your suggestions are most welcomed.
westi1
05/6/2014
18:09
Westi1, It seems Miata may be away, and it is urgent, so may I try to help. I am not quite sure of your relationship with your accountant. Is he an employee, or when you pay him, do you pay on invoice? If I knew that then I could make some suggestions - but I don't want to have to make two sets.
goatherd
04/6/2014
19:39
Hi MIATA Any help with the following would be most appreciated. 3rd year in business. Business/sales going well but I may have some serious problems. At present it appears my accountant has let me down on several areas. (Do not see him until next Monday) Date of incorporation April 4th. 2012 1). Is my annual return different from my annual accounts? (I received a letter from Companies House stating my statutory annual return is overdue May 24th 2014) 2). Can I file individual tax returns now for years 2012/2013? I am aware of the penalties reading your thread. My accountant has not filed any individual tax returns for 2012 & 2013. All 4 directors. It is my business but is split between 4 equal shareholders/4 directors. 3). Is there a way I can pay National Insurance contributions for all the directors when they are due? We are all payed via PAYE/dividends. Last week I received a letter from HMRC stating national insurance + income tax of £1700+ not payed. There was also interest on it due to it being late. (now payed) I am aware that as we are all directors that N.I.C does not kick in until the latter part of our financial year, but need to keep on top of important payments. I apolgise if some of my questions/concerns are inadequately explained. I pay my accountant well, and hoped he was there for peace of mind. Some of the issues above he has claimed have been submitted (e.g tax returns) but recently it has come to light he has not. Same again with my Annual return. I need to get a better understanding (minimal knowledge at present) before I see him Monday to see what I can do to rectify these issues and move on.
westi1
30/5/2014
14:04
The basic rule is you have to live or work in the UK. There are some exceptions: http://www.hmrc.gov.uk/childbenefit/start/who-qualifies/live-work-abroad.htm
miata
30/5/2014
12:56
With regards to child benefit MIATA am i correct in saying that if you as a family move abroad "within the EU" that you should still get child benefit even if you do not work in the UK? According to the likes of the Daily Mail this is the case but i was wondering if at least one parent had to still be working in the UK even if they lived abroad "within the EU" but fairly regularly returned to the UK for work paying income tax and NI contributions?
liquid millionaire
30/5/2014
10:39
http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/10863069/HMRC-bullying-letters-ask-why-self-assessment-taxpayers-pay-less-than-average.html
miata
17/5/2014
12:20
Hmmm! I have to say that my natural sympathies with anyone facing an investigation are tempered by the expectation that anyone who has 'complicated' or sophisticated financial arrangements has an obligation - indeed it's plain common sense - to either make sure they understand the implications of what they are doing or take advice from/employ someone who does. I saw the Telegraph story and winced at this bit - "Common "innocent" mistakes can often involve capital gains tax. "This is increasingly an issue for people as property values rise," said Tina Riches, a partner at the financial group Smith & Williamson. "But there is a lot of misunderstanding. Lots of clients don't know how the tax applies to second properties, for example, or what happens where properties are owned jointly." David Lawrenson, from Lettingfocus.com, a website for landlords, said: "There is a great deal of uncertainty among landlords about what expenses can be offset against income."" If you don't know, find out, or employ an accountant to do it for you!
jeffian
Chat Pages: 69  68  67  66  65  64  63  62  61  60  59  58  Older
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