Share Name Share Symbol Market Type Share ISIN Share Description
Tax Systems LSE:TAX London Ordinary Share GB00BDHLGB97 ORD 1P
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  0.00 0.0% 112.50 - 0.00 00:00:00
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General Retailers 15.1 -1.9 -0.6 - 98

Tax Systems Share Discussion Threads

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Published in: Investing 7th September 2021 Tax on share dividends to increase by 1.25%. Here’s what it means for investors Updated: by Karl Talbot | 3 min read Tax on share dividends to increase by 1.25%. Here’s what it means for investors The government has announced a 1.25% increase in the tax on share dividends that will apply from April 2022. The news comes at the same time as it was announced that National Insurance contributions will increase by 1.25% next year. The government says the rises will help fund health and social care in England. Both announcements are subject to a vote in the House of Commons. So if you’re an investor, what does the new tax on share dividends mean for you? Here’s what you need to know. How much tax is currently paid on share dividends? If you’re an investor, you currently get a dividend allowance of £2,000. So, if you receive dividends worth £2,000 or less, you don’t have to pay any tax on them. For dividends of more than £2,000, the amount of tax you pay depends on your income tax band. This is unless your investments are held in an ISA, in which case your dividend payments remain tax free. For non-tax-efficient investments, you must pay 7.5% tax on any dividends over £2,000 if you’re a basic rate taxpayer. If you’re a higher rate taxpayer, you must pay 32.5%, and it’s 38.1% if you’re an additional rate taxpayer. You can find more information on income tax bands on the gov.uk website. What are the changes to dividends tax? From April 2022, the government is implementing a 1.25% rise in the tax on dividends to help fund social care. Analysts expect that the move will raise up to £600 million, with the majority of payers coming from the top 10% of households. The new tax will not, however, apply to investments held within an ISA. Why has dividends tax increased? With a National Insurance hike of 1.25% also announced, many analysts feel that the dividends tax is a way for the government to show that it is keen to increase taxes on asset holders as well as those who rely on a working income. Critics of the National Insurance hike have repeatedly pointed to the fact that it will not apply to most pensioners, landlords or those living off income from assets, suggesting that only those relying on a working income face the burden. National Insurance, by definition, is also a regressive tax, meaning that an increase disproportionately impacts those on lower incomes. That’s because the amount of contributions you have to make, at a percentage level, decreases at higher incomes. However, critics of the dividend tax rise consider it a token gesture. That’s because the 1.25% rise won’t apply to investments held in an ISA. How has industry reacted? Commenting on the changes, Tom Selby, head of retirement policy at AJ Bell, says that investors should now take the time to examine their portfolios in order to ensure they aren’t inadvertently paying more tax than they need to. He explains: “The increase in dividend tax means people investing outside tax-sheltered wrappers like pensions and ISAs should review their portfolios to make sure they are making as much use as possible of their annual contribution allowances to keep their tax bills as low as possible.” Will the tax increase definitely go ahead? MPs will vote on the government’s health and social care plan, including the planned dividends tax rise, on Wednesday 8 September at 7pm. While a number of cross-party MPs do not approve of the proposals, the policy is expected to pass through the House of Commons.
I live in France but my earnings arise in UK: Where to pay income tax? As France is where you reside, it is to France that you should be declaring your worldwide income and paying whatever tax is due – and the social charges – and not the UK 16 August 2021 'Double tax treaties prevent the paying of double taxes in two countries and they allocate the taxation of income to the country in which one is resident' Reader question: I live in France and am paying income tax in the UK because all my income arises there. Should I be paying in France as well, despite not having any French income? In short, no, not as well, though perhaps you should be paying it in France instead. Double tax treaties prevent the paying of double taxes in two countries.
UK TAX YEAR CHANGE 'Move the tax-year end to 31 December!' Businesses want the tax year to be brought in line with calendar year to fit with global trading partners 91% of medium firms support plans to shift tax year end to 31 December Office for Tax Simplification considering change to 31 March or 31 December Firms making business abroad to benefit particularly from the proposed change By Camilla Canocchi for Thisismoney.co.uk Published: 16:33 BST, 16 August 2021 | Updated: 16:33 BST, 16 August 2021 The vast majority of Britain's medium-sized businesses are in favour of shifting the end of the tax year to 31 December in line with its international peers, a new survey shows. In most major countries, including the US, France and Germany, the end of the tax year coincides with the end of the calendar year. Ireland also moved its government accounting and tax year end from 5 April to 31 December in 2002. Last month, the Office for Tax Simplification said it was considering moving the UK’s tax year, currently ending on 5 April, to either 31 March or 31 December. Tax year end: Most UK firms would rather it coincided with the end of the calendar year Tax year end: Most UK firms would rather it coincided with the end of the calendar year A move which would prove popular among British firms, since over 90 per cent said they would support it, according to a survey of 500 British medium-sized businesses by accounting firm BDO. However, they said the change would need to be planned carefully with longer filing deadlines to help businesses make the transition. 'Businesses are hoping that a rethink of the tax system can help them flourish following the challenges of Brexit and Covid-19,' said Paul Falvey, tax partner at BDO. 'Changing the tax year to 31 December is supported by businesses of all sizes and will be particularly helpful for those with international connections.' Share this article Share The UK’s tax year for individuals runs from 6 April to the following 5 April, and it has been like this for hundreds of years. In contrast, accounting systems used by businesses have been developed around month and quarter ends. The financial year for the UK government accounting and for companies runs from April 1 to March 31. That - and 31 December - are the two most popular dates for accounting for multinationals. In June, the OTS said that if they were to make the end of the calendar year coincide with the end of the tax year, the transitional year would be shortened by three months and five days and run from 6 April to the following 31 December. 'Clearly there will be challenges associated with implementing this change, not least for the Government itself,' Falvey said. 'But in the long term, a 31 December year-end would also make life simpler for HMRC. 'Aligning the year-end with more of the international community will help taxpayers to calculate and HMRC to check that the correct amount of tax is paid by those doing business in more than one country.' Medium sized firms would also like additional tax measures to encourage businesses to grow and scale-up in the UK, according to the survey. More than half businesses said they would like the 'super deduction' policy introduced by the Chancellor at the Budget in March - which is set to end in March 2023 - to become permanent More than half businesses said they would like the 'super deduction' policy introduced by the Chancellor at the Budget in March - which is set to end in March 2023 - to become permanent Some 53 per cent said they would like the 'super deduction' policy introduced by the Chancellor at the Budget in March - which is set to end in March 2023 - to become permanent. The super deduction allows companies to claim capital allowances at a 130 per cent rate for money spent on 'qualifying' machinery, meaning companies can cut their tax bill by up to 25p for every £1 they invest. Businesses would also like further tax incentives introduced, with half saying that the government should introduce better research and development tax breaks for all sizes of business. 'The government has introduced a huge programme of Covid-19 support measures, but as we enjoy a summer with fewer restrictions, we should consider how tax incentives can be improved to inspire UK-based businesses to grow domestically,' Falvey added. 'Making the super deduction policy permanent as well as broadening R&D tax breaks would certainly be a good start to encourage further investment and innovation.'
Phone them and they will cancel it if there is no specific reason for you to fill it out.
AIUI if they send you one (or write and tell you to complete it online) you have to complete it.
Unless there is a specific reason for you to complete one you don't have to if you are PAYE.
How many years do you have to have no tax to pay beyond PAYE before HMRC stop wanting you to complete a tax return? I thought they were understaffed.
https://www.gov.uk/government/collections/tax-policies-and-consultations-spring-2021 Inheritance Tax refers: https://www.gov.uk/government/publications/chancellor-responds-to-the-first-ots-report-on-inheritance-tax
Thanks waldron. I'm told the outcome would be it would lapse and he'd get nothing. As I expected, just hoped I was wrong ...
blue out of my depth all i can suggest is discuss with lawyer
Can any legal experts reading this help me with a simple question on Wills please? I have a close relative whose Will mentions me specifically as main beneficiary (after some other legacies) but does not include the wording 'or his heirs'. Does that mean if I die before the Testator, and assuming no further changes are made to the Will, my son would not then become a beneficiary instead of me? The obvious answer is to ask for the wording to be made clearer to include 'or his heirs if he should predecease me' but the relationship is 'sensitive' and they are not kindly disposed to my son ... I have googled this but come up with conflicting answers as to what would happen in this scenario. Thanks
I know a few people squirrelling away their gold coins. httPS://www.theguardian.com/business/2020/dec/09/economic-cost-of-covid-crisis-prompts-call-for-one-off-uk-wealth-tax?CMP=Share_iOSApp_Other
rock star
There won't be much tax to come from this source: Changes from 24th November: https://www.nsandi.com/our-products
Well, surely, the only alternative is to spend our way out of it! And that will not work. So there is no alternative. I think one those of us here need to be particularly worried about is; if there is a major re-think of inheritance tax then the exemption for AIM shares (after two years) may be at risk. And, perhaps, tax exemption for first home is likely to be considered. Corporation tax, perhaps, but that will harm any "spend our way out" move.
Makes one wonder whether there might be be tax rises through out europe and beyond to pay for lockdown Https://www.politicshome.com/news/article/rishi-sunak-planning-for-major-tax-hikes-to-pay-for-coronavirus-recovery
adrian j boris
Https://www.taxresearch.org.uk/Blog/2020/06/28/micheal-gove-thinks-tax-should-be-managed-locally-in-the-uk-just-as-hmrc-is-finishing-its-closure-programme-of-almost-all-local-tax-offices/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+org%2FlWWh+%28Tax+Research+UK+2%29 Micheal Gove thinks tax should be managed locally in the UK – just as HMRC is finishing its closure programme of almost all local tax offices Posted on June 28 2020 In his Ditchley lecture on the future of the role of government yesterday Michael Grove said: He added: Before saying: And this from a man who seems blissfully unaware that the governments in which he has served have just closed all the 170 local tax offices in the UK, breaking all connection between tax offices and the communities that they serve, whilst leaving no tax office for the south-west closer than Bristol, no tax offices in East Anglia at all, and none in Scotland north of Edinburgh and Glasgow. It's very hard to make up incompetence on this scale.
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