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Money transfer from Europe/European citizen
Hi all, I'm a French national living in UK (resident). I had some savings in France before I came here, and I'm looking to transfer it from France to UK. Do I need to declare it ? Pay taxes on it ? Thanks in advance for your answers. My apoligize if I'm in the wrong section.
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Non uk equities dividend
Currently completing my self assessment and have two unwrapped investment trusts that are described by Halifax share dealing as above. They are European assets trust and Aberdeen Latin American income, total income around £1300. I think these need to be entered in the foreign income section but just wanted to check if…
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Worth going from sole trader to limited company on 70k profits a year?
Doing all of the calculations it will save a bit over 1k a year, but all of that will just be taken up by accountant fees. So unless I'm missing something I can't see why I would benefit much from it? I don't need any loans, I guess it would be useful to be a different legal entity just encase something goes wrong, but…
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Car Mileage/Tax relief
Hi, I believe I may be able to claim tax relief on car mileage for business miles that I do at work. Car is my own, employer has paid me £2330.62 for the last year ending March 2019. (varying between 9p and 11p per mile) I did 20,358 business miles. I tried to do the online claim but it came up with the following: Amount…
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Can I ask for council tax reduction?
My partner and kid will be moving abroad for an year. They may extend the stay after an year but not yet decided on the extension as of now. Currently we are renting and after they move abroad, I will continue to stay in the UK but will move to a shared accommodation in 2-3 months. Will there be a reduction in council tax…
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First time tax return - "other income"
I've been close to the 100k threshold the past few years but this is the first year I have surpassed that necessitating a tax return. Newbie to this so bare with me. The vast majority of my earnings are PAYE but I have other income of about 5-10k (much less in previous years but likely to increase going forward).…
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UK citizen vs US RSUs
Help! My husband works for a multinational company who give him a certain amount of RSUs. We’re now in the situation where his tax code is 0 as, according to the HMRC, is pay for last year was over £140,000 because of these RSUs which vest through his pay. Unfortunately, his actual pay is £72,000 he does not receive any…
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Other income tax
Hi, How to pay tax for money received from an investment? The other day I saw this new article .birminghammail.co.uk/news/midlands-news/meet-17-year-old-boy-16335563 and had a chat with him to see what's it all about and thinking of a trail invested £300. The return would be around £100- £150 on investment. it will be bank…
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Emergency tax problems
So I'm currently around £1000 out of pocket to hmrc as I've been wrongly emergency taxed for a good portion of the last tax year. This happened initially because my previous employer took nearly two months to send me a p45. When they did send me a p45, I realised the information was incorrect. They had failed to realise…
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Cash gifts
Hi I received a cash gift of £7,200 from a family member during the last tax year. I'm not PAYE and I do not file a self assessment. Do I need to tell HMRC about this gift. Thanks.
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tax code change for forecast tax underpayment 2019/20
My husband retired in April and was paid by his company in week 8 some backpay/holiday, this resulted in some tax being paid at 40%. His full year income for the year will be £30k so none of it will be 40% band His first pension payment was also in week 8 and the company pension applied month1/week1 to the tax. The result…
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Best split of pay/dividends ?
I'm currently an employee of a private limited company but will soon by buying half of the company. The company has 2 current directors and I will be buying half the shares from one of them who is retiring. At present they pay themselves £30k wages and £30k dividend. I'm sure this isn't the best way to be paid but what is…
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Fuel expenses/mileage allowance
I have been looking into going self employed. I can potentially do some work as substitute driver. I would need to use my own car to travel to do the work, do I claim mileage allowance on the cost of getting there and back. The job would be courier driving I have 2 options 1. Buy my own van or lease van etc (cannot afford…
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The tax treatment of OEICs/ITs/ETFs
I'm trying to learn about the tax treatment of various investments with a view to generating growth but minimising personal taxation. I know that if income is distributed then it is treated as taxable income,like dividends. What about investments such as OEICs? Effectively what are the best vehicles for generating growth…
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Please delete thread
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Vat
Hello, I am looking for some advice. I have a limited company which has gone over the vat threshold. Due to my circumstances I don't expect to receive anymore work for a few months as I will be taking time off for family reasons. In a few months I will fall below the vat threshold. Do I have to register for Vat, then…
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Council Tax - Single person discount
Hoping someone can help me on this. I'm in the process of buying my first house, I am in a long term relationship but my partner's parents are not well so she is staying at home for the foreseeable future. I was told that councils offer a 25% discount to single occupiers but sometimes require evidence? Has anyone got any…
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Work in Germany, home office in England - tax?
I will be starting a job in Nuremberg, Germany in July. I will live full time in Germany but occasionally visit the UK. On average, I will do home office from England 2 days per month. I have been told I have to file & pay both German and UK taxes. Can anyone verify if this is correct? I can't get my head around having to…
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Now I use Xero, do I need an accountant?
I'm the sole director of my limited company (I don't have any employees). I would say my books are pretty straightforward. I invoice, I get paid. Salary/dividends come to me, anything else is either an expense, or is still in my company bank account. My accountant charges me around £2,000 - £2,500 per year, even though I…
