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Tax Tony
Comments
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Hi Uncle,
This query really only strikes from April, but forwarned is forarmed.
In 2005 the venerable Peninsular & Orient company was taken over by "Dubai Ports"; I think this is really Sheikh Mohammed bin Rashid Al Maktoum thinly disguised.
In a former life I had been an employee of P&O and had subscribed lots of salary into a SAYE scheme to buy P&O "shares". SO I had a wad of "shares" bought under different options and at different times with wierd & wonderul documentation from building societies and Royal bank of Scotland - a potential nightmare for Capital Gains calculations.
SO I opted for the variable rate loan notes, with the intention of dribbling out the sales over 2 or 3 years, thus avoiding tax and hassle.
Last June I got the first interest payment from "Thunder FZE" via Computershare, complete with the expected tax deduction certificate.
I have just received repayment of last June's tax deduction, together with December's interest payment paid gross. It seems Computershare has cocked up, the explanation being "The payment should have been made gross as it represents income from an overseas company".
Today I completed my online tax return and noticed there was a special concession for Abbey shareholders - now that Abbey is Spanish.
Next year there won't be a similar concession for ex owners of P&O and I would not qualify anyway.
So:
What rate of tax will HMRC want (assuming I am a standard rate tax payer)?
Does this mean I will have to go back to doing a paper tax return with some strange complicated extra page for overseas income or could I get away with dumping the amount into the box marked "untaxed interest"?
Best wishes for the new year,
John.0 -
Hi,
I've just seen something in the newspaper that worries me.
About 10 yrs ago my in-laws tranferred ownership of their house to my wife & her sister (they were worried about care fees). The parents continued to live in the house (FIL died a few years back) payng no rent, but maintaining the place.
There will be no inheritance tax to pay on the MIL estate. Will the wife and or MIL be liable to tax now/when MIL dies?0 -
courses
Hello Tony, v kind of you
I am self employed, can I claim the costs relating to courses relating to my own training? I'm getting mixed messages about this from friends - i have always included them before mind. The training is continuous prof development type stuff (not the basic training to reach professional level I'm already at).
many thanks0 -
fixed price phone bills
please can I ask another one? Both my home telephone line and mobile phone are used for both business and personal use, they are on fixed monthly payments that ionclude an allocation of call time. Do I just % split this to business and non-business then, or does it have to be 50/50? Is difficult to say/prove exactly what % is as not based on actual calls......
many thanks0 -
First of all, this is my first post on this incredible forum - so hi everyone!
OK onto business. @ Toni: I am a professional DJ/Music Producer and I work weekends at clubs throughout the world and produce music in my studio in my house during the week. My girlfriend/fiancee/16 year partner organises my DJ bookings (ie my agent), she has her own office room in our house and we both live in the same house. We are a great team so to speak
OK so, the way we have been organising this for accounts over the years is, I bear all the expenses (petrol/proportion of the bills/phone etc etc) and then I pay her 10% of my income. It works out at around £25,000 a year taxable net profit for me, and then she gets £4,000 (10% of around £40,000) a year. Now, this is below the taxable threshold, so we don't do her accounts at all (Hmm, I've always wondered about this - I hope it's right)
Anyway, 3 years ago, I got a mortgage for a house (£100,000). We're completely got into the DIY thing and now obviously want to keep going and building our lives. We're about to apply for an extention (which we'll need to re-mortgage for once we get permission I presume), and I would love to get another house to rent out to someone (which I hope would make for a pension when we get old and grey).
Are we both doing this right? Obviously I'll need to apply for remorgaging and perhaps a buy to let mortgage down the line? Should my fiancee have her own accounts with a much larger net profit? Perhaps I pay her a greater percentage of my income and she bears more expenses)?? Would this get us more money for remorgaging or other benefits down the line?? Hmm very unsure if we're doing the right thing here.
Any advice you have Tony, would be a godsend to us. We absolutely love what we are doing and hope to build steadily and safely on what we have already. Many thanks for your reply in advance0 -
whoops, hit reply twice. sorry!0
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Thanks Tony,
Please could you clarify on how capital allowance works. I understand you can claim 10% PA but 40% in the first year also. We run a small boutique but before we strated trading have spent almost 7K in renovating and refurbishing the premises (flooring, plastering, painting, new ceiling, lights electrics, fixtures-fittings etc). Can we claim any of the money spent as capital allowance?
We do not own the property so cannot offset against capital gains when the property is sold
Thanks a million
Mr & Mrs Khan0 -
Hello Tony
I asked for your help back in the original tax questions, and you answered me, so thank you for that!
Unfortunately my business, although it made money, didn't last long.
I ended my business on 4th September last year. I found it was too stressful.
My first question is this - I completed my first tax return in May 2006 for the period 05/09/2005 - 05/04/2006. Everything went through fine, and the tax people owe me £2.00!
The only thing is, when I was re-checking it as I know the Tax deadline is coming up for the end of this month, I realised that I had put the 30th March 2006 down as my account end date. I have telephoned my local Tax revenue centre, and they have told me that it doesn't matter, and to just put on my next tax return the start date 31/03/2006 - 04/09/2006 (the date I ended my business). Sorry to sound like sucha worry wort, but will this be ok?
Thank you0 -
Thanks for all the replies, this thread is now closed for neew questions. Look out for Tony's article in the upcoming tips.0
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Hi
If somebody stopped working on a self-employed basis during the tax year of 1999/2000 and they had made a loss but the person doing the accounts had made an error so that the self-employed person actually paid too much tax, would the over-paid tax be able to be re-claimed bearing in mind that losses can be brought forward to the following tax year?
Many thanks
Niknak0
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