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Where do I go after ISAs, FRB's, Pension etc?
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Accumulation funds don't actually buy more units - the unit price increases instead. I understand that you may not want to 'reinvest' income and that CGT calculations might become more complicated
Yes, sufficiently so that I totally avoid unwrapped accumulation funds. Thanks for the extra detail.You also mention foreign dividend income. That could involve Foreign Tax Credit Relief which really is a bit of a nightmare! I wonder how you deal with that? Very confusing notes from HMRC.....
We haven't had to do it yet but it seems that you just shove it on the overseas dividends section. In my case, the dividends will have been paid gross so no big worries.
What is a HUGE worry if my wife's overseas royalty income - that's a complete nightmare!I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
£2.70 a week into a friendly... :P
From memory, it's £2.65 a week for class 2 NICs. The main downside is that registering as self employed will probably trigger a self assessment is required, but in our case we have to do that anyway.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
gadgetmind wrote: »We haven't had to do it yet but it seems that you just shove it on the overseas dividends section. In my case, the dividends will have been paid gross so no big worries.
if they're paid gross, you actually have to pay 10% tax to HMRC (if on basic rate).
if there is tax withheld, it counts towards your income tax liability. but it might be higher than your income tax liability, with no chance to reclaim the excess. or, in some cases, you are entitled (under a double taxation treaty) to reclaim part of what has been withheld, but have to do so from the other country's tax authority.0 -
grey_gym_sock wrote: »if they're paid gross, you actually have to pay 10% tax to HMRC (if on basic rate).
Hmmm, is this also true for a non tax payer? I'll have to check the exact tax situation on my wife's overseas dividends - so far it's just on Ruffer IT (RICA) so is no great hassle, but it's worth me watching in the future.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
gadgetmind wrote: »Hmmm, is this also true for a non tax payer?
no, non-taxpayers won't owe anything.0
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