Breaking Through, Travelling On

edinburgher

I wonder how the finances of it will work? I agree the banks won't reduce their own income, will they get reimbursed? Hmmm!

Well, the banks currently take 20% and then send it on to the government. I guess it's as simple as they stop doing it?

Karmacat

Good news to me though income is so low, I'm pretty sure that a single small pension contribution (from savings!) will send me tax dark (not counting VAT and indirect taxation, never thought to count that :eek:).

I'm sniffling. Thats not how a cold starts for me, but I've no idea what's going on. In general, I disapprove Funny old day, this.

Karmacat

Karmacat wrote: »

I'm sniffling. Thats not how a cold starts for me, but I've no idea what's going on. In general, I disapprove Funny old day, this.

New bottle of shampoo just opened! I'm sure thats what it is, but just in case, salt gargle, echinacea, Vick's First Defence and a vit c tablet

gallygirl

Happy about the tax change on savings here as well - as expats we can't have an Isa but we can take advantage of that :T. Still doesn't make up for his plan to scrap allowances for rental income for overseas landlords though . Haven't heard that mentioned but I'm sure he won't have scrapped it!

Of course, the banks will have incurred admin costs in collecting the 20% and passing it on, so they will now be able to raise interest rates a little :rotfl:

elantan

I'm still to find out the highlights

KC can u give my apologies to the dark tax group, with me being kicked off I didn't get a chance to say goodbye

Glad to see your still dark taxing

I am myself

Karmacat

gallygirl wrote: »

Happy about the tax change on savings here as well - as expats we can't have an Isa but we can take advantage of that :T. Still doesn't make up for his plan to scrap allowances for rental income for overseas landlords though . Haven't heard that mentioned but I'm sure he won't have scrapped it!

[STRIKE]Erm, Gally, sorry but can you tell me anything about that? You mean there *is* an allowance for rental income for overseas landlords? :o:p:o:p[/STRIKE]
Ignore me - I just looked at the tax return I did in January, and there's all sorts of allowances in there. Plus I'm still resident in the UK

Of course, the banks will have incurred admin costs in collecting the 20% and passing it on, so they will now be able to raise interest rates a little :rotfl:

:rotfl: Yeah, I think people at our level won't be benefitting from it too much!

elantan wrote: »

I'm still to find out the highlights

KC can u give my apologies to the dark tax group, with me being kicked off I didn't get a chance to say goodbye

Glad to see your still dark taxing

I am myself

Will do, El - I'm not going back permanently, but it should be rounded off, you're right.

I love tax dark as a concept got to fiddle around with the size of my pension contribution before year end, to maximise. I've started the calculations :rotfl:

What I've *actually* been doing just now is mooching about on the interweb after the latest EatWeeds newsletter - finding bookmarks for seaweeds, though it sounds like water quality is a killer in the south of England (sometimes literally :eek:) and any big European estuary. Pippi would have been all right in Orkney!

elantan

Oooooo don't think I could eat seaweed, I take my hat off to you

Yep my pension costs have ensured I'm D/T this year, have applied to give Mr El 10% of my tax allowance this year ... All pennies for the pot

gallygirl

Karmacat wrote: »

[STRIKE]Erm, Gally, sorry but can you tell me anything about that? You mean there *is* an allowance for rental income for overseas landlords? :o:p:o:p[/STRIKE]
Ignore me - I just looked at the tax return I did in January, and there's all sorts of allowances in there. Plus I'm still resident in the UK

!

Basically it's only if you are non- resident. Instead of having a tax free allowance of 10.8k before you start to pay tax on rental income you pay tax on all (after expenses). Git :rotfl:

Hopefuljoy

Hello KC and friends. It looks like everyone is well apart from some sniffles! I am a bit confused about this dark tax stuff. Can anyone explain it too me???

Nite nite, Hopefuljoy

gallygirl

Hopefuljoy wrote: »

Hello KC and friends. It looks like everyone is well apart from some sniffles! I am a bit confused about this dark tax stuff. Can anyone explain it too me???

Nite nite, Hopefuljoy

Basically you take a leaf out of Rich Folks books and don't pay any.

Or should I say, if you don't have vast income, by careful use of ISA's, pension contributions and gifting allowances to/from husbands/wives you don't incur any tax liabilities .