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Digital Nomad Tax Base

March 28, 2017, 4:05 am
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Hello fellow members,

I am currently living as a digital nomad and have a small online business. I was wondering what my options were with regards to basing my business elsewhere since I no longer plan to live in the UK. Currently in Thailand but roaming around and likely to live in other countries in the near future. I have very little knowledge about what I can do so seeking advice here from people who know a lot better than me. :)

Mr. Gerbil
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HELP Tax Demand after salary sacrifice

March 28, 2017, 5:22 am
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I need some advice please,

I used to work in the NHS and had a car via the salary sacrifice scheme, i paid for the car each month from my wages and i left the NHS in December 2015.
I received a tax demand stating i had paid too little tax and so i contacted HMRC and explained i had the car etc etc, i was advised to send all my payslips showing the payment and a letter, which i did twice and the last being in February this year as still had heard nothing, they have written back and said i still owe the money over £3000 as it was a benefit in kind.
The whole idea of the salary sacrifice was that i saved money on tax and national insurance and was able to have a lease car which i paid for. How is this a benefit in kind, i wasn't given the car by my company i paid for it and the salary sacrifice meant i paid less tax and national insurance but also my wages dropped and so did my pension contributions, how is this right that i now have to pay over £3000 Please help
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Avoid second property stamp duty using a trust?

March 28, 2017, 5:47 am
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Hi,

I've been really angered this week by news that I will have to pay massively inflated stamp duty rate to buy a second residential property (even though I'm doing as the government want and am saving for my retirement with a rental property). I am the sole owner of this property (mortgaged) but the stamp duty hike would penalise my girlfriend as well who is a first time buyer, wanting to by a house with me.

I've been looking at various ways to get around this unfair tax, but there seems to be no real solution. It got me thinking that there may be a loophole in transferring a property to a trust. If i transfer ownership of my property to a trust, doesn't this then mean that I am no longer the legal owner, and therefore cannot be charged the additional stamp duty?

Seems like a basic work around, but can't seem to find a yes or no answer.
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Avoiding stamp duty on part of an inherited property

March 28, 2017, 9:26 am
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Hi all,

I am about to inherit 50% of my late parents estate with the other 50% going to my sibling.

The estate is roughly as follows:
Property £350K
Cash 150K

Total inheritance therefore £250k per sibling.
I would like to hold on to the property and compensate my sibling £100K to add to his inherited cash of £150k in order that we have the same benefit as intended. Assets are due to be divided by the solicitor as soon as we are ready.

My question is this;
Can this be done so that no SDLT is due? My solicitor seems to think SDLT would be due on the £100K at the second home rate (I am an existing homeowner)but someone else advised me that this is perfectly avoidable.

Any help is appreciated.
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Cgt

March 28, 2017, 10:25 am
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Looking for a bit of general advise pls. I have a property that I have rented out for 20years. I am now thinking of selling it. Can anyone give me a rough idea of what kind of CGT bill I would be hit with? Is there a set way to calculate it?

I live within a few miles of the house so have thought about selling my own house and moving into the one I rent out. Would this be a better idea as I would be selling my current primary residence and making the rented house my new primary residence. Would that mean if I lived in it for a couple of years and then sold it I wouldn't have to pay CGT at all or doesn't it work like that?
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Capital Gains Tax on Bare Trusts

March 28, 2017, 10:31 am
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Having purchased a F&C Children's Investment Plan several years ago via a Bare Trust, and then transferred it to a Gchild on reaching age of 18 into a F&C Personal investment Plan,during this time the investment has increased in value.From a CGT point of view would Cgt have to be considered at date of transfer for me as Gparent? and does the period to be considered for CGT begin again based on its value when the Gchild received the investment at age 18?
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Help with PPI tax and R40

March 28, 2017, 10:41 am
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I've just had a really unhelpful telephone call with Inland revenue. I think I must have got a new chap as he really had no idea.

After much googling and searching on here I'm still really confused as to how PPI refunds are classified. Basically I have just had 2 PPI claims settled. One for £600 and the other for £3000. My problem is I work part time and have earned less than £11000 this tax year, so don't pay income tax. However on both PPI claims they have deducted tax. What I want to know is do those payments class as income? This would then take me over the tax threshold and thus need to pay the tax, so no problem. If it doesn't, or if its just a proportion that counts as income, then I may still be under, so could I claim the tax back?
Another thing is what do I tell Tax credits when we finalise?

I couldn't believe how unhelpful the chap at HMRC was, he kept going off the line to ask someone else, then came back and said go online and fill out an R40.
Thanks in advance for any help.
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Fuel card without a company car

March 28, 2017, 11:00 am
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Hi

I have asked this topic before, but after a chance discussion with our company head of reward I want to double check.

I am taxed on the value of fuel I actually spend on this card through my P11d - and have been for around the last 16 years. The benefit on the P11d is clearly highlighted as being related to a fuel card. In addition I have previously successfully reclaimed an element of this that related to business miles through a mileage claim where I fully explained what the benefit related to in my letter.

However, today, the head of reward commented to me that it might not be worth having going forwards as the fixed amount being taxed is going up. When I explained this is not relevant to me because I do not have a company car and so are taxed on the actual spend instead, they seemed very shocked and told me I was wrong.

I would have thought that if I am wrong HMRC have had many opportunities to highlight this over the years - especially when I wrote to them about it, but the conversation has led me to doubt myself a bit as this person is our expert in the company.

Please can anyone put my mind at rest again!

Thanks
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Tax Advice

March 28, 2017, 1:05 pm
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Does anyone know where you can receive free tax advice? I'm needing to ask a few questions as I don't understand what applies to me regarding a Capital gains, stamp duty and inheritance tax. I just need a few questions answered by a solicitor to work out whet routes apply to me individually ? Any recommendation on free legal trusted advice?
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Capital gains tax and divorce

March 28, 2017, 4:44 pm
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My husband and I plan to divorce this year. When we married, I moved into his house so the family home was in his sole name. We then bought a holiday home and this was bought in my sole name.

We then moved house and bought another family home, that was sold when we separated. From the proceeds we each bought a house.

So far, so straightforward. However, when we divorce, he is going to get the holiday home because we agreed this when we separated four years ago. During that four years he uses it and I don't. I still pay most of the bills but he gives me money that covers them, it remains in my sole name.

I have been looking into CGT and I would like to know if there will be CGT to pay if I transfer the property to him and if this will vary according to when this is done. Basically does it make more sense to transfer the property before we get divorced, or after, in terms of CGT, or does it make no difference?

Thanks in advance for any advice.
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Declare settlement compensation plan.

March 29, 2017, 1:15 am
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In summary I breached contract with my ex employer and received a loss of office tax free payment of 30,000 UK pounds as a settlement.

This was paid and not on my p45 or payslip. I was taxed on the the remaining 32000 as this was for holiday, wage and car allowance.

Regarding the untaxable element I don't believe I need to declare this as it was a loss of office compensation payment thus void of tax?

Is that correct or does it need to show on my self assessment and if so why?
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Capital Gains Tax Advice Please

March 29, 2017, 4:18 am
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I've been reading guides online and trying to make sense of the rules on CGT but I'm still not sure if I'm liable to pay CGT.

My parents transferred ownership of their main house to me and my sister back in 2015. My sister used it as her main residence for a couple of months and since then it has been let out. Now we want to sell it. The increase in value since the transfer of ownership is around £200k.

Do we need to pay CGT? If yes, how much or how can I calculate it?

Thanks
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HMRC online system not picking up my 14/15 SA amendment

March 29, 2017, 2:25 pm
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Normally amend my tax return online within the 12 month window as and when receive certificates for my EIS investments in order to claim the tax relief and thus a repayment. Normally all works fine and get the repayment direct to my bank account shortly after. However, seems to be an issue with my 14/15 which I successfully amended in Aug 16 and then filed another amendment on 31.1.17 again to claim my EIS tax relief. No sign of the repayment after a few weeks so spoke to HMRC last month who said they could only see on their system that my last amend was my Aug 16 one hence why no repayment for my 31.1.17 one generated. This is despite me getting a tax submission reference number for successful filing of the amend on 31.1.17 and if I log in now this 31.1.17 is correctly showing as my most recent amend with the right amount of tax overpaid.

HMRC said they would need to investigate with deadline today but spoke to them today and they are still looking into it. In the meantime therefore wondering if anyone else has had a similar issue with online amendments?
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Tax on Savings/Dividends 2016/17

March 30, 2017, 5:46 am
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Can someone confirm the tax payable in the following scenario for the 2016/17 tax year please:

Salary: 8040
Savings Interest Received Gross : 5500
Dividends Received : 26000
Tax Code:1100L

I'm getting a little confused regarding the savings and dividend tax free bands.

Thank you
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SelfAssement Laptop purchase

March 30, 2017, 9:10 am
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Quick question , thank in advance for the answers!

Sole Trader, Cash Basis accounting, not VAT registered as under threshold.

A laptop purchase, which box does it go into for tax return? Would entering be without VAT and then VAT claimed elsewhere or the whole amount?

Also I assume no depreciation taken into account as it is going in to AIA?

Thank you!!!:beer:
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Tax code 1147L - is this right?

March 31, 2017, 6:27 am
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Hi there


I received letter from hmrc telling me my tax code for 17/18 - however there was no code on my letter, my personal allowance was £0 and it said "less medical insurance £52 to be added to your wages, salary or pension".


I phoned hmrc and they have got me down as earning £151,000!! Corrected them that this year my salary will be £9k only. She said new tax code will be sent out and it will be 1147L.


I am just wondering if this sounds right? I am afraid of them getting it wrong and being overtaxed. Money is quite tight at the moment! I'm concerned tax code is different to previous tax codes but is that because of the £52 medical insurance?


If anyone could shed any light and confirm all ok I would really appreciate it!


Many thanks
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online tax calculator that allows you to input giftaid payments?

March 31, 2017, 12:24 pm
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I usually use listen to taxman and employedandselfemployed, which are excellent, but has anyone spotted one which allows for giftaid conts?
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Personal Tax Allowance

April 1, 2017, 1:23 am
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Hi,

Could someone please clarify:
I understand every April there is a new tax code, in line with the new limit you can earn before being taxed.

I have just recently started paying tax on my salary, as I was unemployed for the whole of last year and claiming benefit. I believe from what I have earned with my new job plus my JSA benefit from last year has now resulted in me paying my income tax, as I have now earned above the allowance set for 2016/17.

Does this refresh every april? In other words do you not pay any tax from April onwards until you earn above the new income tax allowance? Or is it just a one of chance and you pay tax regardless of the new limits set every financial year?

Just confused, if someone could please clarify.
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Self Employment Advice

April 1, 2017, 5:06 am
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My OH is going to be working 2 jobs soon. One is 2 days a week and is PAYE the second is going to be on a self employed basis where she invoices for the work she does.
I believe? That in respect of the self employed job she will be entitled to claim tax relief for travelling to and from the place of work ? Would she be entitled to claim for the purchase of a small car for that purpose too, or would that come in with the mileage claim including insurance and other associated costs. Any advice would be gratefully received
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Selecting option on self assessment return to have tax collected via tax code

April 1, 2017, 9:03 am
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Did a family member's tax return 15-16 back in December and I'm 99.9999% sure I correctly selected the option to have any tax due (less than £3k) collected via his tax code rather than pay it as a lump sum by 31 Jan. Indeed, I recall checking this twice before submitting the return.

He then got a letter a few weeks ago from HMRC asking him to pay the tax due and when he spoke to HMRC they said the option to have it collected via the tax code had not been selected. I can't see anywhere in the saved copy of the tax return where it shows that box but logging in and going into amend return online and it says 'not set' for that option.

Has anyone experienced the same issue before, ie any chance error at HMRC end as I'm positive the option was selected? (Not that it's worth arguing it out with HMRC since he has now paid the tax due to avoid interest etc.)
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