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Ltd co newbie - help !!

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Hi all

Thanks in advance !!

Taking a new job in June - covering maternity leave (but could well lead to permanent)

New employer suggested that I do this as a 6 month contract with them - set myself up as a ltd company and get a tax break

I can't seem to get to the bottom of exactly how this would work out better for me (£40k salary) !!??

Any help appreciated :T

Are you a prisoner to your exam fear

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In order to excel in the USMLE exam, students must Think Like a Doctor and apply clinical thinking to each exam question. Becker faculty Dr. Steven R. Daugherty understands the underlying logic of the USMLE exam and is devoted to ensuring students’ success on test day. Through his personal USMLE exam prep resource, USMLEThought.com, Dr. Daugherty collaborated with Dr. Phillip Tisdall, M.D. to provide a ten-step process guiding students through the clinical thinking process.
Collect the basics. Age, gender, time frame and other demographic information will help you to picture the patient and the setting in your mind’s eye.
What’s the chief complaint? Is there a standard or clear clinical problem with a known approach?
Engage the clinical “train of thought.” Imagine you and a senior physician are in the room with the patient. Read through the rest of the question stem as if the physician were talking to you about the patient.
Consider the full set of information which is presented. Dr. Daugherty suggests moving away from looking for a simple association or “hook” in the question to considering the full set of information that is presented.
Come to a conclusion about the disease in question. Before reading the question line, come to your own conclusion about the disease in question.
Now read the question line. At this point, the question line should seem like the logical conclusion of your clinical thought process. Given all that has been presented, what does the senior physician want you to know?
Decide on the answer.
Look at the answer choices. Only look at the answer choices after you’ve already decided on the answer.
If you cannot think of a good answer, exclude the ones that you know are incorrect and pick from what is left. Eliminating false answers first will allow you to spend more time focusing on the answers that are most reasonable.
Move on to the next clinical case.
Practicing these steps and mastering the clinical thinking process will eventually help you to anticipate what information the question gives you to solve the problem. As Dr. Daugherty states: “Learning to think like a clinician is the key to understanding what each question expects from you and how to find the ‘train of thought’ that leads you to the solution waiting at the end.”

Overseas Trust Capital Distribution

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Hi everyone, hope someone can give me some advice!

My husband is an Australian citizen living here in the UK with me (currently on a leave to remain visa which is about to be extended into the second 2.5 year stage).

His grandfather left a discretionary family trust in Australia for the benefit of my husband and his brother. Up until now, my husband has only ever received income distrubtions from the trust (based on interest earned on shares etc). As he is no longer considered an Australian resident for tax purposes, he has been advised these distrubutions would now be taxed at a whopping 45%.

To combat this, he has suggested that we take a capital distribution from the trust of approx £120k which we would use to buy our house outright, his yearly income distributions would halt thus negating the tax issue on those.

My question, is around what (if any) tax he would be required to pay here in the UK on this capital distribution? I believe the Trustees will be required to pay capital gains tax on the sale of the shares in Australia so I had hoped he would therefore advise a huge amount of tax?

UUK 1855*407*3999 Facebook customer contact Number toll free facebook

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UUK 1855*407*3999 Facebook customer phone Number helpline facebook

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help substance and best practice data for dealing with their Facebook.com and Instagram
accounts. This assistance focus contains answers to a large number of the more well known
inquiries media accomplices have about their records. There's likewise data on this help
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UUK 1855*407*3999 Facebook customer helpline Number customer care facebook

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Facebook.com'sia Help Center furnishes media accomplices with a one-stop place to get to
help substance and best practice data for dealing with their Facebook.com and Instagram
accounts. This assistance focus contains answers to a large number of the more well known
inquiries media accomplices have about their records. There's likewise data on this help
entryway on best practices for account security and different points. Sign in to your
Facebook.com record to get accomplice bolster. We respect any input you have so please let us
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Facebook.com'sia Help Center furnishes media accomplices with a one-stop place to get to
help substance and best practice data for dealing with their Facebook.com and Instagram
accounts. This assistance focus contains answers to a large number of the more well known
inquiries media accomplices have about their records. There's likewise data on this help
entryway on best practices for account security and different points. Sign in to your
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help substance and best practice data for dealing with their Facebook.com and Instagram
accounts. This assistance focus contains answers to a large number of the more well known
inquiries media accomplices have about their records. There's likewise data on this help
entryway on best practices for account security and different points. Sign in to your
Facebook.com record to get accomplice bolster. We respect any input you have so please let us
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Facebook.com'sia Help Center furnishes media accomplices with a one-stop place to get to
help substance and best practice data for dealing with their Facebook.com and Instagram
accounts. This assistance focus contains answers to a large number of the more well known
inquiries media accomplices have about their records. There's likewise data on this help
entryway on best practices for account security and different points. Sign in to your
Facebook.com record to get accomplice bolster. We respect any input you have so please let us
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Tax reclaim on charity donation

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I am a 40% tax rate payer and recently made a reasonable sized charity donation (by winning a silent auction - this is not something i make a habit of). I've been told that i can reclaim this against my income tax - can anyone tell me how this works please? Do i need to complete a personal assessment form (i'm employed but have never had to complete one before), and how much would i get back on this? What evidence would i need of the donation?
Any info on this would be much appreciated!

Inheritance tax avoidance options - any advice ?

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Hi,
Following the death of my father in January, my mother (aged 71 & in good health) has inherited everything, & I am in line to inherit everything from her when she passes away.

The worrying thing for us, is that I am currently looking at a big inheritance tax bill at that point, so we need to do something ASAP to minimise this, if possible.

Mum owns her home (value £350,000), a rental property (value approx (£350,000), a property in the process of being renovated which was left to her by her Uncle (value once complete approx. £120,000), and has approx £100,000 in the bank.

Mum is already gifting me £3000 per tax year, and is considering turning over the rental property to me (in the hope that she lives for 7 years plus), but can anyone advise what other options we have to avoid the IHT bill in future (mum is very frugal & doesn’t like spending!) ??

Could she buy a car or caravan & put them in my name, or would this result in tax implications for me or her??
Should she pay for holidays etc for us (whether she goes with myself & my partner or not), just to use up some of her money??

Thanks in advance for any help or advice you could offer us ! Feels like time is ticking, & we need to do something (my dad wanted to avoid paying tax at all costs...he has, but he’s left a big issue for me !!!128516;)!

Putting VAT down as N/A on invoices - is this OK if not VAT registered?

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Hi Everyone,

Question is pretty much summed up in the subject line. Is it OK to have VAT written on your invoice but have N/A next to it, if you're not VAT registered?


Many thanks

Trevor

Best date to send online self assessment form?

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I was on ESA until January 2018 and then signed off and went self employed as a sole trader.

So I need to complete a self assessment form for January 2018-April 5th 2018.

I understand this needs to be done by the end of October 2018 by post of the end of January 2019 if filed online.

I have registered to complete the form online and received my code.

I am able to fill in the form now, is there any reason or disadvantage not to? Or should I wait until January 2019 to fill it in online?

redundancy tax

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hi all
i am being made redundant soon and a package im happy with

its over the 30k mark so here goes,

my redundancy is 29800 and a bonus of 8k

will the 8k be paid at 20% or 40% and also will the tax im paying go on to this year tax ie any earnings this year the 8k will show up or have i lost that tax from my earnings on this year tax

i was thinking if its gone for good as in if i take a lower paid job this year i be paying very little tax
or am i better off asking my co if i can put say 2k in my dc pension, might aswel lump it on there than the taxman

hope ive made sense

Overseas Trust Capital Distribution

$
0
0
Hi everyone, hope someone can give me some advice!

My husband is an Australian citizen living here in the UK with me (currently on a leave to remain visa which is about to be extended into the second 2.5 year stage).

His grandfather left a discretionary family trust in Australia for the benefit of my husband and his brother. Up until now, my husband has only ever received income distrubtions from the trust (based on interest earned on shares etc). As he is no longer considered an Australian resident for tax purposes, he has been advised these distrubutions would now be taxed at a whopping 45%.

To combat this, he has suggested that we take a capital distribution from the trust of approx £120k which we would use to buy our house outright, his yearly income distributions would halt thus negating the tax issue on those.

My question, is around what (if any) tax he would be required to pay here in the UK on this capital distribution? I believe the Trustees will be required to pay capital gains tax on the sale of the shares in Australia so I had hoped he would therefore advise a huge amount of tax?

Tax reclaim on charity donation

$
0
0
I am a 40% tax rate payer and recently made a reasonable sized charity donation (by winning a silent auction - this is not something i make a habit of). I've been told that i can reclaim this against my income tax - can anyone tell me how this works please? Do i need to complete a personal assessment form (i'm employed but have never had to complete one before), and how much would i get back on this? What evidence would i need of the donation?
Any info on this would be much appreciated!

Inheritance tax avoidance options - any advice ?

$
0
0
Hi,
Following the death of my father in January, my mother (aged 71 & in good health) has inherited everything, & I am in line to inherit everything from her when she passes away.

The worrying thing for us, is that I am currently looking at a big inheritance tax bill at that point, so we need to do something ASAP to minimise this, if possible.

Mum owns her home (value £350,000), a rental property (value approx (£350,000), a property in the process of being renovated which was left to her by her Uncle (value once complete approx. £120,000), and has approx £100,000 in the bank.

Mum is already gifting me £3000 per tax year, and is considering turning over the rental property to me (in the hope that she lives for 7 years plus), but can anyone advise what other options we have to avoid the IHT bill in future (mum is very frugal & doesn’t like spending!) ??

Could she buy a car or caravan & put them in my name, or would this result in tax implications for me or her??
Should she pay for holidays etc for us (whether she goes with myself & my partner or not), just to use up some of her money??

Thanks in advance for any help or advice you could offer us ! Feels like time is ticking, & we need to do something (my dad wanted to avoid paying tax at all costs...he has, but he’s left a big issue for me !!!128516;)!

Putting VAT down as N/A on invoices - is this OK if not VAT registered?

$
0
0
Hi Everyone,

Question is pretty much summed up in the subject line. Is it OK to have VAT written on your invoice but have N/A next to it, if you're not VAT registered?


Many thanks

Trevor

Best date to send online self assessment form?

$
0
0
I was on ESA until January 2018 and then signed off and went self employed as a sole trader.

So I need to complete a self assessment form for January 2018-April 5th 2018.

I understand this needs to be done by the end of October 2018 by post of the end of January 2019 if filed online.

I have registered to complete the form online and received my code.

I am able to fill in the form now, is there any reason or disadvantage not to? Or should I wait until January 2019 to fill it in online?

redundancy tax

$
0
0
hi all
i am being made redundant soon and a package im happy with

its over the 30k mark so here goes,

my redundancy is 29800 and a bonus of 8k

will the 8k be paid at 20% or 40% and also will the tax im paying go on to this year tax ie any earnings this year the 8k will show up or have i lost that tax from my earnings on this year tax

i was thinking if its gone for good as in if i take a lower paid job this year i be paying very little tax
or am i better off asking my co if i can put say 2k in my dc pension, might aswel lump it on there than the taxman

hope ive made sense
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