Do you piblish these? eg where is S209 ICTA1988 now?
We have an employee, resident in Ireland & paid his full salary in Ireland. He meets the UK residency rules also as he travels there weekly. How best should we proceed
I have a client that has moved from a sole trader to the limited company.
One of the invoices issued by the business operating as a sole trader is for the full month during which the incorporation of the company took place. The client incorporated the company by himself. Now, I am aware of the assessment of the debtors/creditors of the business prior to incorporation. But, I am unsure if there would need to be anything done in the articles of incorporation to say that the sole trader business was incorporated? And if the invoice for the sole trader was paid into the personal account, I am, again very doubtful, if it should be apportioned at the date of incorporation and transferred to the company?
Any advice would be greatly appreciated.
Scenario: A British domicile returned to the UK from Hong Kong nearly 3 years ago (he was there for 8 years and was Not Resident). He was employed by a French employer with a regional office in HK. Whilst there he built up a pension in a Hong Kong pension scheme. Even though he is younger than the UK pensionable age, he can take out the entire fund as cash now and bring it back to the UK.
We are struggling to determine whether there would be any UK tax liability if he cashes the pension in & moves the money back to the UK. Investigation appears to suggest that there would be little or no liability as all of the value accrued prior to 6 April 2017. [We believe there would be no liability for the sum transferred that relates to pension funds accrued before 6 April 2011; and for the pension pot accrued after that date but before 6 April 2017, we believe that either there is no liability, or at worst there may be a little liability for the sum transferred to the extent he was not 100% working out of the UK (he spent 1 month working on a project in the UK during 2012, whilst still remaining employed by the HK branch of the French employer).
Question: can anyone help with advice about whether there would be a UK income tax liability?
I am aware that the rules changed on 6 April 2017, for pensions accrued from that date onwards only (clarified in a Government article on 20 April: https://www.gov.uk/government/publications/pension-tax-for-overseas-pensions-additional-information/pension-tax-for-overseas-pensions-additional-information
Scenario: Self-Employed UK sole trader (using Flat Rate Scheme)
Question: Is it possible for the trader to use the cash basis for UK income tax, and at the same time use the accruals basis on VAT returns?
Rationale: the timing of various payments & sales make this more tax efficient for the trader (trader is a low-cost trader for FRS purposes)
I hope somebody can help as I have searched the legislation without much success. I cannot find any official HMRC law or reference that says this arrangement cannot be done. Indeed, the closest I have come to an answer lies at the bottom of BIM70005, ‘The cash basis does not affect the way a business should account for VAT. …’
Thoughts or guidance from the taxworld network would be welcome! Many thanks.
My client lived and worked in Australia for many years and returned to the UK in December 2015. He made contributions into a Super Annuation Pension Scheme in Australia and was taxed at 15% on his contributions. In Australia, pension income is tax free As a general rule, in the UK foreign pensions are taxable. I am wondering if any relief can be claimed in Australia or UK. I am getting conflicting information. Does anyone have experience with Australia pensions? Many thanks.
I have a client who de-enveloped the UK property, i.e. liquidated the non resident company and distributed the property in her name. This was done to avoid ATED charges, and she is also taking up residence in the UK property, so also to do with PPR relief.
There was no gain or loss. The NRCGT return was filled late and there are penalties of about £1400.
I have appealed in August 2016 on reasonable excuse. HMRC returned the appeal to me saying the tax payer does not have a national insurance number so can’t process. Rewrote to them saying is a Non resident company with no UTR as it did not haev UK source income. It only had ATED reference and CGT case reference when NRGCT was filed. (all references were provided initially). They asked me to resend the appeal, which i sent in November 2016. I have heard nothing from them yet.
I just saw this no gain/no loss relief for penalties at Section 12ZBA – Elective NRCGT return, Would the above situation fall under no gain/no loss situation?
Any help will be highly appreciated.
Hi – I submitted a question recently which seems to have disappeared from the forum, although I saw somewhere it had been resolved. Could you advise, please.
Under the new SRT rules does it still apply that you cannot claim Sec 811 excluded income relief if you are claiming split tax year treatment for the tax year in question ?
Does quick succession relief apply in instances where the transferee dies before the first transfer is made?