Expatriate taxation UK and expat tax return expert income tax advice UK professional qualified adviser http://localhost:8000/aoline.co.uk/index.php?TSFE_ADMIN_PANEL%5BDUMMY%5D=327648&id=1&TSFE_ADMIN_PANEL%5Bdisplay_top%5D=1&TSFE_ADMIN_PANEL%5Bdisplay_preview%5D=1&TSFE_ADMIN_PANEL%5Bpreview_showHiddenPages%5D=0&TSFE_ADMIN_PANEL%5Bpreview_showHiddenRecords%5D=0&TSFE_ADMIN_PANEL%5Bpreview_simulateDate%5D_hr=&TSFE_ADMIN_PANEL%5Bpreview_simulateDate%5D=&TSFE_ADMIN_PANEL%5Bpreview_simulateUserGroup%5D=0&TSFE_ADMIN_PANEL%5Bdisplay_cache%5D=1&TSFE_ADMIN_PANEL%5Bcache_noCache%5D=0&TSFE_ADMIN_PANEL%5Bcache_noCache%5D=1&TSFE_ADMIN_PANEL%5Bcache_clearCacheLevels%5D=2&TSFE_ADMIN_PANEL%5Bcache_clearCacheId%5D=1&TSFE_ADMIN_PANEL%5Bdisplay_publish%5D=1&TSFE_ADMIN_PANEL%5Bpublish_levels%5D=2&TSFE_ADMIN_PANEL%5Bpublish_id%5D=1&TSFE_ADMIN_PANEL%5Baction%5D%5Bpublish%5D=Publish+now%21&TSFE_ADMIN_PANEL%5Bdisplay_edit%5D=&TSFE_ADMIN_PANEL%5Bdisplay_tsdebug%5D=0&TSFE_ADMIN_PANEL%5Bdisplay_info%5D=1 UK tax return and accounts service by a professional and qualified chartered tax adviser. en-GB Sun, 23 Jan 2011 11:07:53 +0100 TYPO3 - Open Source Content Management File PAYE tax online and receive £250 http://localhost:8000/paye-tax.html HM Revenue & Customs (HMRC) are encouraging all UK employers to file PAYE records online. From 2010 it will be compulsory but in the meantime there are good incentives to file PAYE online. For the UK tax years 2004/05 and 2005/06 HMRC paid small employers £250 (fewer than 50 employees) to file their PAYE tax and records online. For 2006/07 the incentive is £150, for 2007/08 the incentive is £100 and for 2008/09 the incentive is £75. If you already have PAYE software, check that it allows you to file online. If you do not have software, or your software does not allow you to file online, talk with me as I can advise you on software that does allow you to file your P35 and P14s online at very affordable prices. There are also a number of Internet based software suppliers that will look after all your forms and calculations electronically. No software, no manual calculations, just enter the numbers you need and print off the payslips leaving the supplier to keep the software up to date. Thu, 13 Nov 2008 10:40:05 +0100 http://localhost:8000/paye-tax.html Tax free saving UK http://localhost:8000/tax-free-saving-uk.html This is a current summary of tax free investment and tax saving opportunities for UK residents.

Generally, you first look at the ‘tax free’ opportunities and savings whilst ensuring the return is sufficient followed by income that is taxed the least, at this current time, it is dividends on ordinary shares which are taxed at just 10% instead of the normal 22% for income. National Saving Certificates:
Fixed interest National Saving Certificates & National Savings index-linked certificates can be bought for as little as £100 and guarantee fixed rates of interest. Both the interest and the capital growth are tax free. Maximum investment is typically £15,000. nsandi
http://www.nsandi.com/interest-rates/index.jsp Premium Bonds:
These tax free bonds carry no interest in themselves but, the collective interest earned by all investors is distributed each month as prizes. The prizes can be substantial and are tax free. You can liken these to a lottery where your ticket price is refunded at any time. The longer you stay in the game and the more you have the greater the chance of winning large tax free prizes. At any time you can withdrawn your investment for the face value.
http://www.nsandi.com/products/pb/index.jsp Cash ISA:
You can invest a cash lump sum of up to £3,000 each tax year and the interest remains tax free. For example, First Direct are currently offering a rate of 6.25% on their instant access Mini cash e-ISA. All growth is tax free. Maxi ISA:
A Maxi ISA allows you to expand your cash ISA by investing in stocks and shares to a total ISA investment of £7,000 each tax year. From 2006/07 the total limit is being reduced to £5,000. All growth is tax free.
Thu, 31 Jan 2008 12:16:31 +0100 http://localhost:8000/tax-free-saving-uk.html
Long term care insurance planning http://localhost:8000/longtermcareinsuranceplanning.html In this article I explore a concern that increasingly affects everyone as we get older. The question is how we ensure a standard of health and care without spending the hard earned capital we intend to leave for our family to enjoy.

In the first instance we understand that holding onto to our money until the day we die will bring forth a large inheritance tax or IHT bill of up to 40%. If you do not want to donate up to 40% of your estate to the taxman, you had better start planning. For many of us, we want the bulk to be left to our family and the common approach is simply gifting during our lifetime and ideally more than 7 years before we die to reduce the amount of capital remaining in your estate on death. Simply leaving the money to pass to your surviving spouse only compunds the problem for your partner. The problem with gifting is you are left with a reducing amount of wealth at a time of increasingly poor health. You cannot rely on the State to pay for your long term care unless you are really poor. Both Malta and the UK means test your circumstance and typically your entire assets including your home must total less than £10,000 to qualify for state care. Any more than this and you start paying for your care.
The cost of long term care is significant and ranges from £200 pounds a week for 3 hours help a day to around £460 pounds a week for a single room in a care home. Over 7 years this equals £73,000 to £167,000.
A typical long-term care policy premium taken out by a 65 year old woman for a benefit of £1,000 per month for life would cost less than £20,000. N.B. These figures have been taken from a study conducted by HM Treasury and The Royal Commission on Long Term Care for the Elderly. The report is available at the HM Treasury website. Solution As with every tax or finance related problem there is some degree of relief. My advice comes in two parts:
  1. Start your tax planning discussions early and with appropriately qualified advisers to ensure your estate minimises the amount of Inheritance Tax you pay while still maintaining your standard of living and maximising the amount of capital you can leave for your family.

  2. Consider a long term care policy or annuity to ensure you receive a regular monthly sum to cover your long term care costs.
Sat, 26 Jan 2008 11:28:06 +0100 http://localhost:8000/longtermcareinsuranceplanning.html
PAYE Tax Calculator UK links http://localhost:8000/paye-tax-calculator.html I am often asked for a PAYE or HMRC UK tax calculator. To help you I have compiled this short list of websites that provide an online PAYE tax calculator.

These non HMRC tax calculator tools are usually accurate to a few pounds but depend on how regularly they are kept up to date and whether pence is included or rounded.

These are external UK PAYE tax calculator tools and I am not responsible for their maintenance and hence the tax calculator accuracy. If you need certainty of an accurate PAYE result always ask for professional help.
If you need help with your PAYE and payroll on a monthly basis I can manage this for you or help advise on suitable payroll services.
Fri, 25 Jan 2008 20:50:40 +0100 http://localhost:8000/paye-tax-calculator.html
What is a self employed registration number? http://localhost:8000/self-employed-registration-numbe.html Sometimes as a self employed person you are asked for a self employed registration number.

Strictly there is no such number of this name but for professional UK tax purposes the number that you need to give them is your 10 digit UTR or Unique Taxpayer Reference number or self employed tax reference number. This number is usually presented as a pair of 5 digits. eg 12345 54321 Some employees outside the scope of UK self-assessment have not yet been issued with this 10 digit UTR and so rely on their NINO or National Insurance Number and / or your employer PAYE tax reference number that usually starts with a 3 digit code to identify a UK tax office. eg 123/J321Z
Tue, 22 Jan 2008 14:16:54 +0100 http://localhost:8000/self-employed-registration-numbe.html
How to avoid inheritance tax UK http://localhost:8000/avoidinheritancetaxuk.html Inheritance tax in the UK is a tax on the assets and valuables you still own when you die. With a tax rate of 40% this means a little under half your estate will be taken by the tax man. More importantly, if your estate comprises mainly of property and assets and very little cash. Some of your estate will need to be sold to raise the cash to pay the tax man. This article summarises the major principles / allowances in minimising your Inheritance tax bill (2006/07).
  1. Make sure that when you die, everything you personally own totals less than the nil tax band of £285,000
  2. Gifts between husband and wife are tax free, so pass assets to the partner likely to live the longest.
  3. Gifts to charities are tax free.
  4. Make gifts of £3,000 each tax year.
  5. Make small gifts to different people of £250 each tax year.
  6. Gifts on Marriage £5,000, £2,500 & £1,000.
  7. Gifts of any asset made more than 7 years before you die.
  8. Ensure someone else, usually your children takes out life insurance sufficient to cover the tax bill on your death.
The key to reducing inheritance tax is advance planning. Don’t delay.
Tue, 15 Jan 2008 19:37:13 +0100 http://localhost:8000/avoidinheritancetaxuk.html
UK Expatriate Taxation - leaving the UK http://localhost:8000/uk-expatriate-taxation-leaving.html Are you a UK expatriate who has left or are planning to leave the UK? Are you looking for expatriate tax in the UK? If you time your departure early in the tax year you may be due a refund and can claim tax back. By leaving early in the tax year, you are still entitled to a full UK personal allowance and this is used against your earnings for that short period. This often results in a tax refund simply because PAYE drip feeds your personal allowance over the whole tax year to calculate your monthly tax due. If you leave early you still have the rest of the allowance available to offset your income.
To claim this tax back you need to reassure HMRC that you have left the UK permanently and this generally means a stay away of more than 2 years. Complete a returning to uk tax form P85 and the Inspector of Taxes will normally issue a notice treating you as non resident from the day you leave. This is referred to as the split year treatment.
A split year means for your income to the date you leave you will be treated as resident and for the period after you leave you will be non resident. As an expatriate, leaving the UK for this period you should seek advice on your exact situation to make sure you understand your tax position fully. IMPORTANT : This article covers one useful scenario in respect of UK residency. The overall residency topic is under major revision through HMRC practice, legislation and case law so you should contact me to clarify your eligibility based on your exact circumstance.
Tue, 15 Jan 2008 19:36:54 +0100 http://localhost:8000/uk-expatriate-taxation-leaving.html
Escaping the £100 late filing penalty http://localhost:8000/escape-the-late-filing-penalty.html The HMRC late filing penalty is imposed for late filing of your UK self assessment tax return. To avoid the penalty there are 3 main techniques:
  1. File on 1 February. The deadline is strictly 31st January each year. However penalties run from the day after and therefore tax returns filed on the day after will be accepted and no penalty will becomes due.
  2. Have no UK tax to pay. HMRC penalties cannot exceed the tax due. Therefore if you are due a UK tax refund or simply no UK tax falls due, a penalty automatically imposed for late filing will be cancelled on receipt of your completed UK tax return.
  3. Have a reasonable excuse. If very unusual circumstances caused your tax return to be filed late. The HMRC will consider reducing the penalty to nil.
The best advice if your UK tax return is late, speak to a qualified Chartered Tax Adviser who can normally draft a summary of your position and advise if a penalty is due or not.
Tue, 15 Jan 2008 19:35:52 +0100 http://localhost:8000/escape-the-late-filing-penalty.html
Tax information and documents for your HMRC tax return http://localhost:8000/tax-information-checklist.html This UK tax document checklist summarises the tax information you need to consider and prepare when completing a UK HM Revenue & Customs tax return.

Not all these tax points may apply to you however, it is important you consider them all if there have been changes to your circumstances since your last UK HMRC tax return.

» Click to download my tax return information checklist (.pdf) Income
  1. Earned income from employment, including termination payments and Benefits-in-kind as stated on Certificate P60 and Form P11D.
  2. Income from your trade or business or copy accounts if already prepared.
  3. Income from Pensions or Annuities.
  4. Deposit account interest, e.g. from banks, building societies, National Savings Bank, stockbroker, including closed accounts with a note of the interest at date of closure and details of any new accounts opened including the date opened, account number and branch. Please indicate whether received net or gross.
  5. Dividend and interest tax vouchers or stockbrokers annual tax report.
  6. Any income from abroad. Please indicate whether any local taxes have been deducted.
  7. Receipts from the estate of a deceased person or as a beneficiary of a trust as stated on Form R185.
  8. Receipts from insurance bond and other annuity arrangements.1
  9. Property income, e.g. furnished or unfurnished lettings, including details of all expenses and dates of occupancy if any let property was ever your only or main residence.
  10. Commissions, gains on surrender of life insurance policies, alimony or maintenance.
  1. Expenses attributable to earned income, including professional subscriptions and any motor expenses not reclaimed from your over and above the HMRC allowed rates.
  2. Expenses attributable to your trade or business or copy accounts if already prepared.
  3. Personal pension premiums and AVC’s or retirement annuity premiums. Forms SEPC, PPPC and VCC.
  4. Gift aid donations, net payments under deeds of covenant and duration of covenant.
  5. Payments of maintenance or alimony.
Capital Gains
  1. Stockbrokers’ contract notes for purchases and sale of quoted stocks and shares, including any sales and subsequent repurchases of shares.
  2. New offers and issues: e.g. privatisation, demutualisations, rights issues, public offers.
  3. Purchases, sales and gifts of other assets, e.g. houses, land, unquoted stocks & shares and related documents etc.
PAYE notices of coding
  1. Please also send all recent PAYE notices of coding in your possession so that your tax payments throughout the year can be calculated correctly.
NB: In addition to these specific details it is always helpful to your chartered tax adviser to outline your personal circumstances and particularly factors that have changed recently or documents you think would be relevant in managing your UK tax affairs, providing UK tax advice and completing your HM Revenue & Customs tax return. If you have any questions or are at all unsure please contact me.
Tue, 15 Jan 2008 19:35:37 +0100 http://localhost:8000/tax-information-checklist.html
12 month tax enquiry window http://localhost:8000/12monthtaxenquiry.html Before 6 April 2008 HMRC normally had 12 months to enquire into a tax return from the normal filing deadline of 31st January following the tax year end.

This means if you are keen and filed your tax return early, say April 2007 HMRC could still enquire into your return 22 months later! This caused many people to delay submitting their returns until nearer the 31st January deadline so HMRC had only 12 or so months to enquire. From 6 April 2008 the 12 month tax return enquiry window starts from the date you submit your tax return and NOT from the filing deadline. You can now file your tax return early and have certainty that 12 months later your tax return can be considered final and accepted. It is true to say that HMRC are very busy as 31st January approaches so they are keen to find any way to encourage taxpayers to file their tax returns earlier.
Tue, 15 Jan 2008 19:34:40 +0100 http://localhost:8000/12monthtaxenquiry.html