Hi
I am a higher rate tax payer but I keep getting inconsistent information from the 0300 HMRC self assessment help line that I have had to correct and prove wrong a level 2 technician and am waiting for a level 3 inspector to call me back with the following questions:
1. I pay ad-hoc contributions to my SIPP whilst separately I also pay from my PAYE at source into a Group Pension Plan. I am within the annual £40k contribution limit and I am aware I don't claim relief on my contribution taken at source, but if for example I pay £10k to my SIPP, am I correct in thinking that the amount I declare on my tax return is £12,500 and not £10k so that the higher relief is paid on the £12,500?
2. I pay e.g. £1,000 to Charities Trust (for those who don't know what that is, its like a Charity bank account from which they apply for the Gift Aid contribution and when I'm ready I instruct the Charities Trust to pay X to the charity I wont to donate to). Charities Aid Foundation (CAF) is also another charity bank. Anyway, what is the amount I declare on my self assessment for tax relief, is that the £1,000 or the amount with Gift Aid added of 25%, making it £1,250?
3. I occasionally trade currencies like I do shares (outside of an ISA). I have a capital loss to realise, but the template on the self assessment form online is geared only towards shares, companies and properties. How do I relect a CGT loss like this and explain it clearly? Also when holding position (either forex or CFD - contract for differences on equities related) in which I incur interest for holding a leveraged position, can I add that cost of funding i.e. monthly interest to the overall CGT loss or subtract that interest cost from any CGT liability over and above the annual allowance?
Thanks.
Replies (46)
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The problems you face are:
(1) Despite being a higher rate earner, you won't pay a small fee to an accountant to get the job done properly.
(2) You don't have the knowledge to complete the return yourself.
(3) Most staff at HMRC don't know much about tax.
If you address point 1, you won't go wrong.
So you don't need an accountant, you just want them to answer your questions for free to prove that you can do it yourself....
"With respect" this is a
"With respect" this is a forum for accountants and finance professionals, not freeloaders.
Maybe you
Gee what's with your stuck up people? Are you suffering in these economic times?
Is any internet discussion forum only for the privlidged? Are there no forums on the whole www where people dont ask questions? Must you need an expert for every technical question. I'd love for you to come to another IT forum asking me "my computer keeps crashing" and for me to tell you "what you cannot afford to goto PC World" or have a question on "What is a dividend" and I say, "goto to an IFA".
If you have no interest in helping, with respect, don't bother answering.
Maybe it's you who is suffering by not being willing to pay an accountant to make your life easier.
no comment
If you have no interest in helping, with respect, don't bother answering.
Alright then.
P.S. Listen to Portia.
Why
I'd love for you to come to another IT forum asking me "my computer keeps crashing" and for me to tell you "what you cannot afford to goto PC World" or have a question on "What is a dividend" and I say, "goto to an IFA".
would an accountant ask what a dividend was, and why would they be asking it on an IT Forum?
Not here
;I cannot believe for a moment that a few jumped up individuals think I dont have a right to post a question
Actually, it's frowned upon.
http://m.accountingweb.co.uk/group-thread/accountingweb-site-discussion
I apologise that the service does not meet your expectations. Perhaps you might receive a better service if you pay for it?
What it's for
I will find the correct answer from a technical inspector anyway, it would just be nice to hear a comment from those who are what the answer is. I cannot believe for a moment that a few jumped up individuals think I dont have a right to post a question.
I sit on the board of two charities and give up my time helping disabled people (in a technical role) irrespective of the fact its not my field. Not even for one moment if I was asked a question, would I respond with such a stuck up attitude that some of you seem to have. If you dont want to help others then simply dont reply.
Strange this internet forum thing, maybe its just for banter and not for helping!
This website is for accountants not freeloaders. We don't mind answering the odd question asked by nice pleasant people but not people who get upset and decide to insult everybody. I would suggest you go away and continue your communications with HMRC.
.
I will find the correct answer from a technical inspector anyway,
*raises eyebrow*
Maybe I should try that rather than posting on here.
So if I wanted my faucets fixed at home for free ...
... all I need to do is look online for find-a-plumber, and because I find one on an internet forum I can expect him to come down and fix them free of charge?
What jumped up arrogance to suggest that an accountant is "stuck up", on the grounds that he is not prepared to give his advice for free, when his advice is (a) clearly of value and (b) his only source of income.
By all means ask your questions. If you get a valuable response for free, then congratulations to you and more fool the advisor. If someone points out why a valuable free response is unlikely, that is hardly "stuck up", it is just pointing out a economic reality of which you should really be already aware.
With kind regards
Clint Westwood
Splutter
Portia,
Many thanks for your civilised reply
Things you never thought you'd hear #5.
IT question
I can only presume from this that you are in IT. Then let me ask you a simple IT question. Would love to see them on an IT forum asking a question.
I'd like to build a RAID array. Please provide me with detailed instructions how to do so. If you do not consider you can do so in a free forum, please provide an explanation of why I should not consider you "stuck up" for not providing this information.
How to build a RAID array?
Simple. You just build a RAID array.
(One for listeners of @wittertainment).
And meanwhile
. . . . Sift sit on their hands, look away, and pretend it's not happening.
IT Forum
Shut down and restart. Problem solved.
The problem with accountancy/tax queries is that the answer is usually 'it depends'. Which leads to follow up questions. Which usually lead to other follow up questions. A simple question could have dozens of different answers, all of which are correct under different circumstances. Finding out about all the various circumstances is too much hassle on a free forum.
Hello all,
Hello all,
I'd like to remind all members to keep it polite and friendly on this forum. People do have the right to ask questions on this free, open forum which as you have correctly stated is for accountants, in practice and business.
However if you do not wish to answer the question please direct that member to a more relevant website, advise them to seek their own accountants' help (which you have done - thank you) or refrain from commenting.
In this case, OP, you might find an answer on our sister site UK Business Forums, or indeed via the help of your own accountant, should you seek to employ or engage one.
Also OP, please refrain from calling other AccountingWEB members names or you will receive a warning in regard to your membership of this site.
Thanks,
Rachael
Shouldn't Sift do this?
Hello all,
I'd like to remind all members to keep it polite and friendly on this forum. People do have the right to ask questions on this free, open forum which as you have correctly stated is for accountants, in practice and business.
However if you do not wish to answer the question please direct that member to a more relevant website, advise them to seek their own accountants' help (which you have done - thank you) or refrain from commenting.
In this case, OP, you might find an answer on our sister site UK Business Forums, or indeed via the help of your own accountant, should you seek to employ or engage one.
Also OP, please refrain from calling other AccountingWEB members names or you will receive a warning in regard to your membership of this site.
Thanks,
Rachael
Shouldn't Sift do this? They could do this when people post and/or join the site.
The responses were polite and friendly until the OP said: "Gee what's with your stuck up people? Are you suffering in these economic times?".
Sorry, that's unhelpful
However if you do not wish to answer the question please direct that member to a more relevant website, advise them to seek their own accountants' help (which you have done - thank you) or refrain from commenting.
You should implement your stated policy or change it. It is Sift's inaction that is the chief cause of any conflict.
In addition to being unpaid contributors, it seems you want members to be unpaid moderators too, without any authority and with each of us having different ideas as to what is 'right'. How is that going to work?
No
We're asking you to recognise that we as moderators are human beings, not omnipotent. We try our hardest to get there first, but the odds our members will see a post first. We appreciate our active community and I don't think asking for co-operation is a revolutionary ideal.
What Rachael asked for -- rather politely, I might add -- was for members to refrain from commenting if they feel a question doesn't merit a serious response. That is all.
This will be the last time I post on this thread in regards to this matter, if you wish to discuss it further PM me.
Best,
François
Maybe . . .
We're asking you to recognise that we as moderators are human beings, not omnipotent. We try our hardest to get there first, but the odds our members will see a post first. We appreciate our active community and I don't think asking for co-operation is a revolutionary ideal.
What Rachael asked for -- rather politely, I might add -- was for members to refrain from commenting if they feel a question doesn't merit a serious response. That is all.
This will be the last time I post on this thread in regards to this matter, if you wish to discuss it further PM me.
Best,
François
Maybe if you weren't so busy with your April Fool japes . . .
Maybe that's where you are going wrong?
We're asking you to recognise that we as moderators are human beings, not omnipotent. We try our hardest to get there first, but the odds our members will see a post first. We appreciate our active community and I don't think asking for co-operation is a revolutionary ideal.
What Rachael asked for -- rather politely, I might add -- was for members to refrain from commenting if they feel a question doesn't merit a serious response. That is all.
This will be the last time I post on this thread in regards to this matter, if you wish to discuss it further PM me.
Best,
François
Maybe that's where you are going wrong? You could at least add one "omnipot" to the team!
Response to responses
Are you saying it is inappropriate to respond to an OPs responses? What Rachael asked for -- rather politely, I might add -- was for members to refrain from commenting if they feel a question doesn't merit a serious response.
OP is told they need to consult an accountant.
OP belittles said response, making comparisons to asking questions on other areas (specifically IT for this poster)
Should we not respond to said comparisons pointing out the flaws in them? Because I can't help thinking that someone, assuming silence means the point is conceded, will be encouraged to continue using a forum which a Sift employee in this very thread has said is not for them.
Mixed messages
But we are also told that the OP has every right to be a member. Do the words 'cake and eat it' chime? Or is Sift as confused as the rest of us?Should we not respond to said comparisons pointing out the flaws in them? Because I can't help thinking that someone, assuming silence means the point is conceded, will be encouraged to continue using a forum which a Sift employee in this very thread has said is not for them.
Peter - anyone has the right to join as a member with AccountingWEB.
Also as you can see, I have warned the OP about their tone and use of name calling. If you wish to discuss this further please contact me directly or start a thread on the Aweb feedback discussion group.
This is where you are going wrong
Peter - anyone has the right to join as a member with AccountingWEB.
Shouldn't it be 'anyone has the right to apply to join as a member of AccountingWEB'?
Thanks
That is simply the best post I have followed in ages - go Portia.
Especially enjoyed - "really not that hard once you know the rules", - I use the same line with my GP.
Yes, everyone has the right to be a member.
No, you do not need to answer all questions. If you find something offensive or wrong, please either politely respond as we are all human here, or report it, in which case if it is offensive or wrong we'll moderate it.
I hope that clears things up - we're all on the same side here!
How does that square?
Yes, everyone has the right to be a member.
How does that square with your stated policy of the site being for finance professionals?
I'm sure you don't really mean what you say, otherwise you would be happy for banned members to reapply. Indeed, you wouldn't ban anyone.
Iris
Referring to Iris as being godlike might get Sift into trouble with potential advertisers/partners...
Anyone has the right to become members of accountingWEB unless/until they breach community rules.
The forum is of course for anyone involved in accountancy. Not for free advice but as I said we would kindly ask in this case that members either reply politely or report the comment so we can deal with it or refrain from replying at all.
Please can we keep the tone of this conversation friendly.
I am being friendly
Perhaps you think I am being unfriendly just as I think you are being evasive. Hopefully we are both wrong.
Let me ask again, please. How does that (ie. anyone having the right to be a member) square with your stated policy of the site being for finance professionals?
It seems that community rules are rules to be enforced, but stated policies are rules to be ignored?
You state that just under half your visitors are from practice and the remainder are accountants in business. That is patently untrue, but nowhere do you state the site is a 'free-for-all'.
I'm not the only one confused. I think you are too.
Andy, I'm not a public official, I'm not being evasive. :)
I'm not sure how this is confusing but I am open to questions - please email [email protected] or put your questions in the relevant discussion group.
Why evasive?
Andy, I'm not a public official, I'm not being evasive. :)
I'm not sure how this is confusing but I am open to questions - please email [email protected] or put your questions in the relevant discussion group.
I suppose, because you haven't answered the question (again!). I do not want to email you directly on this, thanks, because the issue is one that is important to the wider membership.
Peter, if the reason you are giving were the real reason I am sure that Rachael would have been more than capable of telling us herself.
Andy
I think we will have to wait until the site is upgraded. Rachael has asked for our opinions on that. Rachael has done that bit now it is down to the designers and programmers.