Member Since: 30th Oct 2001
7th Jul 2017
Tried this with our software (Digita) and the result was similar, except that there was a restriction of £200 against the £667.20 (described as "restriction for gains at savings rate") which meant that the net liability was £131.80 or £26.80 after deducting the £105 on pensions.
Not sure if that is the right answer or not, but that's what our software produces by way of an alternative answer.
23rd Jun 2017
Yes, it applies equally to companies, sole traders and partnerships.
The restriction depends on when the car was acquired. If before 1/6 April 2013, the relevant CO2 emissions limit was 160 g/km. For cars acquired after those dates, that limit drops to 130 g/km. So you could have a newer car with emissions of say 150 g/km where the leasing payments are restricted by 15%, sitting alongside an older car with identical emissions, where it isn't restricted - the date acquired is key to determining which emissions limit applies.
23rd Jun 2017
I believe there are simple expense trackers available on the App Store (other stores are available) which can be used to track expenses incurred when you're out and about.
I doubt if any of these are designed with integration with any sort of accounts package in mind though, and certainly not with MTD reporting in mind.
Not sure if these would be of any help.
15th Jun 2017
I believe this relates to the Premium Saver type account and have recently been looking into this when dealing with some 16/17 returns. On the NatWest website it describes this as a bonus rate topping up the (miserly) 0.1% interest to a (still poor) 1.5% interest rate if no withdrawals are made. The interest rate is then applied to the balance so it is calculated as if it is interest.
I've since had a client provide a certificate from NatWest which shows the total gross interest paid to the account in 2016/17 and that figure includes the bonus elements.
My conclusion is that it is therefore taxable as interest.
5th Jun 2017
Ditto SteLacca's comment - use the exact rate on the relevant date(s) if you can find it. Worth noting that Oanda used to be excellent in providing this info for free - but now I think they have made this premium info, so you might need to Google another source.
30th May 2017
Assuming there was a valid hold over election made on the property going in to the Trust in 2014/15, then the whole gain has to be held over - you can't disclaim part of the holdover relief just to utilise the annual exemption.
If there was no holdover claim, then the transferor would have been taxed on a gain of £39k in 2014/15, and the Trust will now be taxed on a gain of £50k (less the annual exemption).
22nd May 2017
Yes, it is correct. I understand that the PSA (Savings Allowance) acts to reduce your taxable income (not sure of interaction with HICBC or £100k limit though) rather than taxing a certain level of taxable income at 0% (like the dividend allowance). Effectively the PSA operates above the line (of taxable income) whereas the dividend allowance works below the line.
11th May 2017
Using Digita Personal Tax, with those values for 2016/17 income, it appears to work correctly, in that the comp shows nil taxable property income as it sets the losses off first.
Using £139k divs and £11k salary comes up with a tax liability of £41,750 (£11k x 20%, £5k x 0%, £16k x 7.5% and £118k x 32.5%).
11th May 2017
Yes, you can have both PRR and Lettings Relief.
The fact that your calculation seems to imply the total of those two (per your calculations) is greater than the whole gain is because you've got some overlap. Part of your let period also falls within the final 18 months added on to the PRR period, so the lettings relief needs to be restricted slightly because of this.
Basically, on the info and figures provided, the entire gain is exempt because of the interaction of the two reliefs.
10th May 2017
Interesting question.... has anyone ever read Detective fiction where there are payments to individuals for providing information to assist in a case, and wondered... hmmm.... I wonder if that's allowable for tax purposes?