Steven

Hi These appears to be a grey area as I have been offered a leased salary sacrifice scheme electric car. Under this scheme I will be paying the lease via salary sacrifice via my monthly salary, but will suffer a benefit in kind charge as if it was a company car, which will be reported via P11d. So for reclaiming fuel, is this a company car and therefore the rate is 9p per mile? Or is it classified as my own car (as i am paying the lease) at use the 45p per mile charge? Can you please confirm? Thanks, 

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Hi Thanks for your reply but the advice provided is for individuals and this relates to Consultancy fees provided by a UK Limited company to a Malawian company. Apologies for the misunderstanding. I have been led to believe in this case that the unused DTR can be carried forward. But am unsure whether we can utilise the carried forward amounts against this years corporation tax liability in its entirety, or must the carried forward balance only be offset against this years profit as an expense in the P&L? Thank you

Hi Last year our corporation tax liability was less than the withholding tax suffered in a country with a double taxation treaty (Malawi). Therefore we had unused Double Taxation Relief carried forward. Can you please confirm if I am able to utilise this loss against this years corporation tax liability in its entirety? Or can the carried forward balance only be offset against this years profit as an expense? Thanks, Steve

Thank you

Thank you but the company will no longer exist. so the Class 1a will not be paid. this is why we wanted to file it now and pay the laiiblity. Thanks, Steve

Hi We have a limited company that has ceased to trade. All employees have had their P45’s and for November a nil return was filed. I would like to close down the PAYE scheme, which is simple enough. However, for 7 months there were medical insurance benefits in kind, of which class 1a NIC needs to be paid. Can you please advise if and how I can file an early P11d to declare these benefits and then pay the NIC liability due? We are planning to strike the company off this month and we would not want to keep the company open until April 2024, just to be able to file a P11d. If you can please advise it would be much appreciated? Thanks, Steve

Hi Thank you for confirming, much appreciated and i will ensure it is declared as foreign interest going forward.

Just to add, I have reviewed HMRC's response to the forum post below which appears to be the same issue as mine and advises there is tax due on the annual drawdowns and should be declared as foreign interest, with the lump sum no tax due being that it forms part of the inheritance. https://community.hmrc.gov.uk/customerforums/pt/05fa1171-edc1-ed11-9ac4-00155d9771aa#5928749b-60c9-ed11-b595-0022484398b2 If you can please confirm this it would be much appreciated, Thank you

Hi Can you please advise as I would like to make sure that I am declaring and treating my Inherited IRA income correctly, as reading the forum I am seeing different answers. I inherited a Vanguard IRA when my father passed away and I have been declaring the mandatory drawdown once a year and detailing it as Foreign Pension Income on my tax return and paying tax at 20%. This was advice from my accountant at that time. 1) can you please confirm whether it should be declared as a Foreign Pension, or is this incorrect and it should be declared elsewhere? (I note someone was declaring it as Foreign interest) 2) Is this mandatory drawdown definitely taxable? 3) If I draw the full sum and close the account, is this taxable? As again i have seen different answers ont he forum. Thank you, 

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