blueshaze

I am a higher rate tax payer. On £1800 Gross USA foreign dividend taxed @ 15% (£270) and UK dividends of £400 the total dividend is £2200. So after allowance of £2000 tax is due @ 33.75% of the £200 = £67.50. An on-line tax expect suggests that FTCR of £270 can be applied to the overall tax bill. Lower overall tax. It seems more likely that the FTCR can only be applied to the amount over £200 (so £67.50- £30) so additional £37.50 due Also, it seems that the Foreign dividend could be declared NET, with no FTCR , so £1530 foreign + £400 UK = £1930, so within £2000 allowance. No additional tax. Are all of these correct and allowable? Thank you

I received letter from HMRC saying that they believe that I had received undeclared overseas income. The income is three annual USA share dividend payments of approx $900 each that I didn’t realise had been paid. These were paid less USA tax of 15% and retained in the account. In each of the three years 2017/18, 2018/19, 2019/20, there were a few thousand other UK and Foreign dividends so that rate payable on these dividends would be 8.75%. If I calculate the tax owing it is 8.75% of the amount, but actually zero because of the USA 15% tax that is already paid. I wrote to explain that no tax was due, so no penalty or interest on tax due, but my submission was rejected. The inland revenue calculation form takes the amount due, adds interest + an additional amount for the delay and penalty but uses the tax due as the basis for the calculation Is there a suggestion for what I should offer and might be accepted?

We are a VAT reg UK manufacturer and recently sent a small computer, value around £2000 to Italy via Fedex, using commodity code, commercial invoice, EORI number etc. The customer paid Italian customs charges. The product is faulty and the customer wishes to return it. Clearly he wishes return of his Italian VAT and we do not want to pay UK customs charges. I phoned HMRC and they advised that the customer should arrange the return and write RETURNED GOODS on the label. I assume that we would be better to arrange collection via Fedex but am unsure what documentation should be provided. Could someone suggest best procedure?