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  • Re: Tax free Pension Draw Down and Self Assessment Tax Return

    Hi Ben,

    The tax free pension lump sum does not need to be declared on the return. 

    Thank you.
  • Re: War Pension

    Hi HaloJones,

    If this is a non-taxable war pension then this does not need to be declared on your return.

    Thanks for your question.
  • Re: Domain Name Purchase

    
    Hi,
    
    
    If this is your trade and you are using cash basis, you will claim this as an expense in the year of purchase.

    Thank you.
     
  • Re: Payments on account - where is this year's statement?

    
    
    
    Hi,

    You should be able to see the current balance of your account online, but you would only see statements covering any period we have issued one for, which is any time there is a change in liability.

    This means that your most recent statement may not show these payments but they should be reflected in your current balance. 

    Thank you.
  • Re: Foster carers and Trading Income Allowance

    Hi,

    If you are a foster carer you are required to file a self assessment return. 

    Foster carers can either use the qualifying care relief or the actual expenses method.

    Qualifying care relief guidance is available here:

    HS236 Qualifying care relief: foster carers, adult placement carers, kinship carers and staying put carers (2019)

    If using the qualifying care relief you cannot also claim the trading income allowance of £1000 which was introduced in 2018. It would therefore appear that advice which was given is incorrect.

    I hope this helps.
  • Re: VCTs- which taxes are reclaimable

    Hi Ralph,

    If you invest in VCT shares then income tax relief is allowable at 30%.  The tax on any any dividends would not be taken into account as this cannot be repaid.  From April 2017 dividends from UK companies are not taxed.  No relief is available on capital gains tax.

    Further guidance is available here:

    VCM51010
    VCM50010

    Relief can be claimed on your Self Assessment return or if you have a PAYE source then you can contact HMRC in-year for the code to be adjusted:

    Income Tax: general enquiries

    Thank you.
  • Re: Obtaining Log in details

    Hi,

    The employer and agent can both have a business tax account, this will not duplicate any accounts.

    As you are enrolled for PAYE then the employer can simply set up their business tax account to view their PAYE account and liabilities.

    Thank you.
  • Re: obligation for the current quarter is not available

    Hi all,

    In order to look into this you would need to contact the VAT Online Helpdesk:

    Get help using VAT online services

    Thanks for your question.
  • Re: PAYE Less Than Tax & NI Threshold

    
    
    
    Hi,

    You will need to register a new PAYE scheme and report to HMRC every month to advise if you have made any payments to yourself above the lower earnings limit.

    You will then be required to submit a P11D at the end of the tax year to advise of any benefits or expenses that you have given yourself from the company.

    Thanks for your question.
  • Re: Brexit

    I have just attended one of your Getting ready for Brexit webinars but none of my questions were answered. We are a small express van broker, we have a UK EORI number. We understand that we can not / do not need to apply for TSP - it would be our customers that would need to do that. We know from of old, (from when customs was in place pre the UK joining the EU in 1973) that the only companies that carry out the full requirements of customs, including customs guarantee and customs entries would be large companies that have sufficient funds for a deferment account to be able to settle duties due on the goods. We lost a lot of our customs force when we joined the EU. There are now limited numbers of customs agents now. Will there be sufficient customs agents when we leave the EU?

    The UK government acknowledges the potential capacity challenges facing the customs intermediaries sector. It has engaged extensively with key providers of customs broker services to better understand this challenge. Based on this engagement, an £8 million investment has been made to support broker training and increased automation. On 3 September, £16 million additional government funding was made available to help businesses train staff in making customs declarations, and to help businesses who support others to trade goods to invest in IT. On 1 October 2019, a further wave of funding was launched, with an additional £10 million made available to support recruitment of new brokers.


    Our staff have recently had customs training as part of the training grant provided by the government and we are now being offered an IT grant to enable us to be able to complete customs entries. If we are moving away from companies needing to have sufficient funds for duties, and purely for the Government to have more people trained / able to access customs software to be able to enter customs entries then we would be interested in this. Could you advise if this is the case please?

    The temporary tariff arrangements announced in the event of the UK leaving the EU without a deal would mean that many goods imported to the UK would (temporarily) be subject to a zero tariff rate in respect of customs duties. In addition, Postponed VAT Accounting would allow many UK VAT-registered businesses to account for Import VAT via their VAT return, effectively resulting in a net nil payment.

    However, where imported goods are not subject to a zero tariff under the temporary arrangements those liable to pay the customs duties (e.g., the importer and/or their appointed customs intermediary/agent) should of course ensure they have sufficient funds to do so (as part of their usual business budgetary planning).


    My next question relates to the movement of goods in the EU - As a transporter, if we send a shipment for a UK manufacturer to Portugal where does that shipment clear customs when it enters into the EU? Is it Calais or the Portuguese border?

    In the event of the UK leaving the EU without a deal the remaining 27 EU member states would still be part of the single EU customs territory, and as such any imports into the EU from outside the EU would be treated similarly to now. That is, the goods could either be cleared to free circulation in the first EU member state of arrival and then travel freely to any other member state, or they could be declared to EU Transit at the first EU member state of arrival, move under that procedure to the member state of final destination, and then be cleared to free circulation there.