Alex

Hi, I'm new to UK and no really sure how to calcuate tax. Please kindly see if my understanding is correct. Thanks! My personal allowance is £12,570. I also heard I've £5,000 interest allowance and also £1,000 allowance for dividend (based on 2023/24 tax year) So not sure if my below understanding is correct? Case 1) let say if I don't have a job and I've £17,570 income from interest. I don't need to pay tax? Case 2) let say if I don't have a job and I've £17,570 income from interest and another £2,000 from dividend. Do I only pay £1,000 * 8.75% dividend tax? Case 3) let say if I don't have a job and I've £12,750 from divided + £5,000 from interest, do I need to pay tax? Case 4) let say I have a job and pay me £12,750 annually and I also receive £5,000 from interest. i still don't need to pay tax? Case 5) let say I have a job and pay me £12,750 annually and I also receive £5,000 from interest, plus £1,000 from dividend. Do I need to pay tax? Case 6) let say I have a job and pay me £15,750 annually and I also receive £5,000 from interest, plus £2,000 from dividend. My tax should look like this? Income tax (£15,750 + £5000 - £12,750 - £5,000) * 20% and (£2,000 - £1,000) * 8.75% = £1,475) Sorry for my long post and once I am clear, I will share with my friends too. Many thanks!

Hi, I am reading the change and have some questions based on the current information. My background, I use BNO and arrived UK in June 2022 and I am not using "remittance basis", I report all my oversea income now. My questions are: 1) The new 4 years rule should cover my tax period of 6/4/2025 - 6/4/2026. So is that mean any of my oversea income in this period doesn't need to pay tax? 2) Once this new rule effective on 6/4/2025, can I claim back any tax (if any) that I may pay in past 3 years? 3) It said "If an individual chooses to be taxed under the new 4-year FIG regime, they will lose entitlement to personal allowances and the capital gains tax annual exempt amount." So that's mean if I use this new method? All my income in UK need to be taxed, even my only income is only bank interest and it's, for example GBP500 only? 4) If I understanding correctly, currently Inheritance tax for overseas property, assets, money will only apply when individual become domicile? And individual need to live in UK for over 15 years to become domicile? Any change of this after 5/4/2025? I don't quite get it. Many thanks!

Hi, I've question for the subjected matter: 1) I read the web site and it said "you have not used a part of your home exclusively for business purposes". So if I use part of my garage as warehouse. When I sell my house (my only and main house), can I still claim Private Residence Relief? 2) If I sell my only and main house and claim Private Residence Relief, when I buy another house later, can I still claim Private Residence Relief when I sell it later? Thanks!

Hi, I've a question would like to know. If Grandparents bought house for their grandson/grand-daughter, but the people that actually live in the house are the grandparents. Of course, grandparents are not paying any rental to grandson/grand-daughter. Any tax related issue that I need to be aware of? I heard something about rental or maintaince charge that may affect? Thanks!