PUBLISHED: 06:00 13 April 2019 Carl Lamb Carl Lamb, managing director of Almary Green Archant This week, our reader wants to know how she and her partner can recieve tax benefits if only one of them is working. Carl Lamb of Almary Green responds. Reader question: My husband is working and getting an income of £31,000 a year but I’m a stay at home mum at the moment – I’m not planning to return to work for about seven years when the children have all started school. We understand that he could pay less tax because I’m not working. Can you explain how we do that, please?MORE: Ask the Expert: Does my employer still have to contribute to my pension when I’ve reached retirement age?Almary Green responseThere is a tax arrangement that will be of benefit to you if you are not using your Personal Allowance for income tax purposes. The Marriage Allowance permits you to transfer some of your unused Personal Allowance to your … [Read more...] about Ask the Expert: I’m a stay at home mum, can I apply for tax relief?
Self assessment pay tax
PUBLISHED: 15:09 10 December 2018 | UPDATED: 15:09 10 December 2018 Caroline Culot pic: www.gettyimages.co.uk Looming on the horizon are some most unwelcome changes in the way that UK taxpayers will have to report and pay for capital gains tax (CGT) on residential properties in the future. Jon Hook, managing director at Norwich Accountancy Services, discusses. Jon Hook, managing director at Norwich Accountancy Seervices. Pic: www.eddp24.co.uk(These changes will not apply to UK resident companies and these rules already exist under a similar regime for non-residents).At present, a capital gain made by a UK resident individual is reported through the self-assessment tax return regime. This means that, if an individual disposes of a property anywhere, say, between April 6, 2018 and April 5, 2019 it will be notified on his or her 2018-19 tax return – which does not need submitting until January 31, 2020 (and the tax is due on the same day).The current … [Read more...] about What are the changes to capital gains tax?
PHILIP HAMMOND slapped a £440million a year tax on the world’s biggest tech giants yesterday in a Halloween attack on the “FAANGS”. The Chancellor said it wasn’t fair that companies such as Facebook were making so much in the UK but paying so little to the Treasury. The new ‘Digital Services Tax’ will see the so-called ‘Faangs’ – Facebook, Amazon, Apple, Netflix and Google – taxed two per cent on the revenue they make from advertising and online marketplaces from April 2020. Critics said it defied belief that the UK had set its rate at two per cent rather than the three per cent mooted by the European Union. Spain earlier this month proposed a three per cent rate when unveiling its own proposals to get tough with web companies and streaming services. The actual taxable revenue will also be based on ‘self-assessment’ by the companies. But the Chancellor insisted Britain was leading the way by moving now. … [Read more...] about Philip Hammond takes a BITE out of FAANGS tech giants’ profits with £440m a year tax
President Donald Trump participated in dubious tax schemes during the 1990s, including instances of outright fraud, that greatly increased the fortune he received from his parents, an investigation by the New York Times has found. Trump won the presidency proclaiming himself a self-made billionaire, and he has long insisted that his father, legendary New York City builder Fred C. Trump, provided almost no financial help. But the Times’ investigation, based on a vast trove of confidential tax returns and financial records, reveals that Trump received the equivalent today of at least $413 million from his father’s real estate empire, starting when he was a toddler and continuing to this day. Much of this money came to Trump because he helped his parents dodge taxes. He and his siblings set up a sham corporation to disguise millions of dollars in gifts from their parents, records and interviews show. Records indicate that Trump helped his father take improper tax deductions … [Read more...] about New York Times: Trump engaged in suspect tax schemes, reaping riches from father
There are some things you need to know before the French government starts taking your taxes directly out of your salary (called "prelevement a la source in French) at the beginning of 2019. Here's a list of the main questions and answers people are asking right now and if there are any missing that you would like information on, please email us at [email protected] and we will answer them and add them in. Will the change affect me? The reform concerns nearly all taxpayers at all levels of income in France who are earning through their work or their pension. In all, some 38 million households are set to be affected by the change. From January 2019 income tax (called impôt sur la revenu in French) will automatically come out of salaries, pensions and substitute income, for example in the case of maternity leave, job seekers' allowance and sickness compensation. What if I'm self-employed? Those … [Read more...] about Q&A: What the big change to income tax in France means for you