The Tax Preparation Blog

Posts Tagged ‘uk’

Question: A question on income tax bands?

I live in England and i’m trying to calculate my income tax liability. This website shows the band rates: http://www.hmrc.gov.uk/rates/it.htm

However, I am unsure about a few things. According to the website, the personal allowance is £5,225. I assume this is the amount that can be earned tax-free.

However, it then says that the “Starting rate” of tax is 10%, and that this is applicable to amounts between £0 and £2,150. But how can this be, if your first £5,225 is tax free?

Answer: The 10% applies to the first £2,150 of “non-exempt” earnings…

… ie the earnings between £5,225 and £7,375.

If you only earn £5,220 a year, you pay no income tax.

If you earn £6,225 a year, you pay £100 income tax… because £5.225 is exempt, leaving £1,000 taxable… and 10% of £1,000 is £100.

Q&A: How to survive in frozen UK

As temperatures plummet and people across the UK battle treacherous conditions, what can you do to keep you and your home warm, and stay safe on the roads?

What is IR35? Media presentation brought to you by Tarpon Ltd

Every year, millions of tourists visit London city and feel enthralled to explore the historic charm and elegance of the city. While visiting this enchanting city, they make sure that they find accommodation in the best hotels in London. The tourists ensure that the hotels which they are selecting for their stay has all the facilities that fulfill their requirements. However, you will not be surprised to find numerous best hotels in London which are proper for short or long term stay. From budget to luxury, all the best hotels in London are known for maintaining the absolute British style in their services and amenities. While staying in these London hotels, you will have the pleasure to enjoy the unique British hospitality and touch of royalty. The combination of leisure and comfort is the important feature of the best hotels in London.

If you are planning to make your reservation in a London hotel on your next vacation, you can better search for a hotel located in the center of the city. It will make it easy for you to explore London tourist attractions like Kensington Palace, the Tower of London, St. Paul’s Cathedral, Buckingham Palace, London Bridge, London Eye, Madame Tussauds and many other attractions such as museums, libraries, theaters, etc. All such attractions of London attract the tourists from all around the world in great numbers. So, you can aptly make your stay in best London hotels which are located in Central London or close to famous attractions of London. London luxury and budget hotels, whichever they may be are lavishly decorated and have in their in surroundings some great parks and gardens, thus providing natural ambiance to the people staying in London hotels. With many hotels featuring open terrace, tourist can have panoramic view of London city.

Sage Co-Hosts Best and Brightest in Tax and Accounting Industry

LAS VEGAS, NV–(Marketwire – 01/07/10) – Sage North America announced that together with Greg LaFollette, it is hosting the 5th Annual Accounting Thought Leader Appreciation Forum and Dinner today at the new Aria Hotel and Casino in Las Vegas, in conjunction with CES, the international Consumer Electronics Show. This exclusive, invitation-only event annually brings together the ‘best and …

Freelancers and Contractors Accountant London E14

Question: Since when is it the job of our gov’t to hold hearings for pro sports?

I don’t recall anything in the constitution that gives the the Congress or Senate juristiction over professional sports! Holy crap have these guys(and ladies) gotten too big for their own britches. They are waisting OUR tax money on this crap? IT”S NONE of their business what goes on in baseball or football- or any other sport for that matter!

Answer: When the sports in question encourage and enable blatant disregard for FEDERAL drug laws, and take advantage of a Federal anti-trust exemption, it is very much their business.

IRS proposes new registration, testing and continuing education requirements

The Internal Revenue Service kicked off the 2010 tax filing season today by issuing the results of a landmark six-month study that proposes new registration, testing and continuing education of tax return preparers. With more than 80 percent of American households using a tax preparer or tax software to help them prepare and file their taxes, higher standards for the tax preparer community will …

Glenn Beck the Gov NEA PAYING PEOPLE TO TWITTER PRO OBAMA

Question: Tax/NI refunds on leaving UK?

I am a South African who has been in the U.K for almost 3 years now. I will plan to leave the U.K in a year’s time to return back to South Africa.

When i depart the U.K do i have the option to claim most of my Tax or N.I contributions back?

I have heard that you can claim your N.I back however this money needs to go towards a mortgage. So i am extremely confused and ideally would like to find out any further information regarding claiming back most of my tax and n.i contributions to date.

Does any one know if its possible for me to claim most of these back as I will no longer be a U.K resident.

Thanks for the help.

D*

Answer: You can’t claim any NIC back at all. Or the tax for any full years you were here. I am assuming you did form P86 when you came to UK to establish residency, but as you are from the Commonwealth, you should be able to get British tax allowances.
It is likely the only refund you can get is on tax for the current year in which you leave the UK, unless employer deducted too much for any reason. Tax-free limit is £6035 this year, likely to be £6475 next year by today’s pre-budget statement, previous answer out of date. You will not have used full tax allowance when you leave, so you will need to complete form P85, and send to tax office with form P45 that employer will give you when you leave job. Repayment has to be in Sterling.

United Airlines Kicks Off 2010 with Worldwide Fare Sale

CHICAGO—-United is ringing in the New Year with sale fares to international and domestic destinations.

UK – Irish – Spanish – French Property Tax Returns