However, Lorraine Kelly won her tax appeal against HMRC, who deemed that she was not an employee for Income Tax and NIC purposes. The two cases are worth reading in conjunction, to determine whether an individual is an employee or self- employed, as is the "Atholl house case", which ...
an alternative argument, in simple terms: your tax-free space is valuable, so you should put assets with higher expected returns in there, and prefer to put assets with lower expected returns in a taxable account. then your tax-free space will expand, as the assets grow. this argument is ...
There is a lot to think about when you start considering de-accumulation. Fortunately, there is now also quite a lot of supporting information too; and IMO Monevator is right up there from a UK perspective. Planning with uncertainty is nothing new. FWIW the details of my plan, from just e...
At a high level, the way CIS works is that contractors deduct money from a subcontractor’s pay and then pay that money to the HMRC. For this reason, by CIS definition, a contractor is anyone who hires subcontractors, and a subcontractor is anyone who gets hired by a contractor. You sho...
While sell/buy of actual gilts does not expose you to CGT it does have income tax implications under HMRC’s Accrued Interest Scheme. When you sell a bond the difference between the dirty price and the clean price i.e the accrued interest, is taxed to income to the seller – because you...
Obviously the performance of individual shares will vary widely. Interesting article here:- @Rhino – I’ve found the HL tax certificates to be clear and helpful…but far too slow. I like to complete my tax return on 7th April (usually because HMRC owe me money). This year the tax cert...
The income tax relief can only reduce an individual’s income tax liability to zero. Tax-free capital gains. The sale of EIS shares at a profit is free ofcapital gains taxprovided you’ve held them for at least three years. Capital gains deferral reliefor exemption. A capital gain made ...