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Quick UK Tax Question

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Old Jun 17th 2011 | 9:12 pm
  #16  
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Default Re: Quick UK Tax Question

Originally Posted by ozhappy981
When it comes to the end of June, the bank will provide you with a statement (some do this online) on how much interest you earned on your savings.

You put the interest amount into your tax return - and yes, you pay tax on it .
Oh my, but I've already paid tax on it when I got paid it lol
 
Old Jun 18th 2011 | 12:11 am
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Default Re: Quick UK Tax Question

So where is the justification that when I provide for any periods of unemployment by saving, that the government be allowed to get at any interest I make on said savings, which isn't much!!!???
 
Old Jun 18th 2011 | 12:53 pm
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Default Re: Quick UK Tax Question

Originally Posted by Jen1977ni
So where is the justification that when I provide for any periods of unemployment by saving, that the government be allowed to get at any interest I make on said savings, which isn't much!!!???
They won't tax your savings, only the interest earned, which is income.
 
Old Jun 18th 2011 | 5:11 pm
  #19  
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Default Re: Quick UK Tax Question

Originally Posted by Jen1977ni
I'm at a loss of over £100 a month, not quite an income lololol
I don't think ATO are interested in your mortgage payments so to them, you are making a profit from it.
 
Old Jun 18th 2011 | 5:36 pm
  #20  
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Default Re: Quick UK Tax Question

Originally Posted by Fenton Beasley
I don't think ATO are interested in your mortgage payments so to them, you are making a profit from it.
They were interested last year, nothings changed since then!
 
Old Jun 18th 2011 | 6:40 pm
  #21  
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Default Re: Quick UK Tax Question

Originally Posted by Jen1977ni
They were interested last year, nothings changed since then!
I thought it was interest on mortgage payments that was deductible, not the actual mortgage payments. I need to investigate.
 
Old Jun 18th 2011 | 6:57 pm
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Default Re: Quick UK Tax Question

Originally Posted by Fenton Beasley
I thought it was interest on mortgage payments that was deductible, not the actual mortgage payments. I need to investigate.
I'm on an interest only mortgage so...
 
Old Jun 29th 2011 | 7:57 pm
  #23  
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Default Re: Quick UK Tax Question

I have just heard back from the HMRC having completed a tax return for 2010-2011 tax year. (We emigrated in October.) Firstly they tell me how much I owen them, OK fair enough....but then they say I have to pay them on account for next year when I will not have been in UK at all...the only income I have is my state pension and teachers pension....my understanding was that they would be taxed in Australia.
Does anyone have any experience about this?
Julie
 
Old Jun 30th 2011 | 4:06 pm
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Default Re: Quick UK Tax Question

Originally Posted by Julian927
I have just heard back from the HMRC having completed a tax return for 2010-2011 tax year. (We emigrated in October.) Firstly they tell me how much I owen them, OK fair enough....but then they say I have to pay them on account for next year when I will not have been in UK at all...the only income I have is my state pension and teachers pension....my understanding was that they would be taxed in Australia.
It's the HMRC computer that has worked out that you need to pay on account for next year ... the computer does not know/understand that you have left and that next year your state and teachers pension will be taxed in Australia.

You will have to write to HMRC so that a "human being" looks at it - and then re-sets your record in the computer. As for the address to write to: Your latest assessment notice from them should have the address of the HMRC office that deals with your tax affairs.
 

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