For all the VAT experts - help please
Aug 13th 2004, 7:55 pm
#16
BE Site Lead
Joined: Aug 2004
Location: MA, USA
Posts: 92,170
Re: For all the VAT experts - help please
Originally Posted by pinKaboo
re: student loans diversion
Cool, thanks for your replies. Yeah, I keep going back and scouring the student loan website for contact infomation, to no avail. They don't do email at all and the only phone number available is an 0800, which I'm blocked from calling. Also, if you call they will only talk to the account holder so my parents couldn't phone from the UK and sort it out either. The Student Loan Company sucks big time. A right pain in the arse.
I hadn't thought to contact my LEA, now that's a plan! And I'm very glad to hear that yearly lump payments could be an option. *phew*
Yeah, I do have a UK account, but it's only really ticking over in order to keep it open. I've found dealing with Bank of America to try to transfer money completely frustrating and fruitless.
Hmmm, I didn't realise I could use Paypal to transfer money like that, I looked into money transfer via that company a while ago and it didn't work out, but maybe US -> UK it's different, or the rules have relaxed? I'll have to go re-investigate, maybe I need to try a US based Paypal account instead of a UK one?!
Thanks for the reply, very helpful indeed. Currently printing out this P85 thing too, thanks also for the link and for pointing that one out!
Cool, thanks for your replies. Yeah, I keep going back and scouring the student loan website for contact infomation, to no avail. They don't do email at all and the only phone number available is an 0800, which I'm blocked from calling. Also, if you call they will only talk to the account holder so my parents couldn't phone from the UK and sort it out either. The Student Loan Company sucks big time. A right pain in the arse.
I hadn't thought to contact my LEA, now that's a plan! And I'm very glad to hear that yearly lump payments could be an option. *phew*
Yeah, I do have a UK account, but it's only really ticking over in order to keep it open. I've found dealing with Bank of America to try to transfer money completely frustrating and fruitless.
Hmmm, I didn't realise I could use Paypal to transfer money like that, I looked into money transfer via that company a while ago and it didn't work out, but maybe US -> UK it's different, or the rules have relaxed? I'll have to go re-investigate, maybe I need to try a US based Paypal account instead of a UK one?!
Thanks for the reply, very helpful indeed. Currently printing out this P85 thing too, thanks also for the link and for pointing that one out!
Aug 13th 2004, 8:45 pm
#17
looking for the corkscrew
Thread Starter
Joined: Jul 2004
Location: Sooooo Bay Area
Posts: 1,997
Re: For all the VAT experts - help please
Originally Posted by PrincessofWales
Hi, I'm in a similar situation, I rent a property out to a tenant in the UK, I get charged VAT on my letting agent management fees. This is normal. I also get dinged by the chancellor for any income I make on the property.
Good thing is you can claim back tax liabilities you incur in the UK on your IRS tax return in the US.
Good thing is you can claim back tax liabilities you incur in the UK on your IRS tax return in the US.
Aug 13th 2004, 10:51 pm
#18
Joined: Feb 2002
Posts: 6,848
Re: For all the VAT experts - help please
Originally Posted by bored-silly
You know what's worse than that is that I think my tennants are running a cult from my house......they are advertising 'full immersion christenings' in my front window. Oh the embarrassment, I want to go back and live in it one day!.....
Ha ha ha ha ha ha ha!
You've made my day! (tears of laughter are running down my face!)
Aug 16th 2004, 10:08 am
#19
.
Joined: Nov 2002
Location: Where bad things rarely happen in movies
Posts: 8,933
Re: For all the VAT experts - help please
Originally Posted by bored-silly
You know what's worse than that is that I think my tennants are running a cult from my house......they are advertising 'full immersion christenings' in my front window. Oh the embarrassment, I want to go back and live in it one day!.....
Got a big bath then eh? Hope the agent called it something fancy and added a few quid on the rent for that
Aug 17th 2004, 1:26 pm
#20
Just Joined
Joined: Feb 2004
Posts: 24
Re: For all the VAT experts - help please
As HMCE said (Vat people) you have to pay the VAT on the agents services as you are utilising a service within the UK.
But tax is a seperate issue - as you are not resident for tax pruposes within the UK you should contact your tax office and inform them. They will issue a cerificate to your agent to inform them that as you are not resident, the agent does not have to deduct the standard income tax from your rent.
UK residents have to pay standard rate income tax from the rent after the agents fee and applicable VAT has been deducted. Then when they prepare proper accounts at the year end they (usually) claim a refund.
Non-residents still have to prepare and submit accounts at the year end and pay tax as necessary - but you have not paid any throughout the year.
But tax is a seperate issue - as you are not resident for tax pruposes within the UK you should contact your tax office and inform them. They will issue a cerificate to your agent to inform them that as you are not resident, the agent does not have to deduct the standard income tax from your rent.
UK residents have to pay standard rate income tax from the rent after the agents fee and applicable VAT has been deducted. Then when they prepare proper accounts at the year end they (usually) claim a refund.
Non-residents still have to prepare and submit accounts at the year end and pay tax as necessary - but you have not paid any throughout the year.
Aug 17th 2004, 9:08 pm
#21
looking for the corkscrew
Thread Starter
Joined: Jul 2004
Location: Sooooo Bay Area
Posts: 1,997
Re: For all the VAT experts - help please
Originally Posted by Yorkieabroad
Got a big bath then eh? Hope the agent called it something fancy and added a few quid on the rent for that
Aug 18th 2004, 10:06 am
#22
.
Joined: Nov 2002
Location: Where bad things rarely happen in movies
Posts: 8,933
Re: For all the VAT experts - help please
Originally Posted by bored-silly
No, but we have a cellar which is what I am worried about. They might just fill it up and jump off the top step.......
