I hope it was useful 🙏

The very best thing to do is call them on this 03002003310

@@Simon-Misiewicz-US-UK-Taxes thank you!

100% agreed

Call HMRC with the number provided on the letter to explain the situation to them 👍

There is a way to avoid stamp duty when splitting titles. Please book a call for us to go through the entire process and due diligence of buying a company

Totally agree 👍

Nice to meet you fellow expat. The UK is in a very sorry state

Hi Robert I can certainly advise you from a UK tax perspective and more than happy to do some research on the Isle of Man before the call. Please visit our website and go to the international call booking to get some time with me.

@@Simon-Misiewicz-US-UK-Taxes Thank you!

Yes I sure do. Please do a search on my channel to find out more and look at this channel too youtube.com/@movingtospainfromtheuk-nk5qr?si=Cwa61w93gK0kqOUW

I would assume its whoever is on the deeds not the tenancy agreement,

You can do a deed of trust and transfer the majority of the beneficial ownership to her. It is the beneficial owners that pays the tax. Get some tax advice as here are trip hazards here

Here is a video on that very point kzfaq.info/get/bejne/qdifhZpzqLK2omg.htmlsi=klrVSrv3IEBI1gVL

@@Simon-Misiewicz-US-UK-Taxes Thank you!

@@0runny You are very welcome

But at 45% income tax plus 2% NI it may not make sense on significant profits. 100% agree on the NRE point 👍

​@Simon-Misiewicz-US-UK-Taxes currently, that 45% would likely mean plenty of Income Tax relief on a pension fund contribution. Would that lower or eliminate any NI liability?

You are very welcome 🙏

If you are doing the ITIN process yourself, you will need to send your ID. Photos will not be allowed.

f you're living in China and buying UK shares you generally won't have to pay UK Capital Gains Tax (CGT) on any profits you make from selling those shares. You would pay UK CGT if you were UK resident in certain circumstances

Just the £1,000 thank goodness 😅

Great questions There is a 325 IHT lifetime allowance and a 175 residential nil rate band these rates doubled for married couples The 175 is reduced by £1 for every £2 over a net asset value of £2m. This is quite complex and professional advice is worth seeking

@@Simon-Misiewicz-US-UK-Taxes thank you for responding, Ill have to ask profesionally as I still dont quite understand, again thank you for resonding though

Indeed, it is for England.

However, they don’t have stamp duty lax in Scotland or Wales as they call it something different

LBTT is the Scottish equivalent of Stamp Duty Land Tax (SDLT). It's a fully devolved tax and the Scottish Government makes decisions about and sets LBTT rates.

Land transaction tax in Wales (previously known as welsh stamp duty) is payable when you buy land or property over a certain price. You can use the above land transaction tax calculator to work your liability using the current tax band rates.

That is a very fair point. The UK did have an indexation allowance but was scrapped 😢

Yes but only if you pay market rent to the trust

Thank you for the reply. If I could bother you with another question. Can I put buy to let properties in a ltd company and leave them to my children without paying IHT while both recieving the rents while I'm alive and safeguarding the properties from my children's spouses in case they divorce while I'm alive. Thanks

@AlHR23 you might want to get some tax advice given the complexity of your scenario to avoid costly mistakes being made. A consultation of a few hundred will save a lot more in the long run.

@AlHR23 the answer to your question is sadly not

A company is its own legal entity. Self-employed references your personal tax position. A limited company will pay corporation tax and self employment will result in income tax You will need to pay to close the company even if it has not traded.

Given the number of questions that you have, may I suggest that you speak to your accountant or a local accountant to go through this process? There are many trip hazards along the way that could cost you a lot more than just £10.

You will need to put forward a good argument for why the property was uninhabitable and then speak with your solicitor

@@Simon-Misiewicz-US-UK-Taxes I employed a surveyor to do third level building survey before transaction. The surveyor overlook roof felt with holes and dripping problem that can't function. And there is raising damp to walls. Do you think I can apply for the refund by myself? Thanks

@MayChan-jk5rk I doubt it given recent court cases. You might spend more fighting your corner sadly

@@Simon-Misiewicz-US-UK-Taxes You mean I better to get a lawyer to apply rather than do it by myself?

@MayChan-jk5rk exactly 👍

Yup, spot on 👍

Hi Chris First of all I am sorry to hear about your loss. Whether you're liable for income tax on your father's UK pension funds depends on various factors, such as how the funds were structured and inherited, as well as your own tax status. In the UK, there's usually no inheritance tax on pensions when someone dies before age 75, but income tax might apply when the pension is inherited

It nay be a good idea to book a tax consultation with us here: optimiseaccountantsltd.as.me/optimiseaccountantstaxconsultation?_gl=1*lmq08e*_gcl_au*MjA2NzQ4OTM3Ni4xNzE4MTM3MTQy

I think you might be right about the government 🙄😬😫

It might be better for you to speak to your accountant and get some quality time with them to talk about the transfer of properties to your wife or to a limited company for the short and long-term

There are certainly possibilities to make that happen 👍

You sure can use the roof expense to reduce your capital gains 👍

@@Simon-Misiewicz-US-UK-Taxes Thank you so much for your quick and helpful reply; massive appreciation.

@harrietgibbs4086 you are very welcome 🙏

A great addition to note, thank you 😀. SIPPs/SSAS, amongst other products that are pensions, sit outside your estate but only if you have nominated a beneficiary for each pension type. Failing to nominate a beneficiary means that that specific person will fall back into the estate and be subject to UK IHT.

Great question 👍

I agree that inheritance tax is certainly one to abolish👍

Thank you for sharing 🙏

Can we still apply for self assessment tax return even if we receive PAYE tax return. Kindly reply.Thanks for your reply

@ashasyam6019 yes you can

Thankyou for your reply

I couldn’t apply through my hmrc gateway login how can I apply ?

Both have their pros and cons. Always get financial advice before investing 👍

HMRC, should automatically rest to you for taxes when the company is formed 🙏

Given the complexity of your case, please do get some tax advice. These videos are great at creating awareness and general gardens but not designed to give you specific tax advice 🙏

You can take money back to reduce the loan without charging any interest 👍

Thanks. Can I log any expenses spent as a loan before opening a company? Money was paid for the business purpose just couple weeks before the company formed.

@artiomoable you can carry 6 month expenses prior to incorporation 👍

@Simon-Misiewicz-US-UK-Taxes great. I have one more question. After withdrawing all net rent income as DL payback, will the company need to pay a corporation tax ? or a loan payback is considered as expenses for the company? So it's offsets from the profit

@artiomoable putting money into a company as a loan or taking the money back out again does not affect profitability nor amount of tax that the company pays

Thank you ever so much for sharing your experiences and views. It is very much appreciated. I value the amount of time you have spent giving your insights which I’m sure I and others will value 🙏

I don’t think this works in a global economy. Outsourcing and automation (robotics) will replace British workers to a large degree. In addition, despite the education system available the British public do not have enough skilled workers. There is a constant shortage of skilled work force be it doctors, teachers, accountants. There is an also a huge shortfall of drivers. In my opinion foreign workers do the jobs that British people rather not do. Finally wage inflation is not negative but high. The real issue is the cost of living that exceeds wage increases. That is being seen more in the UK than most countries.

As an employer we do hire British people but usually second or third generation foreigners. The reason for that is that they are more reliable and committed rather than expectant and demanding.

To renew an Individual Taxpayer Identification Number (ITIN) in the United States, follow these steps: 1. **Determine if Renewal is Necessary**: - Check if your ITIN is expired or will expire soon. ITINs not used on a federal tax return at least once in the last three consecutive years or ITINs with specific middle digits (e.g., 70-88, 90-99) might need renewal. 2. **Complete Form W-7**: - Fill out IRS Form W-7, Application for IRS Individual Taxpayer Identification Number. This form is available on the IRS website. 3. **Gather Required Documentation**: - Provide original documents or certified copies from the issuing agency to verify your identity and foreign status. Acceptable documents include a passport, national identification card, U.S. driver's license, birth certificate, and more. A full list is available on the IRS website. 4. **Submit Your Application**: - You can submit your completed Form W-7 and the required documentation in one of three ways: - **By Mail**: Send your application to the IRS address listed in the Form W-7 instructions. - **In Person**: Apply at an IRS Taxpayer Assistance Center or through an IRS-authorized Certified Acceptance Agent (CAA). A list of locations is available on the IRS website. - **Through a CAA**: CAAs can verify your original documentation and submit your application on your behalf. 5. **Wait for Processing**: - Processing time for ITIN renewals can vary, but generally, it takes about 7 weeks. Processing times may be longer if you apply during peak periods or if additional documentation is required. 6. **Receive Your ITIN**: - Once your application is processed and approved, the IRS will send you a letter with your renewed ITIN. **Additional Tips**: - Ensure your application is complete and accurate to avoid delays. - Do not submit your federal tax return along with your ITIN renewal application if you are not filing during tax season. - Keep copies of all documents for your records. For more detailed information, visit the [IRS website](www.irs.gov

With anything this sophisticated, I would advise you get Tax advice from your accountant before you do anything

Yes you can through the HMRC portal. Check out our self assessment videos for more information

@@Simon-Misiewicz-US-UK-Taxes Wow! Thanks, will do

@G-ew6sk you’re very welcome 🙏

@@Simon-Misiewicz-US-UK-Taxes Hello there I have watched 3 of your video's so far on tax self assessment. Could please help me understand few things? Sorry to bother you with long comment. 1) I was out of UK for a good decade but never knew had to still file tax for rental income... So recently with an accountants help finished it. 2) From now I want to do it myself as it is very expensive every year and also I moved back to UK. 3) If I'm working for an organisation, have got P60... Am I eligible for filing rental income tax on my own, online through self assessment or does it apply only to self employed? Couldn't understand even after reading HMRC guidelines 3) If I'm eligible, can I still file on my own and remove accountant registration on my behalf?

@G-ew6sk I am unable to answer these questions for free and such a forum. Please visit our website www.optimiseaccountants.co.uk and book in a tax consultation to get these answers.

Sadly it does not work that way 😣

You pay Spanish income tax on your worldwide income as you do in the US. You can use FTC to get a tax relief on US taxes to prevent double taxation. 👍

@@Simon-Misiewicz-US-UK-Taxes What I don’t know is: in form 1116 all income goes under same category or separate and under what category: passive income, general income or re-sourced by treaty?

In most Tax software you would enter the different categories of income and then apply form 1116 or form 2555. I cannot comment on this too much as I am not the one who does the tax returns in our firm

At least I helped with the UK side of things 👍