 Do you have to file for taxes if you receive public assistance or welfare? |
| I never thought into it and my mother hasnt filed in a while becaue she says she was told not to file. I understood it then being that she was not working but now i need college stuff and they need ... |
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 I forgot to deduct for a charitable contribution...? |
| I donated to a charity in 2006 and forgot to list it on my taxes. Do I need to amend my return to get credit for this or can I claim it on my tax return next year?... |
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 Did anyone get an update through sbbt bank? |
| My tax refund on sbbt said, 1/25/08. The Irs said, 1/29/08 and when I check sbbt bank, they said, my refund will be deposit the following friday. I assumed that they send them out on Thurs. and it ... |
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 Who do I call about my not getting a W2 form? |
| I haven't gotten my W2 form from my previous employer and I was wondering who I should call if I don't recieve it by January 31. Some have told me to call my employer while others have told ... |
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 What will you do with your Stimulus rebate? |
for me, i'm saving it for the June 20, and 21 race at the Milwaukee Mile. that way, i have more spending money to take along.
what will you do with yours?... |
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 The Income tax changes 22% to 20% basic and the loss of the 10p rate are you better or worse off? |
Additional Details
This is interesting because technically I am better off, but other changes mean that actually I don't really gain. My wife is worse off and as a family although ... |
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 If a company car is available for personal use are you required to keep receipts of fuel payments? |
| If a car is avail for personal use and you pay for all your private mileage and keep records is this sufficient for tax purposes? Can a company deduct a "certain amount" from an employees ... |
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 I have a 9 month old son. I have not worked but I want to know if I can file a tax return on him? |
| I need to know if I can file a tax return even though I have not worked, and I'm a single parent of a child.... |
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 Being audited becuz of stupid ex? |
| Ok me and my ex have not been together for 3 wonderful years. As all of you know its tax season... Well to make a long story short we never married and we didnt have an agreement on who gets to claim.... |
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 What recourse do I have if my employeer did not take out enough tax from my paycheck? |
Is it my fault if my W-4 is correct and they just did not take out enough money?
Additional Details
This means that I owe the government money.... |
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| Is there a website that can track my Income Tax Returns? |
Additional Details
In other words a website that I can put my info into and they will tell me if the check is on the way, or still being processed or what. I know there is one because I ... |
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 How can I have someone's money in my bank account and prove incase of a tax audit that it's not my money? |
| My cousin is leaving to Mexico and asked me to keep his $10,000 until he comes back. I know theres a certain amount that if deposited to any account, the bank reports it to the IRS. How can I prove ... |
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global_monkeyman | Do I declare rent as income if it's an overseas property owned by my offshore company in a tax haven? |
I have a flat in a Dubai. If I set up a company in (for example) the british virgin islands, and transfer ownership to the company, so rent goes to the company (not to me), do I have to declare UK income tax, even if I don't repatriate the money? Is it still 'income' if I've re-invested it in other properties/overseas stocks etc? |
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BigDozer66
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I would just ask "What property? What rent?" and leave it at that.
If you really want an answer I would check with an accountant in your area. |
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pagreen1966
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No you will not pay income tax on the rent. The company will however be liable to corporation tax on its profits in whatever country it is resident. Be warned however that in many countries it is not where the company has been incorporated that counts but where the management and control takes place. If you are running this operation from the UK the HMR&C will consider it to be a UK company.
You will not be taxed personally unless you either give yourself a director's salary/bonus or take a dividend.
You say that you intend to invest all the post tax profits in other properties/overseas stocks. This will mean that you will not be taxed on a personal level in the short term, however there will come a day when you will want to liquidate the company and by not drawing any income from it now you may find that you have one hell of a capital gains tax liability when that day comes.
Beware. You have not thought up some clever scheme. You will end up paying tax one way or another. By trying to be too clever you may be setting yourself up to be hammered by the tax man in the distant future. |
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superoverdrive
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If you transfer the flat to someone / a company you sell it or give it away for free.
If you sell it, you need to pay taxes on the sale.
If you give it away for free, the one who owns it must pay taxes..not the company if it is on the Bahamas, or another zero tax country. (BVI have taxes).
If you pay rent to the company the company has the money..but the problem is: How do you get the money out from the company?
You can pay out part of the income (not 100%) to yourself as dividends or a previously agreent salary.
Then you pay income tax on the dividends or the salary in th UK.
The company might need to pay taxes in Dubai or other fees (ground rent/free/other taxes) as some taxes also exist there.
If the company goes "bankrupts" or is sued..e.g. as you spent the money on your own...you house is gone.
If you already have the flat, this is already the "cheapest" way....you dont pay any rent. |
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harry
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that is a question you should ask a good accountant , not on here |
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bluemoooner
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i think the loophole is being closed as a lot of banks government now ask if you any type of property aboard,seek legal advice. |
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srracvuee
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if you think you might run foul of inland revenue why not be up front and declare so you know where you stand and you wont have to look over your shoulder |
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Cort
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The general answer is yes it is taxable....the real question is will you be caught.
Playing games to avoid taxation is just that a game. If you get caught you will be punished, you are a tax cheat ...but cleaver loop holes make detecting your actions harder and more likely to fly under the radar of a tax collector so not repatriating the money makes it less likely you will ever get caught. |
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selwyn
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Declare it, the tax man will let you know. If you don't declare we will read about you in the papers............. |
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gorilla
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If you are a resident in UK and domiciled here (ie your father came from britain) then you are subject to UK income tax on income throughout the world.
Not certain of offshore companies but as you would be drawing an income from the company then the Inland Revenue probably has this covered and you would be subject to tax in the same way.
You really can't avoid it so bite the bullet and speak with your tax office and they will advise you on all the possible tax deductable items you can offset against tax. |
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