Tax tips

#1
Gents

Share your tax tips. I know everyones circumstances are different but a tip on here may end up saving someone a fortune later on down the road.

I have done the rightey and declared my pension etc and without a tour to offset my Aus tax my UK pension gets hammered making it not worth having. I'm currently looking at investment property to help with this but am still looking into all the details before I commit.

Any of you financial guru's found the perfect solution?

Merry Christmas
 
#2
Yeh I've got one, find yourself a Mrs like mine who is an accountant!
Works wonders, the only hiccup is the few days in January when I can't speak to her while I'm frothing at the mouth because she is paying her own whopping great tax bill.
I feel it is her duty to use her skills to evade tax, she feels it is right and proper to pay the thieving bastards at HMRC a great big chunk of our fooking money.

If only she would get her ethics right I could be driving a Range Rover instead of a Discovery........
 
#3
jagman said:
Yeh I've got one, find yourself a Mrs like mine who is an accountant!
Works wonders, the only hiccup is the few days in January when I can't speak to her while I'm frothing at the mouth because she is paying her own whopping great tax bill.
I feel it is her duty to use her skills to evade tax, she feels it is right and proper to pay the thieving bastards at HMRC a great big chunk of our fooking money.

If only she would get her ethics right I could be driving a Range Rover instead of a Discovery........
Looks like I need to divorce and remarry. On a serious note I was referring to Aussie tax. Claiming all the normal stuff that can be claimed as a member of the ADF is the easy part (motor mileage, equipment, protective gear, home office, internet etc). Finding a way to offset the massive chunk of a UK pension that the Aussie taxman wants as its classed as a second income is a different matter.
 
#5
Jerrycan2793 said:
Keep it in an English Bank Account held in someone elses name, make sure it has free overseas withdrawals
Nice plan.
 
#8
Cabana said:
Jerrycan2793 said:
Keep it in an English Bank Account held in someone elses name, make sure it has free overseas withdrawals
Why not just put it in an off shore account?
A good idea but due to the double taxation agreement between the UK and Aus it will not make a difference. I am still going to get taxed on it. Other advice is not to declare it which is too late as I have and probably not a good idea to go down that path as ex British soldiers are always a good tgt for an audit.

There are many tax breaks here in Aus which is so different from the UK. I have ordered Aussie tax for dummies which should suit me to the ground but there's nothing like experience from the experienced. Good professional financial advice and tax accounting is pretty hit and miss to find a good one that knows about uk and Oz tax.
 
#10
jagman said:
I feel it is her duty to use her skills to evade tax, she feels it is right and proper to pay the thieving bastards at HMRC a great big chunk of our fooking money.

If only she would get her ethics right I could be driving a Range Rover instead of a Discovery........
A bit rich coming from you!!

May i remind you of what you said in your frist post here http://www.arrse.co.uk/Forums/viewtopic/t=138343.html

""How long is it going to take to recover from this?""

Well

A fecking lot quicker if people like you, paid they taxes rather than try to wiggle out of paying them.

Dave
 
#11
dave987 said:
jagman said:
I feel it is her duty to use her skills to evade tax, she feels it is right and proper to pay the thieving bastards at HMRC a great big chunk of our fooking money.

If only she would get her ethics right I could be driving a Range Rover instead of a Discovery........
A bit rich coming from you!!

May i remind you of what you said in your frist post here http://www.arrse.co.uk/Forums/viewtopic/t=138343.html

""How long is it going to take to recover from this?""

Well

A fecking lot quicker if people like you, paid they taxes rather than try to wiggle out of paying them.

Dave

I have to confes, for the 1st time ever, I did actually laugh out loud on reading a post on Arrse :D
(although I did not spit coffee all over my keyboard, so you don't owe me a new one!)

If I may get you to re-read my post, it does not say I evade tax in any way, shape or form. What it does say is that I would prefer too.

In addition to that, in reference to my post you linked to, some of us in this country are going to have to re-pay the debt Gordon has run up regardless of any lack of benefit we have had from the expenditure. Brown's spending is of little benefit to me and puts a huge burden of debt onto me (and my fellow taxpayers) for decades to come that I do not want.

Now you tell me it is my moral resonsibility to foot the bill of Gordon's lunatic financial practices?
Have a word with yourself will you? :)
 
#12
Just be aware for all the people looking to come over here, that the tax year runs from 1st July to 31st June, as apposed to 1st April to 31st March. If you time it just right you could get 2 very nice tax cheques from both countries
 
#14
As a top tip and some light reading get hold of a copy of 'Tax for Australians for DUMMIES'. ISBN 1-74216-859-0

It is full of ways to earn more and pay less tax. I can highly recommend it. Don't rely on your tax accountant to do the righty and brief you up on your entitlements. Know what you're entitled to or it could cost you dear.
 
#15
One for all those who aren't declaring their pensions at the moment. As of this year (Feb 10) the Aus and UK governments are part of a 'worldwide' effort to stamp out tax evasion (Operation Pheonix).

In short it will mean that it will be possible for the ATO with the collusion of the UK tax authorities to identify any incomes that you may have in UK.

Might be hard if they are in a different name etc as suggested but not if you have opened bank accounts in both countries with the same details.

Therefore those not declaring the pension - even if you are paying UK tax may well receive an unexpected letter asking why you haven't declared it to the ATO.

As briefed to me by my tax agent this morning. happy to receive verifiable evidence to the contrary!
 
#16
I have not declared my UK pension to the ATO (yet) but have only been here a few months. I filled out the UK tax forms hoping I would be in for a tax rebate as I have continued to pay UK tax on my old tax code but have only earned my pension in the UK for the last few months.

This morning I recieved the UK tax office reply and the forms to apply for tax relief on my UK pension. It's all fairly self explanatory but does anyone know what the ramifications of doing this are? Is there any effect with index linking at age 55?
 
#17
My understanding is that your military pension is index-linked no matter where you live, your UK old age pension is not index linked if you live in certain countries, one of which is Australia.

If you email the Veterans Agency, they will be able to give you the official line regarding the army pension, the Benefits agency can confirm the old age pension issue.
 
#18
MeasureTwice said:
I have not declared my UK pension to the ATO (yet) but have only been here a few months. I filled out the UK tax forms hoping I would be in for a tax rebate as I have continued to pay UK tax on my old tax code but have only earned my pension in the UK for the last few months.

This morning I recieved the UK tax office reply and the forms to apply for tax relief on my UK pension. It's all fairly self explanatory but does anyone know what the ramifications of doing this are? Is there any effect with index linking at age 55?
You don't need to declare it to the ATO until you submit your end of year tax return. Your army pension stays index linked. Other ramifications are that if you choose to pay uk tax on the pension and declare it to the ATO you can claim the uk tax paid as tax credits here. The ATO will then ask for the remainder of the outstanding tax to be paid here. For example if you pay 20% tax in UK the ATO will ask for 14% to top it up to the 34% they want. Or you can get it tax free in UK and pay 34% here. (don't qoute me on these percentages they are off the top of my head but they won't be far off).

Get yourself Aussie tax for dummies you'll learn alot.
 

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