New tax allowance - UK

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moggieman
Posts: 526
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Location: pano stalos
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Re: New tax allowance - UK

Postby moggieman » Fri Jan 27, 2017 8:41 pm

Bob
Like you i like to keep on top of tax issues and have only just been informed by a good adviser, totally slipped the radar and no real media blurb.

Cant believe how easy it is to do. Its a no brainer.

YoMo2
Posts: 906
Joined: Sat Mar 16, 2013 11:07 am
Location: Milatos, Lasithi

Re: New tax allowance - UK

Postby YoMo2 » Fri Jan 27, 2017 9:38 pm

Done it, and got my confirmation email! Fingers crossed. Still trying to get my head around learning about a new tax wrinkle that increases my wealth rather than decreases it............

Cheers, Moggieman!

Andrew
"It's all in the implementation"

SueA
Posts: 51
Joined: Sat Nov 01, 2008 1:13 pm
Location: Crete

Re: New tax allowance - UK

Postby SueA » Sat Jan 28, 2017 12:11 am

I received an email fom HMRC over a year ago asking if I would like to register for this. I wondered if it was a scam at first but it proved not to be. Maybe they started with people registered for self-assessment.

YoMo2
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Joined: Sat Mar 16, 2013 11:07 am
Location: Milatos, Lasithi

Re: New tax allowance - UK

Postby YoMo2 » Sat Jan 28, 2017 9:56 am

SueA wrote:I received an email fom HMRC over a year ago asking if I would like to register for this...........


You're kidding!! The world's gone mad.

Andrew
"It's all in the implementation"

YoMo2
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Location: Milatos, Lasithi

Re: New tax allowance - UK

Postby YoMo2 » Sat Jan 28, 2017 10:23 am

Kilkis wrote:............It is done to correct an anomaly. Take two couples. The first couple both work and both earn £11,000 per year after deducting National Insurance. They pay no tax because the tax free allowance of each is £11,000. In the other couple one goes to work and earns £22,000 after deducting NI while one stays at home. The person going to work would pay £2,200 tax. Both couples have the same gross income but a very different tax burden.


Got it. Glad for the crumb being thrown my way, but it's a stingy gesture isn't it? The second couple still pay a lot more tax than the first couple.

Andrew
"It's all in the implementation"

Kilkis
Posts: 8920
Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

Re: New tax allowance - UK

Postby Kilkis » Sat Jan 28, 2017 10:40 am

Absolutely. The poor don't pay income taxes because they don't have enough income. The rich avoid paying income taxes because they can. The ones in the middle shoulder the majority of the tax burden. Any relief from that burden is always going to be small otherwise the revenue would collapse. I think the real reason for introducing this is that they want to have a measure that ostensibly encourages people to get married rather than to make the tax system more fair. The reason they want that is to placate some people within the Tory party who, for religious reasons, believe nobody should live together unless they are married. The same people would also be anti-gay but they had to include people living in a civil partnership or they would get massive protests of discrimination from the LBGT community.

Warwick

YoMo2
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Joined: Sat Mar 16, 2013 11:07 am
Location: Milatos, Lasithi

Re: New tax allowance - UK

Postby YoMo2 » Sun Jan 29, 2017 10:08 am

Kilkis wrote:..........I think the real reason for introducing this is that they want to have a measure that ostensibly encourages people to get married rather than to make the tax system more fair. The reason they want that is to placate some people within the Tory party who, for religious reasons, believe nobody should live together unless they are married. The same people would also be anti-gay but they had to include people living in a civil partnership or they would get massive protests of discrimination from the LBGT community.


Neatly sums up the state of politics in the UK.

Andrew
"It's all in the implementation"

Kilkis
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Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

Re: New tax allowance - UK

Postby Kilkis » Sun Jan 29, 2017 11:00 am

I don't think it is unique to the UK, Andrew.

Warwick

Maud
Posts: 448
Joined: Thu Mar 07, 2013 10:46 pm
Location: S.W. England/ S.W. Crete.

Re: New tax allowance - UK

Postby Maud » Sun Jan 29, 2017 1:43 pm

Thanks Moggieman. - Done.

I had read about it last November, but at the time we were busy and I didn't apply. I had forgotten all about it until your post on here. - I really need to get my act together!

bobscott
Posts: 2076
Joined: Wed Aug 05, 2009 5:36 pm
Location: Kokkino Horio

Re: New tax allowance - UK

Postby bobscott » Sun Jan 29, 2017 2:40 pm

SueA wrote:I received an email fom HMRC over a year ago asking if I would like to register for this. I wondered if it was a scam at first but it proved not to be. Maybe they started with people registered for self-assessment.


You may be right Sue. Interestingly, after my self-assessment went in last August, I got an e-mail from HMRC saying I didn't need to submit any further ones unless my circumstances changed. They haven't but I have kept the e-mail just in case they send me a bill saying I missed the deadline this year! Bob.
Yesterday today was tomorrow. Don't dilly dally!

Mixos
Posts: 363
Joined: Mon Aug 13, 2012 8:26 am
Location: North East Crete or S.W.England

Re: New tax allowance - UK

Postby Mixos » Sun Jan 29, 2017 5:17 pm

Call me a cynic, but it's also a classic example of HMRC/the government dangling a little carrot to obtain more information about people who might otherwise be below their radar. Information is power. More information on people = more power over people's lives.

Maud
Posts: 448
Joined: Thu Mar 07, 2013 10:46 pm
Location: S.W. England/ S.W. Crete.

Re: New tax allowance - UK

Postby Maud » Sun Jan 29, 2017 6:58 pm

Coincidence? Only an hour after filling in the form I got an email from an independent financial adviser asking if I wanted advice!

Perhaps I am becoming paranoid in my old age! Surely HMRC cannot be sharing email addresses with such people? Incidentally I have NEVER searched for an IFA on the web. Our son no longer works in that field but is a qualified IFA as part as his old job in banking......so I have never had a need for one!


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