UK Autumn Budget 2024
14:51
21 сағат бұрын
Changes To Student Loan Repayments
7:11
Budget 2024 - Predictions Update
6:14
UK Budget Predictions
19:17
Ай бұрын
Student Loan Changes
5:26
3 ай бұрын
Labour Party Tax Announcements
7:09
Reform Party Tax Announcements
4:30
EIS Trap
6:12
4 ай бұрын
Input VAT Recovery
9:00
4 ай бұрын
Sovereign Wealth Fund for the UK?
3:54
Company Buy Back of Own Shares
8:00
Tax Losses - Income or Capital?
13:42
New Regime On Taxing Non- Doms
12:38
Employee Ownership Trusts (EOTs)
14:25
CGT On Property In Bankruptcy
4:33
Budget 2024
15:52
8 ай бұрын
Пікірлер
@donek321
@donek321 5 сағат бұрын
In case I got US dividend above the basic rate band . For the amount in basic rate I do not have to pay more to HMRC as 15% I paid to US Tax Office but the amount which is in higher rate band oblige me to pay difference 33.75% - 8.75% . Or can I use whole amount of tax paid to US authorities and see if I own something to HMRC.
@LS-id5hc
@LS-id5hc 17 сағат бұрын
I believe you can also claim married tax allowance while abroad.
@dr.s.eoophd5909
@dr.s.eoophd5909 2 күн бұрын
Sounds like 6 April 2025 onwards will be a vastly different landscape for non doms with these benefits being abolished? Instead, some may benefit from FIG (Foreign Income & Gains) relief if they haven't been resident in the UK for long (essentially a way to transfer foreign income post 2025 without paying additional tax in the UK), or a way to remit previous foreign income pre April 2025 for a lower rate tax (TRF/Temporary Repatriation Facility). This is what I believe will be the case, and for my situation this would make it wise to defer remitting any foreign income to the UK (which would be high rate tax due to my UK employment) until post April 2025 when it would fall under a lower tax rate. Simon, I would love to see a video to help me understand the intricacies of these upcoming changes! Seems like you have a knack at explaining this stuff! EDIT - Just realised you already have! kzbin.info/www/bejne/o6GxpoWaaKeio80
@tradegizmonorthernireland4086
@tradegizmonorthernireland4086 4 күн бұрын
Hi Simon. I've just stumbled on this video. For some reason my accountant is reluctant to transfer the few properties that I have in my name, to a Ltd Co. Is the first example of property transfer to a Ltd Co structure still a valid way to incorporate in Q4 2024?
@simongray2484
@simongray2484 3 күн бұрын
@@tradegizmonorthernireland4086 the ‘Spotlight’ planning is definitely not the way to go! There are still ways and circumstances where an incorporation is still viable
@davemartin4926
@davemartin4926 5 күн бұрын
Its just deferring any tax liabilities to the future, possibly at higher tax rates when you extract the money from the top company. If you are higher rate taxpayer and you want to extract money from the top company then probably dividends would be the cheapest option but that would be at 33.75% which is higher than the 21% rate you showed on your video for a sale after April 2026.
@simongray2484
@simongray2484 5 күн бұрын
@@davemartin4926 if the top co was used to supplement pensions and other sources of income then the dividends could be paid at only 8.75% if still in basic rate. If ‘husband and wife’ company even better
@irfanamjad5425
@irfanamjad5425 7 күн бұрын
Hi Simon - Great overview. Just regarding pensions, you mentioned this will now form part of your estate for IHT. What if you have a SIPP or a SSAS? Are you still subject to IHT? Is there any way of getting around this? Thanks Irfan
@simongray2484
@simongray2484 6 күн бұрын
@@irfanamjad5425 yes a SIPP or a SSAS is just a name for a type of pension pot, so the same rules apply
@wjp555
@wjp555 7 күн бұрын
Personally I'd just abolish it and raise CGT rates to income tax rates. I don't think it works to encourage people to start businesses. It's an inefficient big dollop to business people that want to retire. I think it would be better to raise the revenue and if you want to encourage businesses to set up a BIG tax free side hustle personal allowance for people in PAYE employment but do their own project on the side. £10/15/20k. That would benefit people who want to set up businesses now rather than in 20 years time.
@alandb2481
@alandb2481 7 күн бұрын
Can I check. At 12:30 you said about the additional stamp duty “not your main home, just on additional homes”. Is that right? I own a buy to let, and then bought a home for myself to live in (my main home) and I paid the 3%. Was I wrong to do that?
@simongray2484
@simongray2484 7 күн бұрын
@@alandb2481 so my video assumes you start off with a main residence and then acquire a BTL which is what occurs 99 times out of 100… ok you did it the other way round, so the rules are for a second property when the surcharge bites, so yes you were right to pay the 3% on your second property purchase which in your case was your ‘main residence’
@alandb2481
@alandb2481 7 күн бұрын
@ thank you for taking the time to reply! It’s not just that one scenario though. Any time a buy-to-let owner moves home they pay the surcharge, even if the house being sold, and the new home being purchased, is the family home/main residence. This is the part of the rules I believe to be particularly unfair. Few people think about the fact that when a buy to let landlord moves family home they have to pay it, even though the house in question has nothing to do with their buy-to-let activities. Thanks again for your time and the great videos!
@lawrencer25
@lawrencer25 8 күн бұрын
❤ Nice video ❤ Did your shirt match the white board or did the white board match your shirt 😂😂😂😂😂😂 Keep the fabulous work up 👍👍👍👍🥂🍾🥳
@SROrignal
@SROrignal 8 күн бұрын
Hi Simon, does BADR only apply to assets or cash on hand in a company bank account?
@simongray2484
@simongray2484 8 күн бұрын
@@SROrignal it applies to the disposal of shares in the company
@ProWhitaker
@ProWhitaker 9 күн бұрын
Thanks for the video, on the ISA point they scrapped the british isa, which is good because it was more confusing and restrictive
@stevantunic511
@stevantunic511 9 күн бұрын
They will be back for more and more until you run out of money or they get thrown out of power, whichever happens first.
@TheGreatestBeyonder
@TheGreatestBeyonder 10 күн бұрын
I am a Uk citizen born and bred, as was my father. I have a home in the Uk, but return for less than 60 days per year. I work in Eastern Europe. Will I pay tax in the Uk as of April 2025? Thank you. Good info and video! 👍🏻
@abacussin
@abacussin 11 күн бұрын
Hello Simon. I've watched your article on VAT charging when shipping from the UK to the EU. Have you heard of LUCAS, the recycling scheme set up in Germany and have you covered it in an article on your site. As a beginner business wanting to potentially ship a few kilograms of goods to Germany it seems quite a burden to have to register and moniter this system on a yearly basis not to mention the cost of just having it set up irregardless of wether or not you make a sale in Germany.
@tpatel1490
@tpatel1490 12 күн бұрын
Thanks for this video. Very helpful
@simongray2484
@simongray2484 12 күн бұрын
@@tpatel1490 glad you found it useful
@revisionreader1922
@revisionreader1922 14 күн бұрын
Can confirm there’s been errors before. Because I started working a high paying remote job in final year of uni - I erroneously had employers student loan payments filed when my repayment period hadn’t started yet. Got the amount back similar to tax refund
@simongray2484
@simongray2484 14 күн бұрын
Thanks for sharing
@johnporcella2375
@johnporcella2375 14 күн бұрын
Something that I have wondered...if an employee earnings gross £40,000 but this employee pays £40,000 into the employer pension scheme via payroll, is any student loan repaid,l? Are earnings nil here? Same situation, but the employee pays into a SIPP with their own money. PAYE would have made student loan repayment deductions through payroll. Does this then reduce how much the employee can contribute to their SIPP?
@hamsatd
@hamsatd 14 күн бұрын
My first thought "oh no more bad news😂"
@dickieblench5001
@dickieblench5001 15 күн бұрын
God help us
@aficio698
@aficio698 15 күн бұрын
Word salad
@lawrencer25
@lawrencer25 16 күн бұрын
I dont understand why KZbinrs are wasting their time posting these post 🤦🏽‍♂️🤦‍♂️😱😱 It's all speculation 🤐🤐🤐🤐🤐 Why not wait till after the budget? Fact is always better than speculation, which is a Fact 👍👍👍👍
@369dabbler
@369dabbler 16 күн бұрын
Builds the interest
@ricardosmythe2548
@ricardosmythe2548 15 күн бұрын
There discussing the potential results of Labour tax grab. Until the budget occurs that's as much as they can do.
@KOSTASTSATSARIS
@KOSTASTSATSARIS 13 күн бұрын
It’s part of education for the masses so a good thing in my view
@SimonPass230267
@SimonPass230267 16 күн бұрын
Excellent work Mr Gray!
@simongray2484
@simongray2484 16 күн бұрын
@@SimonPass230267 cheers pal
@WilfTompkins5546
@WilfTompkins5546 16 күн бұрын
No Income tax no Vat, no money back no guarantee.
@albedo0point39
@albedo0point39 18 күн бұрын
Nobody in the finance community should be playing along with this gaslighting language from the politicians that “tax relief is a cost to the government”. No. The money is owned by the entrepreneur, and any tax is a cost to them - which the government needs to justify, and needs to spend well. The government isn’t doing us a favour, we’re doing it a favour. Without our enterprise, they wouldn’t be able to operate. A lower tax is just less theft, it’s not “a cost to the government”!!
@joey-sedge
@joey-sedge 19 күн бұрын
First one that’s made sense
@joshuaalfred8307
@joshuaalfred8307 20 күн бұрын
You are a legent Simon, cheers again! You go a level deeper than other channels. The examples make it crystal clear as well.
@simongray2484
@simongray2484 20 күн бұрын
@@joshuaalfred8307 many thanks, glad you found the video useful
@glennp4072
@glennp4072 21 күн бұрын
Hi just found your video, iv owned and lived in my home for 22 years thinking of renting out while living aboard if i was to come back and live in it for a year will i pay cgt
@simongray2484
@simongray2484 20 күн бұрын
@@glennp4072 you have to do the timeline calc based on occupation and ‘deemed’ occupation… deemed occupation includes the last 9 months of ownership, even if for whatever reason you weren’t living there during the last 9 months
@glennp4072
@glennp4072 20 күн бұрын
@simongray2484 thank you are u saying if u live the for the last nine months before selling or on the electoral roll I would not pay cgt when I sell
@simongray2484
@simongray2484 20 күн бұрын
@@glennp4072 no, I’m saying you split the timeline to occupation and non occupation but the last 9 months counts as occupation regardless, and you only pay tax on the non occupation period… however it’s complicated by being an expat as there are alternative calculations that you can do, as per my video
@glennp4072
@glennp4072 20 күн бұрын
@simongray2484 OK thank you don't want to pay government money might just sell and put money in back
@DM-tt9ml
@DM-tt9ml 21 күн бұрын
Hi Simon Just paid CGT on a rental property that has recently sold (Sept 2025). The property stood still since Sept 2023 and self assessment has been filled for 2023-2024. Confusion lies now around if another self assessment needs to be completed now that the property has sold for 2024-2025 or last years amended as on the capital gains acknowledgment it says 'You’ll need to provide details from this return in your Self Assessment tax return'. On the SA return for 2023-2024 I did tick that the property was no longer being rented? Really confusing, HMRC don't make anything easy.
@SuperUnicorn27
@SuperUnicorn27 23 күн бұрын
How do we make Class 2 Voluntary Payments? We make class 2 payments each year when prompted via self assessment tax calculation but its small amounts as we only earn approx £8k per year, Cant see any other option to pay more voluntarily? Thanks
@simongray2484
@simongray2484 22 күн бұрын
@@SuperUnicorn27 you need to call up hmrc and they will arrange it
@DuttEmma-m9g
@DuttEmma-m9g 24 күн бұрын
Robel Locks
@FatherSon521
@FatherSon521 25 күн бұрын
really good expalantion.
@simongray2484
@simongray2484 25 күн бұрын
@@FatherSon521 thanks glad you enjoyed the video
@martineyles
@martineyles Ай бұрын
I think perhaps we should ask whether cakes deserve to be zero rated.
@nashushography3636
@nashushography3636 Ай бұрын
genuine question struggling to find answer. Im producing my own products, materials and tools have cost circa 10k. 1st year i dont sell my product and technically im at loss of £10k plus labour making the product, then my products goes on the market for 1 year ive clawed back 8k on sales and repayed 3k of the loan, ive got 5k left over from sales but net profit would still be minus 2k for the year as I have 7k loan left to pay .. would i have to pay tax on the 5k minus other expenses left over that year? as i would still need to use the 5k for materials etc... thanks in advance.
@simongray2484
@simongray2484 Ай бұрын
The loan doesn’t come into the profit / tax thereon calc… apart from the interest suffered. You get tax relief for interest payments, remember also that for ‘products’ you need to consider stock in hand at year end… in effect taking costs of sale to the balance sheet until such time as said products are sold
@allyomeally-watson3285
@allyomeally-watson3285 Ай бұрын
Excellently explained
@sopissedoff
@sopissedoff Ай бұрын
Without being pedantic and me leaving school at 16 with nothing , if I sold a btl I've had for 7 years and paid 40 ,% cgt , 20k cgt on a 50k profit, if I went to buy the house back the next day where's the index linking not to mention the 6% tax on buying the 1st house
@bensonshiu3945
@bensonshiu3945 Ай бұрын
Interesting case. Thank you
@johnporcella2375
@johnporcella2375 Ай бұрын
Here is a horrible one that I just read: Adding National Insurance to pension contributions made by companies to their employees. For the Government, it would raise loafs of money (£16bn) and voters would not notice too much, at least initially.
@simongray2484
@simongray2484 Ай бұрын
@@johnporcella2375 yeh that is a nasty one! Obviously if they restricted income tax relief on personal pensions that has no impact on those making contributions from their companies as Directors as relief is at the CT rate… but adding NI, that’s not good!
@catherineh2443
@catherineh2443 Ай бұрын
Really helpful thank you- do you have one on the net bad debt relief on taxation - ie how much of the actual net amount can be used to reduce corporation tax
@BasherBrown
@BasherBrown Ай бұрын
Just more taxation on UK pensioners to pay for NATO and another war , just like Blair
@moshudoduwade219
@moshudoduwade219 Ай бұрын
Tax! Tax! Tax! Labour is finished!🤦‍♀️
@moshudoduwade219
@moshudoduwade219 Ай бұрын
Mr Gray. Labour is going to lose the next General Election!🤦‍♀️
@davidhodgson3901
@davidhodgson3901 Ай бұрын
Dear me. They’ve only been in power 5 minutes.
@voice.of.reason
@voice.of.reason Ай бұрын
Amen. He is already less popular than Liz Truss's lettuce moments
@KennethOram-ei9ff
@KennethOram-ei9ff Ай бұрын
"We will continue to borrow to invest" - Gordon Brown. Will history repeat? Higher interest rates for longer, great for savers. Wealthy pensioners will be able to use the extra payment on savings to help pay the higher energy bill.
@jaaguitar
@jaaguitar Ай бұрын
The payroll software changes alone for the pensions relief changes mean they can't come in that quickly.
@jaaguitar
@jaaguitar Ай бұрын
Public sector pensions need the fundamental overhaul.
@davidg9057
@davidg9057 Ай бұрын
Already watering down the non-dom threat. Also, with tax relief on pensions there is no way they can bring it in on day 1 so everyone can put 60 in this year if they have the cash. The only people who will really lose out in the long term are basic rate taxpayers who will then move into a higher rate later on.
@br164
@br164 Ай бұрын
Can you timestamp your videos so I can skip to sections which apply to me
@patarciepaul
@patarciepaul Ай бұрын
Eat the rich. Tax wealth and not work.
@stevantunic511
@stevantunic511 Ай бұрын
This is why you never voter Labour unless you have nothing to lose or you have one of those gold plated index linked public sector pensions.
@JesterEric
@JesterEric Ай бұрын
Big landowners use trusts to avoid IHT. The land relief is more intended for family farms.
@jasonaris5316
@jasonaris5316 Ай бұрын
And I bet forty years down the line they’ll tax any pension drawdowns If they remove tax relief on pensions this will cause chaos in the DB schemes especially the public sector schemes
@voice.of.reason
@voice.of.reason Ай бұрын
40 years down the line Labour will be a bad memory or the UK will be like Venezuela - a third world, communist and socialist banana republic