Hypothetical tax.....WTF Please help
Join Date: Apr 2010
Location: London
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One reason to go to a specialist is that when THEY write on your behalf to the revenue its unlikely to be thrown in the circular file
As someone who was once a non-resident resident in the USA I can tell you that good tax advice is worth every penny you spend in such a situtation.................
As someone who was once a non-resident resident in the USA I can tell you that good tax advice is worth every penny you spend in such a situtation.................
Join Date: Apr 2008
Location: In Exile!!
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I also work for a UK company that has a hypothetical tax policy. Due to this I am also assigned an accountant (outside agency) by the company, at no cost to me, who do my tax calculations. It is a pain and my pay chit is confusing as hell but it hasn't affected my military pension (so far).
Might be worth speaking to your HR department about the accountants.
Might be worth speaking to your HR department about the accountants.
I don't own this space under my name. I should have leased it while I still could
AOTW, you are being unfair. RTS has probably given the most succinct advice based on experience.
Remember many Ppruners either had experiences before joining or gained professional experience after leaving or have first hand experience.
For example, on a different forum, I needed advice on Scottish law and this was freely given and enabled me to talk with a Scottish solicitor who was an executor. Every time she pleaded ignorance on a particular aspect I was able to nudge her in the right direction.
Remember many Ppruners either had experiences before joining or gained professional experience after leaving or have first hand experience.
For example, on a different forum, I needed advice on Scottish law and this was freely given and enabled me to talk with a Scottish solicitor who was an executor. Every time she pleaded ignorance on a particular aspect I was able to nudge her in the right direction.
Join Date: Dec 2007
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VFR:
Fact:
"One" becomes a tax-free resident AFTER they have completed the standard tax fiscal year overseas. The catchall is this: The start dat for this is April 5th. This means you have to pass this calendar date first before the clock for the fiscal tax year starts.
Example:
You start work in a 'qualifying state' overseas on April 4th. You will become "tax free" as of April 5th one year later.
Example:
You start work April 7th. Your 'clock' won't start until almost a year later and then you have to complete that following years worth of work to qualify as a tax free resident. (Theoretically almost 2 year wait).
ALL of this is dependent on whether you are an employee of a "qualifying company" OR self employed. (slightly different rules)
If said company has dual tax ratings for overseas employees, your tax position, I am afraid will not change and you should plan for such.
Why don't you sepak to your company's HR dept, they will tell you what you need to know, surely?
Fact:
"One" becomes a tax-free resident AFTER they have completed the standard tax fiscal year overseas. The catchall is this: The start dat for this is April 5th. This means you have to pass this calendar date first before the clock for the fiscal tax year starts.
Example:
You start work in a 'qualifying state' overseas on April 4th. You will become "tax free" as of April 5th one year later.
Example:
You start work April 7th. Your 'clock' won't start until almost a year later and then you have to complete that following years worth of work to qualify as a tax free resident. (Theoretically almost 2 year wait).
ALL of this is dependent on whether you are an employee of a "qualifying company" OR self employed. (slightly different rules)
If said company has dual tax ratings for overseas employees, your tax position, I am afraid will not change and you should plan for such.
Why don't you sepak to your company's HR dept, they will tell you what you need to know, surely?
Join Date: Jul 2002
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Probably off track but:
Back in the '80's, Hypo Tax was commonly used for Brits in the 'oil industry' - particularly in Libya
Allegedly to equalise salaries between US & Brits, supposedly because US citizens can never escape the IRS whereas Brits could legally avoid HMRC (or its predecessors)
In theory the company would if necessary settle ones UK taxes, in practice they didn't
PZU - Out of Africa (Retired)
Back in the '80's, Hypo Tax was commonly used for Brits in the 'oil industry' - particularly in Libya
Allegedly to equalise salaries between US & Brits, supposedly because US citizens can never escape the IRS whereas Brits could legally avoid HMRC (or its predecessors)
In theory the company would if necessary settle ones UK taxes, in practice they didn't
PZU - Out of Africa (Retired)
