Recent content by charcinders

  1. charcinders

    Pension withdrawals - how is emergency tax rate calculated?

    That was indeed useful, it says I'll only be taxed at 20%, which is nice. I also see this: "If your pension provider already knows your tax code for the year, and the correct amount of personal allowance you should receive, it can use this instead of an emergency tax code. This means that there...
  2. charcinders

    Pension withdrawals - how is emergency tax rate calculated?

    Thank you for your detailed explanation. If I understand it correctly, the withdrawal is taxed as if it was my monthly salary - as though I will be making another 11 withdrawals of the same amount during the financial year.
  3. charcinders

    Pension withdrawals - how is emergency tax rate calculated?

    Yes, that much I already knew (apart from the P60). What I don't know is what emergency tax rate they will apply and how they will decide. All they would tell me was "It could be up to 45%", which seems like an uncharacteristically vague statement for a financial institution to make.
  4. charcinders

    Pension withdrawals - how is emergency tax rate calculated?

    That would be the logical way to do it... For some reason the pension company cannot do this. If I understand it correctly it is like starting work for a new employer who doesn't have a tax code for you so they apply the emergency code in calculating your first PAYE contributions. This is only...
  5. charcinders

    Pension withdrawals - how is emergency tax rate calculated?

    I'm a sole trader and my business is my only income source. I'm about to withdraw some money from my private pension for the first time. I understand that 25% of this is tax-free and tax on the rest is charged at the emergency rate. According to the advisor I just spoke to at the pension company...
  6. charcinders

    Sole trader - questions about running a 'sideline' business

    Thanks all. It's not teaching, so I can't get away with not charging VAT!
  7. charcinders

    Looking for product liability insurance for specialised products

    I'm a freelance electronics engineer and I make devices for research in psychology and neuroscience (Note: NOT medical devices). It's benign equipment, nothing invasive, and it's used by scientists in controlled laboratory environments, so I have little fear that anyone will ever be hurt by it...
  8. charcinders

    Sole trader - questions about running a 'sideline' business

    Hi, I'm a freelance electronics engineer operating as a sole trader. I am VAT registered. I am planning to start hosting drumming groups in my local community. I don't expect to make much money from it, but there will be a small income, as well as outlay (room rental, insurance, instrument...
  9. charcinders

    Shipment stuck in US customs - they are asking for "composition".

    I have received more information from FedEx. They wanted to know whether there were any aluminium parts, and if so, were they extruded parts made in China, and if so, whether they underwent further processing in Mexico, and what the chemical composition of the aluminium was :rolleyes...
  10. charcinders

    Making Tax Digital Fiasco-Time for MTD Overhaul?

    I'm a sole trader electronics engineer and to be honest I've been keeping my head firmly in the sand about this because I just don't want to think about it. My accountant's fees are going to increase a lot, and they already take a significant chunk of my income. I am worried about the fact that...
  11. charcinders

    Shipment stuck in US customs - they are asking for "composition".

    Thanks, that's really helpful. Function and/or composition, whichever is relevant, makes more sense.
  12. charcinders

    Shipment stuck in US customs - they are asking for "composition".

    I have a package that is currently stuck in customs in the USA en route to a customer. I have been asked by FedEx agents to provide "composition" of each item on the commercial invoice. Some of the items are electronic equipment, so a full and accurate description of the composition would take a...
  13. charcinders

    Small Business Shipping To EU

    Hi Simon, I book my overseas shipments through Transglobal, and when booking the shipment their website often (always?) asks who will pay the customs fees and taxes, the recipient or the sender. You may still have to sign up for IOSS, I'm not sure, but it's worth a try. - Chris
  14. charcinders

    Taking equipment to France for demonstration purposes

    I just looked up the customs duty rates on the equipment, and it is zero, both ways. I could just ship the items to the organisers duty and tax paid, and ask them to ship them back to me afterwards. That way the only expense will be the shipping cost and the French and UK VAT. I'm VAT registered...
  15. charcinders

    Taking equipment to France for demonstration purposes

    I'm based in the UK and I build electronic equipment for scientific research. I'm going to a conference in France next month and I want to take some pieces of equipment with me to demonstrate. I'd like some advice on the best way to ensure that it doesn't get confiscated or incur customs fees...
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