Welcome!

By registering with us, you'll be able to discuss, share and private message with other members of our community.

SignUp Now!

Taxman

keeniemeenieman

Longterm Registered User
Joined
Jul 5, 2012
Messages
181
Likes
0
#1
Just a bit of general info ?
Retainer paid monthly from overseas account (Overseas Government)into a British Bank account.
This was always a retainer for services rendered.
If retiring from active service,the monthly amount is still paid in to the bank,is this classed as pension,retainer,or wage ? what is to be declared to HMR&C?
The transfer was always declared to HMR&C as retainer but this was not excepted,was classed as salary and tax paid.
Just a thought,anyone got any ideas ? when asked question to accountant they still say its a salary ?
 

Visioneer

Super Moderator
Joined
Apr 16, 2010
Messages
6,783
Likes
376
#2
Check with your accountant on a couple of points. Depends how you book it.

I had similar retainer from a company based in India. Chamber of Commerce advised me to raise monthly invoice for consultancy services as they were provided from here in the UK, hence had to show VAT on the invoice.

Accountant pointed out that I was dealing with a number of overseas contracts on their behalf, for services to be rendered outside of EU, hence, NO vat on invoice.

Instant payrise.

V
 
Top Bottom