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Post by taffy on May 22, 2023 10:52:23 GMT 1
I am always astonished that some of you can't find help at a reasonable cost to fill in your Impots return? Since retiring from running our own business we found a person who does our tax returns at a very reasonable cost. Saves a lot of time and trouble.... I'm sure it does so in many cases, but is not for those whose liability is probably less than a good accountants fee, FWIW I have had successful outcomes after going to the Conciliator Fiscal twice after a disagreement with the local inspector regarding the exemption from the full social charges of investment income relating to the De Ruyter decision.
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Post by woolybanana on May 22, 2023 11:05:08 GMT 1
As regards the 17.7%, it seems to be an arbitrary number fixed by the fisc themselves relating to the level of tax on dividends many years ago, now changed. I suspect that they want to know it so that they can fix your whole untaxed income for social charges and and to fix you on the scale of tax for other income. But maybe I am totally wrong on this; someone please correct me if I am.
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Post by taffy on May 22, 2023 11:48:22 GMT 1
I recall reading an article in The Connexion (FWIW) by Hugh McDonald in which he asserted that dividends were no longer taxed in the UK so the 17.7% calculation no longer applies, as Wooly has opined.
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Post by elsie on May 22, 2023 12:46:35 GMT 1
I'm travelling and haven't access to my tax calculation spreadsheets to confirm. I suspect it is still worth using the 17.7% recommenced dividend tax figure as long as you also declare in 2047 section 7 to get the tax credit since that tax credit will apply to your highest marginal tax rate. If you do the calculations, I think you will find it is better to do so even though you are paying tax/social charges on x+17.7% rather and getting a tax credit rather than tax/social charges on x and getting no credit.
I do not know of any online free full tax calculators which include foreign income which can be used to model the individual scenarios.
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Post by woolybanana on May 23, 2023 14:25:03 GMT 1
The sheer relief,of getting the bl**dy sidned off and sent is immense.
But, has anyone ever asked what the 17odd percent on investment income is about? What is it for? Or can one or some of you clever folks explain, svp?
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Veem
Member
Posts: 12,025
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Post by Veem on May 23, 2023 15:01:10 GMT 1
No matter what the answer, it would make no sense to me. My brain and anything to do with tax forms just don't see eye to eye.
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Post by taffy on May 24, 2023 7:50:17 GMT 1
The sheer relief,of getting the bl**dy sidned off and sent is immense. But, has anyone ever asked what the 17odd percent on investment income is about? What is it for? Or can one or some of you clever folks explain, svp? My understanding is that when UK dividends were taxed at source the net amount received had to be converted to a gross figure for the French tax computation by the addition of the 17odd percent. To avoid double taxation, relief was given by the entry in subsequent para. (7?) of 2047. After the change to taxation of UK dividends there was obviously no "grossing up" calculation required, although I had read that some took the view that dividends paid had been subject to corporation tax so continued to gross up. For my part, rightly or wrongly, I enter dividend income received in box 2DC (on form 2042), & in box 220 (on form 2047), having ensured that box 2OP (2042) is ticked; 40% reduction in taxable dividends at my marginal rate. As I've said in an earlier post I have not had any query raised by the fisc. over several years, so it's either correct or "de minimus".Motto "if it works don't try to fix it".
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Post by woolybanana on May 24, 2023 11:41:25 GMT 1
How do I get to 2042C please?
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Post by mangetout on May 24, 2023 11:55:23 GMT 1
Download and print, or go to the tax office for a copy.
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Post by woolybanana on May 24, 2023 14:49:00 GMT 1
Ah, thank you eat everything, most helpful!
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Post by elsie on May 24, 2023 15:48:04 GMT 1
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Post by woolybanana on May 24, 2023 16:04:13 GMT 1
Thank you, Elsie very much. I have completed and downloaded my tax form but my query about 2042C comes from a separate discussion I have had with the Fisc concerning social charges.
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Post by elsie on May 24, 2023 16:49:05 GMT 1
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Post by mangetout on May 24, 2023 17:03:34 GMT 1
Ah, thank you eat everything, most helpful! I was trying to be helpful. Those were the only 2 options I was aware of. I suppose you could close your eyes and wish hard but I don't think anything would happen.
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Post by woolybanana on May 24, 2023 17:26:09 GMT 1
Sorry, mangetout, you were very helpful, nothing else intended.
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