Thank you so much! Tax information is very useful. 🥰
@KTHong-r5d
Жыл бұрын
The video is very informative and enlightening. I have 2 questions: 1. If a UK tax resident person inherits a property in HK from his father (who is domiciled in HK) and sells it, will he be taxed if he brings the money to UK? 2. If a UK tax resident wife receives gift money (say GBP20k in a year) from her husband (who is domiciled in HK), will she be taxed? Thank you.
@woo-see
Жыл бұрын
I'll ask Edmond to explain in the next show. In the meantime, if you need specific tax advice, please fill in the following referral form and Edmond will contact you: refer.woosee.pro
Yes, the fee that you pay to the property management company can be deducted from your rental income in the UK. This is because the fee is an allowable expense for tax purposes. Allowable expenses are those that are incurred wholly and exclusively for the purpose of renting out the property. The fee that you pay to the property management company is incurred for the purpose of managing the property, which is a necessary part of renting it out.
23:00 the most important difference between setting up a business or not is 'liability'!
@woo-see
Жыл бұрын
Well, though limited company has limited liability, it does not mean the director has absolutely no liability
@hkareno
Жыл бұрын
@@woo-see of course directors have legal responsibility but they won't have $ liability. Unfortunately most people are only concerned about "tax". Employers have many responsibilities, but typically HKers won't have a bloody clue what that really means.
@travelingman5401
Жыл бұрын
Thanks a lot. You both are very helpful.
@hkareno
Жыл бұрын
24:00 sorry self-employed (sole trader) also needs to pay NI.
IHS is a fee that non-UK citizens must pay to access NHS healthcare, while NI is a tax that all UK citizens and residents must pay, regardless of their immigration status.
@woo-see
Жыл бұрын
They're two different things. What you paid at application is IHS, which pays for NHS. The NI is used to pay for state pension (primarily)
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