Planning for my retirement

[Digger]

[quote="lomuamart"]
I havn't bothered filing a return now for the past 5 years and keep waiting for them to catch up with me. Expenditure has been quite high over these past years, so I'll probably owe virtually nothing. Still, I always thought I had to file a return every year. quote]

Lomu,have me very confused as you said in your June 6th post that you did fill out a tax return but nonetheless I doubt they will contact you again unless you use an agent who rents your property and deducts their fees from your income.This way if they are audited your name will show up on the records and they may crossreference.however it is the agents responsibility to deduct tax if you are not registered with overseas resident landlords in Bootle and been given a special number.But you may fall below tax threshold after expenses anyway.I would just continue to enjoy the walk down the beach everyday with a couple of beers at every stop.Only foreseable problem is if you return to UK and want to come back into the system.Its then that you find out that the 6 year backtracking rule does not apply to you.Enjoy Digger

[lomuamart]

My post on 6th June might have been confusing. I filed returns for the first 3 years here and havn't bothered since.
I do use an agent and as the place is managed, they insisted that I get Non Resident Landlord status as they didn't want to be involved in my tax affairs.
Actually, I had an accountant do the return for the first three and then decided it was easy enough for me to do, so dropped them.
I however, was too lazy to look through all the maintenence receipts etc to set off against tax, so never did them.
The amount I'll owe will be negligible, however, as the maintenance costs have been high. Still, I'm certain something will be owed, even if it's only 20-30 pounds a year.
What does surprise me is that seeing as I did pay tax for a couple of years under this scheme and then dropped off the radar that they havn't picked up on me yet.

[seasider]

My post on 6th June might have been confusing. I filed returns for the first 3 years here and havn't bothered since.
I do use an agent and as the place is managed, they insisted that I get Non Resident Landlord status as they didn't want to be involved in my tax affairs.
Actually, I had an accountant do the return for the first three and then decided it was easy enough for me to do, so dropped them.
I however, was too lazy to look through all the maintenence receipts etc to set off against tax, so never did them.
The amount I'll owe will be negligible, however, as the maintenance costs have been high. Still, I'm certain something will be owed, even if it's only 20-30 pounds a year.
What does surprise me is that seeing as I did pay tax for a couple of years under this scheme and then dropped off the radar that they havn't picked up on me yet.

Yeah I am a bit suprised they are not after you in some way - perhaps since the amount you paid was so low they decided it really wasn't worth the effort. I have to say I always found the Bootle office to be very fair and helpful on this stuff.

What I am interested in is the audit on the 90 day rule - how do they decide who they are going to pick on? On what basis? Anyone had any experience?

[Digger]

[quote="seasider"][What I am interested in is the audit on the 90 day rule - how do they decide who they are going to pick on? On what basis? Anyone had any experience?[/quote]

Hi Seasider,probably random computer selection of 3 in every hundred,maybe if the amount you declare is sinificantly lower one year they might decide to look at you.After nearly 30 years of working overseas,i got the impression that revenue had little intertest in people working overseas,they seem more interested in probing small businesses

[STEVE G]

Digger wrote;
.After nearly 30 years of working overseas,i got the impression that revenue had little intertest in people working overseas

Hi Digger,
A few years ago the revenue had a purge on all the people working overseas for big British companies, banks, airlines, oil execs. Etc. but they know that these people are easy targets as they get paid in the UK, and often maintain homes there as well.
If like a lot of people, you are contracting and getting paid offshore, they know that realistically they have almost no chance of doing anything about it, even if they wanted to.

[blue nose]

Blue Nose

I think you are overpaying. I work abroad and do not pay tax but keep my NI contributions for my full pension and pay less than a tenner a month. A few blokes here were paying the higher rate until recently but applied for the new rate and a refund which can go back for 2 years I think.

PM me if you want more info because there is a notice with details on the notice board in my compound.

Can't see how you can pay a tenner a month and get a full pension when its a voluntary contribution.....how does it work ?

[seasider]

[What I am interested in is the audit on the 90 day rule - how do they decide who they are going to pick on? On what basis? Anyone had any experience?

Hi Seasider,probably random computer selection of 3 in every hundred,maybe if the amount you declare is sinificantly lower one year they might decide to look at you.After nearly 30 years of working overseas,i got the impression that revenue had little intertest in people working overseas,they seem more interested in probing small businesses

Thanks Digger. So it looks like they only audit people who are still submitting tax forms and are thus "in the system". I guess for people who are no longer in the system there isn't much they can do (until they introduce the infamous ID card of course - when I assume tracking all movements will be much easier!).