₦airaland Forum

Kikspie:
Hello guys, thanks for being solution providers on this platform. please I am a student and my husband who is my defendant got a job with a company that sponsor tier 2 visa, but they stated during the interview process that they wont be sponsoring for his role as its not a senior role but would only provide documentation when he wants to renew or apply for postgraduate visa. Our visa is expiring next year and we are thinking of asking the company to provide us with COS while we bear the financial burden of the process, but we are skeptical as we do not know if it is okay to make such request. I just need advice your and opinions, is there anyone that has done this before? Is it a possibility?

It is possible, I know of someone who did something similar.

Peerielass:
Yes mortgage interest tax relief is only available to landlords, any landlord irrespective of whether they are self employed or In employment will need to complete a self assessment tax return yearly to declare the rental income and claim appropriate tax relief. Ordinary individuals who are just home owners do not qualify for this relief. I hope this clarifies the situation for you and Dustydee.

I know this to be the case and it's why I sought the clarification from japhetgold because his earlier post suggests anyone can claim relief on their mortgage payments and then in subsequent post he listed conditions that only those with income generating properties can meet.

japhethGold:
Ok. Let me serve the deep I was avoiding a little.

The UK Tax law regarding property Income is very generous; I meant very generous in that it allows landlords who have arranged their property transactions intelligently to claim so many reliefs from the rental income they generate from their property.

The law allows individuals to claim relief on mortgage interest if the following conditions are met:
1. the property is not used by the owner as a family dwelling,
2. the property is rented out during the tax year and rent is earned,
3. Only the maximum of 20% of the annual mortgage interest paid can be claimed in tax relief.
4. This maximum relief of 20% is offset against the individual's tax liability to reduce the tax bill for the year.

So, these above conditions must be met for an individual to claim mortgage interest relief from HMRC.

I hope this helps.

Is this not for employees with income generating properties? Dustydee initial question to my understanding is can an employee with a single home seek tax relief on their mortgage payments like self employed individuals do?

japhethGold:
Yes, an individual taxpayer can claim interest on their mortgage. That is why I keep saying that immigrants and we, Blacks need to learn how to use consultants because in this country if you do not use tax consultant you are doing father christmas to the government. Period! Because you will be dashing thousands of pounds away to the government every year.

I'm assuming he meant an employee and not a self employed person.

CheesyTee:
Next time, call HMRC directly. I recently realised I was overtaxed for 8 months at my new job. I called HMRC and provided them the right tax code, and was refunded almost 2k.

You should know your tax code and all these information are on the HMRC page, down to calculating your tax payment for the year.

I have friends that overpaid tax and got refunded (without contacting HMRC) after the tax year.

It's a bit different when you are contracting (self employment) as you can choose to work through your own Ltd company or as a sole trader and pay your tax via self assessment where accountants can play around the rules in your favour using tax efficient measures to keep your tax liabilities low.

vanod:
House Good morning,

Pls I arrived UK A week ago on a work visa, before coming my company where to make accomodation available for me, on getting here i discovered the accomodation is within the facility where I work, and I have booked paid for flight for my family to come over.

The initial plan was when I get here I will look for an accomodation before they coming, but is becoming increasingly hard everyday getting a house in Glasgow, they just have 10 days from departure date.

Can you guys pls advice me, either to push the ticket further to January, Cancel and get refund or use Airbnb if they eventually come.

Accommodation arrangement is usually for the main applicant alone, did you get confirmation from your employer that the arrangement they made for you will be for you and your family?

If your pockets are deep enough you can go the Airbnb route, otherwise weigh up the financial implications of rescheduling their flight (assuming they can still stay in naija while you sort yourself out) against the cost of Airbnb and go for the more practical option. All the best.

hustla:
Hand don touch Lions laidis

Dem no even fit bark, let alone roar. No mind dem jare

Iruosonobrugwhe:
dear Herbert macaulays, Mary Slessors and not so old ancestors.....with rates way above 5%, is this a good time to buy houses on mortgage? when repayments seem costlier than rent?

The best time to buy was yesterday, next best time is today. The most important thing to consider amongst other things, is your affordability right now and your continuous ability to keep up with payments, should interest rates continue to rise. Once those are checked, carry go.

lightnlife:
Thanks for the insight.

It's gets interesting with this twist.

Essentially, I'm trying to avoid paying tax on the funds. The contract was awarded in Nigeria and payment needs to be made to the workers in Nigeria in USD. I'm unable to transfer from my Nigerian USD account while here as per CBN/Forex issues in Nigeria. Having the funds taxed will be a huge burden on me as 80% is meant for workers - my profit would have been lost to tax and transaction fees.

If I decide not to declare the income to the HMRC, what are the consequences?

Or what alternatives do the advise to receive and send USD without being taxed in the UK. Thanks

If you earned the money before becoming a UK tax resident, you might have some wiggle room. If you choose not to declare it, we both can imagine what the "qonshequenches" will be . You'll essentially be breaking the law by not declaring it, but again na who dem catch be thief.

hustla:
Me, just cos I don't like England and their noise / overhyped bs

may the teranga win the battle of the lions tonight

Who else is rooting for Senegal tonight

deept:
Hahahah, you dey work for HMRC?

if I hear

deept:
Lol, spoken like a true law abiding Brit

My brother e reach to talk like that o

lightnlife:
If I receive money from a US company into my Revolut USD account will it be taxed by HMRC, as per it's linked to my NI?

Just finding ways to avoid the money being paid into my Nigerian USD account due to all the USD transfer and withdrawal wahala. Also trying to avoid the funds being taxed or poor exchange rate over the ATM.

Your insights will be appreciated.

No HMRC won't tax your USD receipts automatically, but you do have a responsibility to declare it and pay applicable tax on it if it is classed as an income via self assessment. You only get taxed automatically on income you receive as as an employee via the PAYE system. Other incomes you'll have to declare and pay appropriate tax on them through self assessment.

ABIOLAXYZ:
kaylov12 , please how can I adjust to speak more like English

Actually, this will compound the problem. Just pronounce your words clearly and aim to speak slowly. We often times don't know we speak so fast, so being self conscious about it will help and overtime you'll perfectly adjust. Abeg no just try form any accent o. All the best.

hustla:
2. Yes, my house mate earns 67 also. I think I have seen £80, varies across coys. I earn £30 / sleepin and its cheating tbh. You can always know what youll earn during the interview if you ask

Hourly/daily ?

Maturedhustler:
Afternoon Elders,

Is claim for help with health costs (NHS) for Optical Lens, Dental and others part of public fund? I got to know that I can get NHS Certificates for discount payments for my glasses and that of my children.

I also received a mail from my children’s school on Scottish child payment. I guess this will be from public fund. Help clarify too.

Finally, are those on PSW allowed to benefit from public funds?

Thanks

It has low income written all over it( check NHS low income scheme), you know say low income and public funds na 5&6. Thread carefully.

Last part of your post is an emphatic no

Chreze:
Is the 30% credit card rule applicable to shopping cards that offer buy now pay later plans. E.g the Argos card with say £800 credit limit. Cos when you buy say an item for £200 for 3 months, the £200 is deducted from you limit. Does that mean you won’t use the card till you pay that off in the assumed 3months. Or the £200 is just for that month n you can continue you 30% rule the following month on the other amount left.

Cos I believe if you have to pay the first monthly 30% off before making another purchase then it beats the whole buy now pay later offer on the card. Anyone with knowledge on this subject.

It is 30% of your credit limit and not your available credit. So going by that logic and £800 credit limit you sighted, you'll have £40 left to spend until you clear your balance.

Igbamatigbi:
Hello,

I know this have been talked about many times but I need help on this please.

I have been in UK for 13 months for 2 years Masters, I registered with Experian and my score is 845. I have tried to apply for a credit card even with AMEX , I saw a link here and applied and was rejected.
I don’t know what I am doing wrong, I have registered on credit ladder for some months now, I am registered on electoral roll. I have direct debit for data, NHS prescription and Netflix.

Please can someone help out? Experian sent a random mail that I qualify for Backlay credit card, I applied and was rejected, what should I do ?
Thanks .

Use the eligibility tool on platforms like money supermarket, totally money, Experian etc, before you submit a full credit application. You'll likely see some credit builder cards you are eligible for, they do have very punitive interest rates though, but you'll be fine if you follow the golden rule of credit card usage: only spend money you already have and pay off your balance in full every month. Good luck.

habhidhemhii:
Hi everyone!

Does anyone have pointers for tax payment on monies earned on the side say via freelancing or doing small work remotely/earning from US for instance. Not a lot of money. A few hundred GBP and sometimes lower than that. Just trying to understand the tax laws around that and how to report them.

Thank you!

Google self assessment tax return and read up on it

TobyTreasure:
Please do you know when someone with COS can apply for her new husband, is it after she has gotten her 5 years stamped on her passport or now? the dependant is still in Nig. Can the dependant apply for visa with the COS?
THANKS

Now or later, as long as application is done before the visa of the main applicant expires.
Yes he will need the COS of the main applicant to apply.

progress160:
My question. Can I go with the new company because I have only worked for a month with my current company. What about my dependents, do they need to apply as well

Yes you can change jobs and your dependants can continue on their current visa and renew at expiration using your new COS.

Lexusgs430:
The beauty of having over £100,000 on plastic........ Is priceless..........

But financial discipline, is also very important........

No be everybody go fit manage this level of liquidity sha

hustla:
But for the PayPal bit, I think they make it seems like it's an outgoing payment to someone and the person sends it back

Probably not going to be an issue that way

This can work I guess

hustla:
Well, the issue of credit cards came up today and it's shocking to see what people (students) are doing with CCs

Paying minimum balance, transferring and withdrawing cash, saying even if their score is low, they'll build it when they want to buy a house etc

To each his own, I guess

Premium tears in the offing for them

hustla:
I mean fuding your paypal account with your cc and thenusing your debit card to withdraw from atm

Was told there is a way to do it but i was just thinking about its impact on credit score

That will most likely count as withdrawing cash, best to steer clear of such.

HollyMadison:
Hi elders,

Please can you recommend credit cards that have deferred repayment option(1 year and above) to buy plane tickets

@ticha I think you mentioned using a credit card to buy tickets and you didn’t have to pay back for like 2-3 years

Check comparison sites, cashback sites and credit brokers like totallymoney, clearscore etc for options.

hustla:
Quick question

If you withdraw from your credit card to PayPal, does it affect your credit score?

If by withdraw you mean settling your PayPal transactions with your credit card by adding your credit card to your PayPal account, then no.

dubaiprince:
I opened mine with Barclays but opened the kids JISA with hargreaves Lansdown. I might move my ISA from Barclays to HL cos Barclays fees are not favourable in line with my current holdings at the moment.

I learnt moneybox is nice as well

https://www.moneysupermarket.com/investments/stocks-shares-isas/

Above link has a number of providers, list is not exhaustive though. For example Vanguard is missing on the list and they have a reputation for being the cheapest in terms of cost, although it is very restrictive as you can only buy vanguard funds and can't buy individual stocks as well.

Viruses:
Does anyone have experience with single rate tariff vs day/night rate tariff?

I'm thinking of moving to a single rate tariff because its stressful waking up at night to turn on/off storage heater because of night rate and we use most of our electricity during the day.

Which is better?

You'll still end up paying less for whatever amount of energy you use during the off peak period, so I reckon you'll be better off with a dual rate tariff. Savings might be small if you are unable to move your heavy usage to the off peak period though.

bigtt76:
Sounds good but how does the Topcashback work? Minds explaining more on this?

Go to topcashback website and look for your desired merchant, check the cashbacks available from them, make a choice and go to the merchant's website from there. Topcashback will record your sale and payout your cashback when your sale if confirmed.

Lexusgs430:
https://custodianplc.com.ng/custodian-life-assurance-limited

Thanks again for this, the maximum they offer is still 92 consecutive days. Any hack to get cover beyond this?