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Income Tax: Hmmph!!
I get paid a decent salary and have no qualms with paying income tax. However, what does annoy me is that I get a quarterly bonus and it's eaten up by tax. For example, this month I'm getting a nice bonus of £3270, plus my wages gives me just over £5k and then the government will be taking £1800 including my NI…
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Voluntary NI Contributions - Is it worth it?
Hi Am just wondering if voluntary payments are worth it. What do you actually get for doing it? Can the same money be invested elsewhere for better value? Thanks EmmaB
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Working outside the UK
My husband has a new job in the Middle East and has been told that if he limits his days in the UK to no more than 90, he wont be taxed. is this correct? I also wanted to ask, the countries he goes to in his time off (which is quite substantial), do they need to be non EU countries? Or could we meet up in say Spain? Thanks
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Inheritance Tax - How Much?
My parents own their house, worth about £180,000. There are six children. Will we have to pay inheritance tax on the value of the house? I read somewhere that this is not classed as `earnings` and therefore no tax would be payable.
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Council tax/transfer of assets query
raised a query on this, have decided it needs a new thread
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Perhaps an obvious tax question
Hello! Maybe this is obvious, but I don't really understand tax, so I hope somebody can help me! My understanding is that a higher rate of income tax is paid on any earnings over £30,000? If this is correct, when does the higher rate kick in? Does an employee begin paying the higher rate the month they earn above the…
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Self Employed VAT Claim
Hi all, looking for some advice before i contact a financial advisor. My wife is about to become registered as self employed for an new job she is starting (working as a contractor). Q1. Is it right that she can become vat reg although she will be nowhere near the threshold for mandatory registration? Q2. This is the…
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property trading...LTD vs Individual
I want to work full time buying and selling property in the UK. Not developing, just buying and looking for a quick sale on. However, I am confused as to whether it is better to just do this under my personal name or via a limited company based on tax reasons. While, I read posting saying a LTD is better Im confused by the…
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Savings tax refund
My son has within the last week filled in tax forms going back 4 years as he has found he has paid tax on savings which were in trust for him which shouldn't of been taken as all the relevent forms with the bank were filled in. Does anyone have any idea how long it takes for the tax office to look into this and make the…
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Tax on employee share scheme
My partner signed up to join his employer's share save scheme 3 years ago. With about 6 months to go before the end of the savings term and the buying of the shares at the preferential rate his company were bought out by another firm. He is still able to buy the shares at the preferential rate but will have to pay tax on…
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New Ltd Company: tax advice needed, IR35, dividends etc
Hi guys, I've just set up my own Limited Company in order to perform a 12 month computer consulting contract. My company is paid by an agency, who are in turn paid by the company I'm doing the 12 month contract at. From time to time, I will have other clients for which I will complete other, much smaller projects. What…
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Limited Company Headache-Advice Needed
I have been planning to open up a limited company for some time now, to save on tax as I am a self employed at the moment. I told my employers not to pay me until I have set up the company-(It has been a few months as I havent given it priority) I have spoken to a few accountants about this,but they seem to disagree.My…
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Capital gains tax on selling property
My OH and I plan to buy a holiday/retirement home by remortgaging our main residence. Once the mortgage is paid off, we plan on selling the big house and moving to the little one, then using the proceeds of the sale to help us through retirement. Would we be liable for capital gains tax? Is there any way of avoiding this?
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Council Tax & The Armed Forces
Hi, Whilst wandering around the Forum I came across a thread on Council Tax which led me to look at CT exemptions. It would appear that HM Forces personnel are exept, indefinitely, from paying CT on Married Quarters however I pay (currently) ~£76/month. This money is deducted at source not by my local authority. Before I…
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higher rate tax?
I'm sorry if this is probably a simple question. What is the actual starting point for higher rate tax? I understand I have £4,745 personal allowance which is not taxed. Then there are 10%, 22% and 40% bands. Are these added up so I only pay 40% on the last bit eg. 0 - £4745 = no tax £4745 - £6745 = 10% tax £6745 - £38145…
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R85 Untaxed Interest
This has probably been asked, but I couldnt find it in the search. My wife doesnt work anymore, she now looks after the baby full time. I have a not insignificant amount of savings which are currently in my Wife and My names. I would like to maximise the amount of untaxed interest I earn on this money especially as we have…
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Company car and fuel tax code
Hi folks, I recently handed back my company car and company fuel card. I called the taxman with this info. My expectation was that I would go from a K code :mad: back to a pretty normal positive code :j , however this hasn't happened; my code is still K (albeit a wee bit less than when I had the car). Can any one explain…
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Pay query
I have just been offered a full time job but have only ever worked part time, if the pay is £11,000 per year can anyone give me an idea how much tax i will be paying a month?
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claiming tax back????
Hi, I read a thread on here somewhere about claiming tax back for laundering you own uniform...............can I find it???? No!!!! Does anyone know where it is? It gave the address to write to, can anyone help?????? :confused:
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Special dividends & tax
Just heard that I'll benefit from a one-off share dividend from Boots from the sale of BHI and was wondering how this will be treated tax-wise.
