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self employ newbie question
Hello, Not sure if it is the right place to ask, but I did not find a better forum. Now I am employed by a company but the pay is not good. To make bit for money, I started to do direct sales last month. I sold 400£ worth goods last month and made 100£ profit. I am confident to make similar sells every month, so yearly I…
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When to move from Sole Trade to Ltd if mainly FT employed as well?
I hope someone will know the answer to this question - I was asked but not sure of the answer. If you are full time employed, higher rate tax, and have other self-employed income (currently declared under Self-Assessment), is there a tipping point (amount of profit) where it would be better for tax purposes to change to a…
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Income from rent
Hello all I'm applying for a mortgage on my first home. It will be a sole application but as my O/H will be living with me, can I put down rental income from her as a way of increasing the amount I can borrow? If so, what amount can I charge before paying tax? Thanks
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Higher rate income tax question
Say I earn £41k (so am in the higher rate band) from my salary and receive deposit interest of £1000 and dividends of £350. My understanding of the above is that I pay 40% on the salary over £38,335 and the deposit interest. How much do I pay on the dividends? Now I contribute approx £3300 pa to a stakeholder pension. By…
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Capital Gains Tax Query
I have a query? In 2003 I bought a house for £93,000. I had a £5000 deposit so my mortgage was for £88000. (House No. 1) I lived in the house for 1.5 years. I then bought another house with my partner. (House No. 2) I currently live in this property, my main residence. This property is jointly owned between my partner and…
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P87 Mileage allowance form
Hi, Do you know if it's OK to complete the 2005 P87 for this years claim? I've contacted the IR for the 2006 form but they tell me it's out of stock.
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Online tax/NI calculators
Hi, Are there any free & reliable online tax calculators? I am changing jobs next week and would like to reliably calculate my take home pay so that I can create a budget. Also, if your employer contributes to a pension scheme, does this mean that you pay less NI?! thanks,
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Change in tax code help?
Due to professional subscriptions my tax code has now changed from 489L TO 512L. just wondering how much better off this will make me each month, and also they are backdating it for 6 years so how much could I hope for as a rebate? Thanks...
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Income tax and savings question
I'm really sorry if this have been answered before (went through the posts in this forum but did not see anything applicable, well, went through half of them to be honest...). I know that if you are on the high bracket for income tax, the interest on your savings will be taxed at 40%. What happens if you are below the 40%…
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Money from Estate ?
Hello, My Husbands estate has just been settled and after paying off his debts ,there is £32,000 left .This come to me as he died without a will and I have 3 young children . Would I need to declare this as Income or ,is it tax free .I have it in savings at the mo. Thankyou
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IR Advice
Hi, For the last 10 years I've been in a state of depression and I'm now wanting to get my life sorted out. Since I failed University my gf and parents have supported me financially. I've never been employed. I've never submitted any tax returns. I've not paid any NI. What worries me is I should have been declaring the…
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p60 help
i have just had my p60 from my employers and its a photo copy :mad: are they allowed to do that? can i demand the original? the one i got from my previous employer was sealed, does that mean they have open a document address to me?
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Tax for over 65's
Hi Hope this has not been posted before Spotted this article in the Observer today and after a bit of research with my Mum (71), found she was not getting the right tax allowance. You may want to check it out, this will save her £500 per year! Have a look it might apply to someone you know…
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Advice please
Hi I posted a query on the house selling board and it was suggested that I post here. Given that the reply asked a couple of questions I will expand with answers. Any advice would be gratefully recieved. Sadly my grandfather has just passed away. My grandmother has now decided that she doesnt want to live in their house…
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Childcare Vouchers and tax implications
Any advice/help would be appreciated. I work part-time and started getting childcare vouchers a number of years ago after my employer told me about the NIC benefits but am unsure what on earth is going on with my tax code as a result. For this tax year details as follows: Personal allowance - 5035 Benefits in kind - 2652…
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Income Tax Vat
If your business has a turn over 70k Running Cost 15k Could you take all the 55k and just pay income tax on it? or will it be subject to VAT aswell?
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Self Employed???
Hi All, Happy Easter!!! :j I have just started a new job, but i have been asked to continue on at my previos job on a casual basis as and when i can help out. I enjoyed my previous job, and could do with the extra income i would receive from it, although because i would be on Basic Rate Paye Tax, it is bearly worth it.…
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Is advertising tax writoffable?
Putting ads in local paper for plastering can this be offset against tax bill?
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40% tax payer and business idea
Hi- hope someone can help. Husband works full-time. His salary is slightly under the 40% tax bracket but his compnay car knocks him into it. He has hit upon a business idea and some people have been asking him to do some work for them, which he would be doing in his own time. The money he earns from these additional jobs,…
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Is 'Overlapping' tax relief allowed?
By which I mean.. Can you get tax relief against the 'same £1' of income where you contribute to a pension and pay money under GiftAid to charity at the same time? Pension tax-relief is now allowed against up to 100 percent of (earned) income. Presumably this is at your marginal rate of tax (40 percent on the 'top slice'…
