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Tax question - Cost of Premises
Hi All I am self employed. We (my spouse and I) have an unmortgaged residential properrty bought as a BTL six years ago. For the last year I have used it purely for my counselling business. It is still unmortgaged. Is there a way I can take a mortgage out on it and claim the interest payments as a business expense? My…
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Another boring tax question..Sorry!!
Hi all! Just been paid (today) and I have noticed that I've paid a huge amount of tax. I earned £29,139 per annum and this month I have been deducted £593.87 (Tax £400.47 and National Insurance £193.40). My tax code is 503L so please can anyone shed some light and let me know if I'm paying too much tax (or too little!!!).…
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tax question
I have just received a weekly bonus of £12,286 and the tax and ni I have payed seems to be huge. I payed £4,366 paye AND £176 NI my taxable earned to date is £27,576 and my tax code is 512L. My normal weekly earnings are £693, whick i pay £74 paye and £41 NI. Have i payed too much tax or is this the correct amount. Thanks.
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vat on car
can any one advise me please. I have just started to foster a lady with learning disabilities and have brought a new car to accomadate her needs (we did not want a mobility car). We have also made changes to the house, is there any way i can reclaim the vat on these things? My husband is self employed and vat registerd but…
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Claiming professional membership subscription costs?
Hi, A colleague told me that it is possible to claim back subscription costs to professional associations. My professional association membership costs are £160 a year. If I could claim my payments back, that would be great! Apparently, the Inland Revenue changes the tax code in these cases (I think that they raise your…
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IHT - part of the problem. What about carousel fraud?
I realise this post is a tad off-topic, and whilst I applaud Martins comments on IHT, at the same time I think it's important to understand the degree to which our tax system is now being lead by the ease with which some taxes can be collected, as opposed to the lip service and spin that disguises just how inept our system…
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Would appreciate advice about IHT
My mum aged 60 wants to invest in property. To avoid going over IHT threshold she wants to buy a property in my name and receive all rental income approx £450 net per month until her death. She will pay the 20% deposit which she doesn't want back. She currently works but may may retire within the next few years, so this…
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Describing a business for tax purposes
I'm thinking of going partly self employed - I currently do work a few hours a week teaching PAYE but my question is this. When I register with the tax office I need to describe my business - but say i want to be flexible and hope to do more than one self employed job that might be totally unconnected eg private tutoring…
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re claim tax back
hello, just wondered if anyone can help, i have just started working for a charity and we can claim the tax back on items purchased. But trying to get the commitee together to discuss how i go about claiming it backis a nightmare so i thought i would ask if anyone could give me ideas. thank you michelle
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Student tax advice needed!
Hi! Just after a bit of tax advice... I had two jobs, one's a part time job (evenings/weekends) and a Summer job (which i've stopped doing now), but I paid tax on the summer job. My tax allowance code is on my part time job. As i'm a student, i'm obviously not going to earn over the limit, so how do I go about claiming the…
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Do I pay IHT on cash from Australia
My wife is Australian, but is now living over here with me in the UK. She has residency approved and we indend to settle here for at least five years. I'm British and a tax payer. We're both in our thirties. My wifes elderly father owns substantial property (a big farm/station) which he just sold. Should he die we are…
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Information from Companies House
Hi. I've been looking at a company on the Companies House website. Next to status it says "Proposal to strike off". Can anyone tell me what this means exactly. I take it this means a proposal to strike off as a company? In what circumstances does this happen? It also says no accounts have been filed since 2003, could this…
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Petrol mileage thread
In my current job, I got paid mileage by one company at 25p per mile. I understood that I could claim back an extra 15p per mile with proof. I have now found loads of payclaims dated between august 2000 and March 2003. Can I claim the extra mileage for these years later and if so, how? Also, how will it be offset against…
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Working Overseas for UK company
I started working for a UK company in June, the job is in Norway. I am very confused about the tax situation though. I am paid by my UK company into a UK bank account, i pay uk national insurance, however my tax code is NT/1. I phoned the tax office to see what this meant, and they told me it means i am in a job where i…
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32k tax bill
My husband started a partnership last April and we have just had our first accounts done for mortgage purpose not sure what he earnt yet but the accountant just rang and the tax bill is 32k i was a bit gob smacked it is for both the partners but i thought taking into account your expenses and assets would bring this down…
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Tax on Rental Property - Invoicing someone else
We're renting out a flat, and my partner is looking after our daughter. My partner deals with the running of the flat, although we own it jointly. I currently have a job, so my tax allowance is used up. Someone suggested that my partner could invoice me for the work of managing the flat. Does anyone know how this would…
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Self employed tax
Hi hope someone might be able to help me with this, my husband is currently in the process of changing jobs. At the moment he's a bus driver but is taking the test to become a black cab driver. I've always been pretty good at working out tax and N.I but have no idea how it will work when he's self employed. Just wondered…
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Self Assesment Depreciation question
I am self employed (as well as emplotyed), last year I filled out my self assessment no probs, as there was just basic income and outgoings nothing complicated like an asset to take into consideration and I was under the threshold for filling out anything more complex. This year I am still under this threshold but have…
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CGT on American share options
Before I put my head above the parapet to HMRC does anyone have any advice on the following situation? I have some share options from my previous employer, an American Corporation. These must be exercised in this tax year and they have, fortunately, risen in value since they were granted. The shares are quoted on the NYSE…
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Property
Hi I am thinking of selling an investment property.I read somewhere that if you own the property for at least 3 years there is some tax relief that can be claimed,am I right,if so what is the relief?:confused:
