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Help! I think I've submitted my Tax Return incorrectLy
On filling out this years tax return, I became aware that I may very well have filled out the previous years incorrectly and may owe money from that period. Now i'm a sole trader and the money I owe will be in the hundreds, but still I've been losing sleep over being charged some massive fine that right now I simply cannot…
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Tax issue with US bank account
I run my online store from outside of USA.I am not an US citizen and not located in USA. Many customers of my store are from USA. Currently my store processes payments via third party credit card processing companies like PayPal and 2Checkout. Both are US companies. There is chance for me to open a US bank account so the…
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Decanted - Tax Query
I am about to be decanted so the council can rebuild the flat I live in. But this move has provoked arguments amongst the tenants association. Our council owned accomodation being rebuilt means we have to live elsewhere for a few months which is very inconvenient. Now: What are we entitled to in terms of money? Are we…
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Contracting for the 1st time. advice needed on tax/pay
Hi, I recently left my full-time (paye) job in a bank and I am now going to start contracting for anther bank via a recruitment consultancy. I have been told that I have to set up an umbrella company or limited company. I have not had any experience of this before and my recruitment agency are pushing me to sort this out…
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Property not listed on VOA site
Hi! I tried to find the flat where I live (owned by the Council, managed by a HA) on the VOA web site but only got this: "No properties could be found for this search." Then looked at other properties on the street and a lot of them came up with the same result but managed to find some bands. Most indeed were lower than…
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Please help !! CGT on house(Gift with reservation)
I am a newbie so please be gentle with me if this is in the wrong place or duplicated. About 11yrs ago my mother in law insisted she transfered her house into her 2 sons names (she thought she was doing the right thing),unknown to us at the time we have since found out it was classed as a gift with reservation (she lived…
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Council Tax Banding
Hi there i have been looking into the council banding thing and im not sure if i am in the correct one. i live on a housing estate build in 1995 and theres a few houses the same one other in my close and at least 3 others around other closes. i am on a band C but looking at th VOA website 3 houses are on band B but the…
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CGT on property development
Evening all Just wondering if someone on here could enlighten me as to a Tax query I have, or advise the best way forward. Myself, Brother and Sister are buying a house off my grandmother who has now had to go into a home due to be incapacitated. Our incomes are £28k, £55k and £75k respectively We are buying the house for…
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Delayed tax benefits of Age Allowances
I've just read that in the years where an individual reaches 65 or 75 (when the increased Age tax allowances kick in) the Revenue delay adjusting your coding notice so you pay less tax until the date of your actual birthday when actually the additional Age Allowance starts from April 6th in the year you reach those ages.…
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advice needed re IT before making new will
Hi, not sure what can be done but would appreciate any input. I own my own house as was widowed 20 years ago but remarried 10 years ago. I have two sons and 2 grandchildren and I am in my late 50's. My house is worth approx 300k and with life assurance my estate could be in excess of 450k. If I was to pre-decease my…
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My tax code is 522L 1...
...because I worked for an agency and switched to another agency without getting a P45. I didn't pay a penny of tax on the first £3000 I earned in the 2007-8 tax year but when I switched to the new agency I started paying tax immediately at about 12%. By the time April comes I will have earned about £10,000.00 in the year.…
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Claiming VAT back on business use car
I run a small joinery/building business with OH and we have a business van and a have just bought a second hand car. 80% of the cars use goes through the business (it is a sign-written car, used for pricing, site-visits, collecting materials etc. as well as family outings) I have no problem with sorting out claiming…
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What to do with company profits
Hi, I recently set up a limited company to try to save tax by withdrawing a minimum salary then taking the rest of my salary as dividends. The question is, since I can't find any high-interest business bank accounts, what should I do with the profits that are building up in the account (i.e. the money that I'm not drawing…
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Inheritance Tax
Hi I wonder if anyone can advise - my parents live in Spain and have taken Spanish Residency. They have wills but are they covered under Spanish or UK Inheritance Tax laws? Regards red_debs
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please can someone help me
hi guys, ok i tend to ramble so ill try to keep this quick. hubby works 2 jobs, 1 is full time and one about 30 hours, we have noticed today that the one that is a much higher salary has a tax code of BR and the lower paid job has his normal tax code on it. i have been looking at online tax calculators and it seems as if…
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Emergency Tax
Hi everyone, I am starting a new job on the 3rd March 2008, when should I receive my P45 from my current employer? With that in mind, I get paid in my new job on the 15th March so is it likely that I will be put on emergency tax for that month? If that happens, how do you claim the money back? thank you, Rich:confused:
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Car Allowance vs Company Car
First off sorry for the thread this has probably been answered thousands of times and by searching old threads its certainly a popular topic but it appears as though the answer is different to personal circumstances. Okay car allowance or company car? I can either have a car allowance of £4,000 or company car to value of…
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Payment in Lieu Of Notice
Hello all, hope you can advise... Being made redundant on the 28th March. Last pay-packet 21st March. Redundancy payment being made on 28th March. Only being given 4 weeks notice (should have 12) so have PILON (Payment In Lieu Of Notice) for 8 weeks plus BEILON (Benefits In Lieu Of Notice). Just found out this is also…
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Capital gains tax on a 2nd property
Hi, I've posted this message in the buying/selling house forum, as my question is about capital gains tax, i thought i'd ask my question on this forum and hope that someone may be able to assist.. I am hoping that someone can provide some advise about Capital gains tax (with regards to selling a second property). About 10…
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Anyone been on a self employed workshop?
I'm talking about the ones run by HMRC. I'm attending one tomorrow and am not sure what to expect. They were supposed to post me out information before the event but it's been "lost" in the post.:rolleyes:
