-
whats the difference between class 2, 3 and 4 NI payments.
At the moment i pay £2.30 per week for class 2 NI. (im self employed) I have the choice to pay class 3 voluntary at £8.10 per week and at the end of the year i pay alump sum for class 4. Whats the difference between each one and what are they for, and also why is class 3 voluntary and what are the benifits of this…
-
Child Tax Credit 2007/08 underpayment
Hi All, My earnings for period April 2007/ 08 are £1700 less than previous year 06/07 which my tax credit award was based on. Am i able to have tax credit underpayment back dated.? Thanks in Advance
-
National Insurance Overpayment
Hello, Thanks in advance for reading, My situation is that my emplyer was late paying me and so dumped two weeks pay together (should have been split 42 hours and 37 hours) into one lump sum. I was paid this as one lump sum in part of my weekly wage and so have been national isuranced more than i should have (I only got…
-
CGT on a Vendors Gifted
Hello, I'm wondering if someone can help with a query I have regarding CGT on a Vendors gifted. I agreed a fee of 103k with a buyer on a property I bought for 80k 16months ago. I got a call from her mortgage broker last week saying the valuation is going to be done and on the form he is going to be putting the value of the…
-
HMRC Want P60s - Will I Get Them Back?
I recently wrote to my Tax office explaining that I went into the 40% tax bracket last year and to ask for the extra tax relief to be applied on my pension contributions. They replied asking for 07/08 Tax year P60 and 06/07 (apparently that tax year hasn't been processed!). Am I to send the original documents on the hope…
-
What are the tax implications...
I inherited the flat I live in 12 years ago (I received a 50% share along with my sister). I bought my sisters share around 7 years ago. I am now thinking of raising equity from the flat (now worth 120k+ with a mortgage of 25k). the equity will help my girlfriend and I purchase a new property with good deposit. Do I have…
-
Tax Relief on Footwear/Uniform/Mobile Phone
Hi, not sure if I'm posting in the right place but I'm sure some nice person will move me across :o My husband works as an HGV driver, a requirement of the job being that he wears a uniform and steel toe capped boots. I remember that when I worked at Sainsburys (many moons ago), we got a small amount of £ for washing our…
-
help -doing my own tax return for 3yrs - all wrong!!
Hello, basically im self employed construction worker and i have been filling in my own tax return for 3 years now and ive been earning less than £20k. I also keep records weekly of what i get paid gross, net and how much tax ive paid. So when i fill my returns in i just add everything up then hey presto. For my outgoings…
-
selling second home
i have recently purchased a new home and i am planning to sell my second home which is paid for no mortgage outstanding. are there any tax implications..
-
Tax Advice
Hi, I have been getting a bit worried about my tax payment. I work for a supermarket part time (few hours a week), I do not earn enough from this to pay any tax; however they deduct tax if required. Around June 2007 I started working in web design in addition to the supermarket job. I receive a sum every month into my bank…
-
I'd like some tax advice, please...
Since being medically discharged from the Fire Service 10 years ago, I've been working for the NHS on a casual basis, which is taxed as a second income at basic rate despite it being my main income. I receive a pension of less than 6K anually from the Fire Service which has always been classed as my main source of income…
-
Tax - do they know what they are doing??
My future step-mother is having problems with the tax office. She is 60 years old and retired. In November she cashed in a private pension, which the total was appx £5500. When the cheque arrived, around £1400 had been deducted for tax??? We thought this to be too high. So I took her to out local tax office, who gave her…
-
Capital gains calculation help please
So there is a new rate now 18 % on profit no matter how long shares held for. My question is if you have bought shares in the same company at different times, what happens when you sell some. Is it last in first out, are they 'pooled' or ......any other permutation. Help much appreciated
-
tax allowance on salary and savings.
I currently have an annual salary of £30200 I also have around £200000 invested into a 1 year fix rate account paying 5.2%net. does this put me in the 40% tax bracket ? if so what options do I have to avoid paying tax at the higher rate? any ideas.. tin2080
-
Newly self employed and near a tax credit threshold - help needed
We both work part time, and last year we earned £14913 between us and qualified for free NHS dentistry etc. I have just gone self-employed, but still on a part time basis, and I have to estimate my earnings for the year for our tax credits return. My partner will earn marginally more than he did in the last tax year. I was…
-
Claiming commuting fuel money back
Is this possible? I earn 15k a year but commute 600 miles per week. As you can expect, after paying the bills, i'm struggling to buy food. Love my job, but with fuel prices and general living prices creeping up, i'm being forced to look else where. Can anyone shed any light on this? Spoken to my manager, but she’s not one…
-
Tax on Savings? confused...
I heard that for all interest that totals less than £2k it will be taxed @ 10% all above the usual 20%. However I assume as you could have lots of accounts this will amount to lots of paperwork and everyone will be charged 20% and have to claim the difference - if most could be bothered?
-
Paid 1 months in arrears, which tax year is it in?
Im payed 1 month in arrears... so basically when i started my job, i worked a month and wasnt paid for the first month, then i received my first months wage at the end of my second month. So now rather than being paid for the month ive just worked, im being paid for the month previous to that.... Which sucks but there is…
-
Please help..Still unclear about 40p fuel allowance
Firstly,I'd like to thank the 3 replies to my previous question. Unfortunately I don't seem to be any any further forward.Basically the question is as a domestic cleaner (newly registered as self employed) can I claim the 40p mileage allowance? I have looked at HMRC site and this isn't clear. If so, is it only to a place…
-
Council Tax Overpayment - Help!
Hello, quite a long post! Sorry... Writing this partly to vent my anger but would also really like some advice on how to make Manchester City Council actually listen and use some common sense. My boyfriend has paid his council tax every month since he moved into his rented flat in September of last year. As his flatmate is…
