-
first job
i heard from somewhere i get a tax rebate for my first job, up to a certain amount as im not suposed to be paying tax until my first £2000 or something. is this true, if so what is recommended to get the money back thanks in advance quick situation overview: >had jobseekers between may 20th until october 20th 2008, got…
-
Error on tax return - sought advice they made things worse!
Hi My oh is retired. We have an income which he decalres from rental of property also we have a very smalll caravan site. After being nagged by me my OH phoned the tax office who confirmed to him that he should declare the income as rent on his tax return. The tax return was a short version. He did not need to register as…
-
IR35 and dividends
Hi Does anyone know the answer to this fairly technical question? I have set up a limited company to provide a consultancy service to a single client. It is a fixed term contract for 5 months and I have been employed to complete a specific task. I suspect the terms of the arrangement fall under the IR35 rules, though I…
-
Tax rebate query
Hello world, My daughter left school and started working in september this year.. she only works part time and will not reach her tax allowance.. she has paid several hundred pounds in tax deductions... does anyone know when this is likely to be rebated to her ???? Ta
-
new to self-employment (told wrong info from tax office too!!!)
Hi all I've literally just registered for self-employment and I'm slightly annoyed (and also kicking myself!!) as when I contacted the tax office in early August to ask how to pay my tax - as the company I worked for started paying me by cheque each week meaning i have to sort the tax & NI. The tax office said I wasn't…
-
Tax Question
Hi Quick tax related question, which i am unsure of. Back in August i was made redundant from the company i was working in. As part of the redundancy package i was told that i would be receiving the company bonus that is given to all employees in December. When i left in August i was issued with a P45 and have submitted…
-
Paying tax on gifts
Do you have to pay tax on receipt of monetary gifts if you are already working and therefore over your tax free threshold?
-
my income and tax rate question
hello people, i am a little confused on a little thing. I have been given a bonus (first time in my short career) of £2450 by my employer. My salary is 47,250k,which roughly translates into 40% tax bracket (i think reading on here and other sites) i looked at what is paid in my account and my bonus its £1445.5, i am quiet…
-
Changing car mid-year - with fuel card
Hi, I have a company car allowance of 5500 with a fuel card for personal/business and did have a 1.8i Mazda 6. I needed to change this car last month and opted to buy a 1.4i Astra but have never had a fuel card before this year and not sure what to expect from the tax man and how changing the car mid-year will affect it.…
-
Need advice on not declaring.....
Hi guys, first post here. OK i want to come clean to HMRC about my second income but TBH i am really worried about what is going to happen. I am aware how silly it has been not to declare but i did not think i would be doing it for more than a few weeks/months. This is how it is; I started trading about 30 months ago (July…
-
help required on 2nd income
All, this has probably been done to death but I couldn't find a specific answer. The question relates to the following scenarion: My wife currently works part time (due to baby) on a paye basis (primary employer) however she has been offered some consultancy work for another company on a self employed basis. Now, I am…
-
Free tax advice available for those on a low income
Updated 26 Jan 09 What this is all about? It's important to do your return on time or you will be fined £100. Plus if you're on a low income and stuggling to do a return there are ways to get free help - although it's probably too late to get free help for this year's return. What are the key dates? The deadline to file…
-
national insurance employed and self employed
I am self employed running a small business. I pay my National Insurance by direct debit every month. However as I don't earn much I have just accepted a paid (employed) job which I will be doing a few hours a month the actual hours worked will differ each month, depending on demand.. I know that my earnings will be taxed…
-
Part Time Studies and Income/Council Tax Benefit
I have tried to search for the information online without any success and hope that someone here will help me out. I am in full time employment (earning £36-37K per annum) but my wife does not work and take care of 3 kids. I have decided to start Part Time (Distance Learning) MBA studies which will last for next 3 years…
-
Redundancy payment and tax
I am single and I have the possibility of voluntary redundancy. I currently pay tax at the higher rate of 40%. The idea is that I finish my employment on 31 March 2009 and all salary payments would be paid by then. My redundancy payment of £100,000 would be on 6 April 2009, and this would be the only payment I would…
-
PAYE and also self employed
Am working for a local authority PAYE earning just over £40k a year. Have also just started teaching students a subject I specialise in at my LA. I will be working 6 times at £295 per day plus travel costs. Organisation said it would be best for me to declare this as self employment to HMRC. Have contact HMRC and they took…
-
Passing savings to a non-taxpayer
Hello all, quick question... I am a standard UK taxpayer (20% or whatever it is these days!) and I am looking into various places to invest my savings. The thought did cross my mind that maybe I could pass my savings onto a family member who is a tax-dodging student to invest for me, not pay tax on the interest, and then…
-
PAYG Self Employed Tax
Any thoughts about whether this is a good idea. Current tax position Self employed since 2003, tax and tax forms completely up to date, expensive accountant, usually pay £5200 every six months as earnings have been quite stable. (thought highly intermittant). Issue about 16 - 20 invoices each year. Concerns Credit crunch…
-
Anyone know about tax calculations/repayments
My dad has recieved 3 letters from Inland Revenue today saying that from 2004-2007 too much tax has been taken and there is a repayment of tax due. How do you get the repayment? There is no leaflet or nothing enclosed with it and I cant make head no tail of anything on their wbesite. Does he need to apply - does it get…
-
Company Car Tax question-what tax Rate?
hi all I currently have cash for car at work, I get approx. £4100 a year allowance my basic is 31K and i usually earn 3-4 1K bonuses a year paid quarterly(non guaranteed). In total it takes me above threshold to 40%. I have been offered the chance to take over a company car lease as someone has left the company. Im not…
