-
US Dollars Under Tax?
Hi there, I have a currency account with the bank and over the year I've had about $3,000 come in from the US which is stored in this currency account. The cheques are cashed into the account and no money is taken out from it, I like to save it there as I don't rely on it and would like to withdraw when the $ is much…
-
Help on the really strange case of JF
Hi everyone, I'm from abroad and I am completely lost. MY CASE I have been here in the UK for about a year now, first looking for job. In the meantime I did some minor freelance work ranging 30 to 150 pounds monthly. After which I found a job on a three month contract, and decide at the end to quit it and look for other…
-
Got a professional membership? Get better tax code
Sorry if this has been posted before. If you pay for a professional membership, then you should notify your tax office and they will give you a better tax code. Basically if the membership costs you £100 a year, your tax code is adjusted so you can earn an extra £100 a year before being taxed. Effectively making your…
-
gifts from abroad
My mother in law lives in Germany and wants to give my wife and I a gift of £50-60K to help with house purchase. Are we liable to pay tax on this or is it the same as gifts from within UK, i.e. provided the person giving gift survives 7 years all is well.
-
Changing Employer - P45
I finish my current job on 2nd January, and start with a new employer on the 5th January. This means that at the end of Jan I will receive 2 days salary from my current employer, and will also be paid by the new employer from 5th - 31st Jan. My current employer have told me they cannot send me my P45 until after they have…
-
Buy to let + Self assessment Qeestion
The last few years i've gone into the local tax office and got help completeing my S.A but it's know longer possible,so i thought i'll try it online. The BTL mortgage is Repayment and im sure they would put the total of the full mortgage.A work mate thinks it only the intrest part of the mortgage i should put down not…
-
P11D amount you actually pay for a car or list price?
dh is thinking of shopping around for a new company car and trying to get a good deal in Jan. Hoping there will deals to be had. But will he get taxed on the actual list price no matter what he pays for it? He will pay his own personal fuel so just the car benefit to be included.
-
Is it illegal not to inform the taxman
I'm in dispute over a business I have, with a family member. The business have been running for over 10 years and I've run it single handed, on a self employed bases. The business is all above board and I've paid all the taxes due over the years. All of a sudden this family member has stated that they are a partner in this…
-
Corp Tax / Dividend
My company has £50K profit. It pays 20% (approx) of 50K in corp tax. It issues £40K as dividends to 4 shareholders. this is where I get confused... Each shareholder gets £10K. Voucher shows £10K + 1K tax credit. If share holders earnings + £10K is less than upper level for basic rate of tax, then no liability for…
-
Christmas pay
Hi, I get paid weekly by cheque. I got paid today and had accrued 11 days holiday and also worked 5 days. Therefore I got paid for 16 days. I only got taxed 20% on all of this money (excluding the weekly tax free allowance of £116.13) and I only paid my normal amount of NI. This holiday pay is for 5 days I didn't take and…
-
Will I have to Pay CGT after being bought out
Hi all Hopefully someone will be able to help me out with my query. A relationship breakup is leading to my girlfriend looking to buy me out of our joint home. The house has a reasonable amount of equity left on top of the mortgage. Does anyone know if I would have to pay any Capital Gains Tax in respect to this. (the…
-
Will I have to pay tax all in one go?
I was self employed in 2006/2007 but have still not filed my tax return. I have calculated that my tax bill will be circa £900 + the £100 fines for late payment. Once submitted will I have to pay in a lump sum or can I make monthly contributions. I am on PAYE now so could they adjust my current code?
-
does any1 know enough about tax to help me please
Hi all i have recently just sent a p50 in to the tax office. im hoping to get some money back as i have ended my employment due to having a baby. i currently earned 8500 this year and will not be earning anymore. my tax code is 543l. can somebody please give me some idea as to if i will get anything back and if so a rough…
-
Incorrect Tax Code BR
Hi I switched jobs about a year ago and when I started my new job I gave them my P45 as requested with my old tax code of 522L. However I have since noticed that my current employers have always been paying me under the emergency tax code BR. My question is am I paying too much tax? From my last wage slip: Salary £1,942…
-
How long can you keep a ex-primary residence for
How long can you keep an ex-primary residence for that has now been let before you can sell it with the capital gains tax exemption. A valuation was carried out on the property at the time it was sold - does this fix the tax free allowance at this price? If not do i have to sell the propert within 2 years of moving out to…
-
Self employed accountant: claiming study fees through business?
Hi all, I'm an accountant full time and have three clients who I work for on a part time basis, doing accountancy & advisory services for, earning about £8k per year. I need to start doing more CIMA exams and I was wondering, would other accountants/tax advisors on this board consider it an allowable expense? The reason I…
-
Self Employed - employing the wife!
My wife has just been made redundant and as I am self employed I was thinking of employing her until she gets another job and paying her some wages to keep her mind busy and maybe reduce my tax bill. So what is the maximum I can pay her per week to avoid PAYE and NI payments. Hopefully she may be usefull and fully utilize…
-
Tax code
Not sure if this is in the right category but how do I go about checking my tax code? We all seem to have different ones at work :confused: Thanks.
-
beneficial to have a joint ownership?
I am about to buy a small house mainly as a long term investment. There will not be any mortgage on the property but someone has suggested that I put the deeds in the name of myself and my son (I think as tennants in common) as this would be better in case I died for iht purposes. Have looked at vatrious websites but have…
-
Class 4 NIC
Hi Where can you get more info on NIC Thanks
