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Do i need to pay tax on these earnings?
I am full time employed and pay tax through my employer. I have also been doing some freelance work at home and have earned an extra income of about £1500 for the whole year.... My question is: (1) Do i need to pay tax on these earnings (2) Should I pay for an accountant, and how much would it cost. Any help is greatly…
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Going from employed to self employed -HELP!!!
I'm currently employed and working full time. In April i'm going to freelance, working from home and will therefore be self employed. I literally don't know where to start with regards to paying tax and this is my first port of call - help! How do i find out what i can claim as expenses?, the best way to keep books?, Do i…
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Pay tax on rental income if i'm also a tenant?
Hi can someone tell me if i need to declare rental income (for my flat in bournemouth) if i too am a tenant (in London)? Once the rent i receive and the annual maintenance and service charges have been added up it totals pretty much what i am paying myself in rent so i'm not making any profit. In fact it's almost running…
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Income tax letter
Hi, First of all sorry if this is not the correct place to post this question. My father-in-law passed away at the end of August and recently my mother-in-law receieved a letter from the HM Customs and Revenue stating that her late husband owed a sum of money for underpayment of PAYE income tax dating back to 2003. In the…
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Tax Query over rental income
Hi guys, Question: I have a flat which I own currently. I plan to let it next month. Now, there are 3 mortgagees on the mortgage (Myself 40% tax payer, and my parents - both retired - dad receives company pension and mum - state pension). Would it be preferable tax-wise, to have the tenants make payments to my mum, since…
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Self employed tax advice for a couple
Hi Both myself and my partner are self employed (seperate industries) and its our first time doing self assessment at the end of the month (Jan09) - my partner hasnt made much this year, so will most likely not pay any tax, but I have. However the question Im wondering about is I have given my partner money (approx £1-2k)…
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Business Rates Tax Summons, Please advise
Hey guys, need some advice please. Somehow I managed to overlook my business rates for 3 months, thinking it was on DD. Everytime I checked my account, it didn't hit me that nothing was being debited. Checked to see for any mail from council, but nothing. Decided to check m file and realised it was meant to be mailed in.…
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Tax Return 3 years late
A relative of mine has just realised that they should have filed a tax return for the last 3 years for a house they've been renting out. They plan to fill in the forms for the past three years in the next couple of days (this years is done and in). Does anybody know what kind of fine/interest charges/whatever can they…
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Do I need to fill tax return even I didn't earn any money?
Hi, I registered as self employment 2 years ago and filled in tax return around this time last year. But after that, I didn't do any self employed work as I was hired by a company and was very busy with that job. So do I need to fill in tax return this year or some other things I need to do? Many Thanks Jerry
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Tax returns and business miles advice
I'm really new to this tax jargon, and it completely goes over my head, so I'd really appreciate any clarification or pointers! I'm on an apprenticeship, working about 250 miles from home temporarily, from june last year until feb this year. So far that's worked out to approximately 500 miles a week, 2000 miles a month in…
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HMRC headache
I need an outlet... HMRC is causing me a major headache. The left hand never seems to know what the right hand is doing. Everytime you call up there is always one problem or another. They cannot tell you what the problem is 'for security reasons' and you always run around in circles interminably. Operating one NI number…
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Mileage allowance relief question
Hi Guys I just had a quick question, my employer pays me £350 (£280 after tax) a month in my payslip to use my own car instead of a company car, I then claim back all fuel I use for business miles which is paid separately but I dont get any payments per mile, only the fuel. Now the question was, when working out how much…
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capital gains tax question any help appreciated
Hi There I'm just in the final throws of selling my bungalow. I purchased this in 1984 along with my mother (its in both names) & it was her main place of residence until last year until she moved into a care home. I last lived there in 1998 but have still been joint paying the mortgage & the water & gas bill. As this is…
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Tax - Car Allowance Confusion
Afternoon all! I am hoping someone might be able to advise / clarify some confusion which has arisen whilst doing my self assessment return today. The part which I am trying to get my head around is for the use of my private car for business travel. Firstly, I don't get paid the full 40p per mile allowed for travel below…
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Tax on my interest from my savings
Hi fellow moneysavingexperts. Im a bit confusted about my tax situation. I have quite a large sum of money (about 100k). I have been unemployed since end Sept 2008 and getting contribution based JSA. My employer was oviously paying my tax and my code was 603L. My sal was 30k pa. So in this financial year I have earned 15k…
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Taxing questions
Hi, Sorry for the pun... Anyway, if one has 2 jobs, and in their main job they get paid £0.40 for mileage they do, what happens if they also do something self employed? Can they also claim £0.40 form that too? Is it right that the maximum mileage at £0.40 per mile is 10,000 miles and after that it drops? If so, what does…
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Business Digital Camera
Can I still claim for one, even if there is no real business need? Truth, need new camera and wondering if business could pay fo it!
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Tax Advice please?
The situation is..... I work only 7 1/2 hours a week and earn under £60 a week. I pay no tax or NI contributions. I declare myself a non tax payer for savings and have enough NI stamps on for me to qualify for a full pension. I work for local education and pay into a pension scheme from my wage which will not amount to…
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New Job after JSA
Hi Guys, I wonder if anyone could advise me. I have just found work after 2 yrs! Yippee. I have been on JSA for that period of time. My tax code is 603L, is it possible I would qualify for a tax rebate? and am I right in assuming I will not get taxed until I earn £6030? Basic questions I know, but not being up in these…
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Higher Rate Tax/Pension Contributions.
Probably a stupid question to those in the know but can someone enlighten me: I have been paid £3000 which falls into the higher tax band after ny personal allowance and £34800. Therefore I have paid £3000 @ 40% = £1200 at the higher rate. I want to make pension contributions to optimise the benefit of reclaiming the 40% I…
