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Help 2007/8 tax return...
Got myself in a muddle. Registered several years ago as part time self employed (ebay trading) whilst holding a full time job (PAYE). Ebay trading ended Dec 2007. Started another part time business Feb 08, just weekend work basically clearing the advertising costs. Total profits for Feb, Mar, Apr 08 in region of £600. I…
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I cannot understand the taxman's logic!
For ages (about 15 years) I have had two part time jobs. I used to fill in a paper tax return every year saying what I earned and pay any tax I owed. Then the tax office stopped sending me a tax return. For several years it did not matter as I owed no tax, but three years ago I realised I had not paid enough. I have not…
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"Discretionary payment" - is this taxable?
DH and I used to work for the same company, and both paid into the company pension scheme. As we were both members I had a pretty good idea (or so I thought) of how it worked...... The 'rules' of the pension state that it pays out at 60, and will consist of a lump sum plus monthly payment. I'm totally fine with this. I was…
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Tax code - am so confused!!
I'm going round in circles trying to get through to someone at the tax office so thought I would put the problem on here to see if I can make any sense of it before I either lose the will to live or actually get through to a person on the other end of the line..... In 1997 I left my parents home. In 2001 I got married and…
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Income Tax- Br1 and reclaim tax
I have now phoned the the inland revenue a grand total of five times and have not got anywhere with them!! Let me tell you exactly where I am right now. First of all, im a student and in part-time employment. Last year from December to March I worked for Arcadia ( topman).. I then left that employment to work for Glasgow…
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SA: Claiming electricity for full time self employment - home working
Hi guys, I know I've left it very late to file for 2007/2008 - my first year of trading - but I've created a cash book style spreadsheet and have just about everything documented now (revenue expenses and capital expenditure). The last claim I want to sort out is electricity costs for working at home. Now, I started the…
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Tearing my hair out!!!
Which part of " i am in employment" do the tax office not understand??? :mad: I have been paying a W1 code since June last year, and after numerous phone calls, filling in not one, but two P46s, sending in my P45 from my old second job as requested by the tax office ........ i get a letter this morning telling me what next…
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Non-Domestic Rate quibble
Hi, we own a large barn, 750sq ft, on our property for which we are being billed for business rates [or non domestic rates] even though it's not being used for business and only contains a ping pong table, a few books and some musical equipment. A valuation officer arrived in the summer, took a photo, and reported back to…
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Snookered by Tax on our Old Barn
I have a barn in the immediate grounds of our house which we did up and converted to business use. We paid business rates, but got rural rate relief so hardly paid anything. The business was stopped last year and the barn is now empty. However last year the rural rate relief was stopped and after a three month rates…
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does anyone claim for home laundry???
we run a coffee shop and 3 times a week bring the teatowels etc home to be washed and tumble dried. We can claim this as a business expense but I was wondering if everyone who does this did what my accountant suggested which is to turn off everything in the house and then do the washing and calculate the units used, surely…
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First Time Tax Return as an Ebay Seller.
Hi Everyone, Forgive me if I am asking silly questions, but this is my first time filing a tax return. I am trading on Ebay part time as I have a full time job during the week. I have a few questions that I wondered if someone can help me with? 1) In the box on SA Online Turnover - takings, fees, sales or money earned by…
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Self Assessment - Underpaid Tax on PAYE Coding Help
Hi all I have been doing my SA as have property rental income. They ask re underpaid tax from PAYE coding notice. I had about £499 on the last PAYE coding for 07/08. Do I need to add this on, shouldnt it be incorporated in my current code ? As this is increasing my tax bill by this amount. My final tax code on P60 was K192…
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capital gains taper relief and family tax
bought a shop 2001 for 20k spent about 3k and stared my own bussiness october 2007 sold it for 105 k but over the the last few years have been claiming family tax because my earnings were low started another bussiness cost 40k but in 2008 but bussiness was slow and costs were high so had to stay on family credit 1 i ended…
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capital gains and family tax credit
ive had a shop for 6 years but sold october 2007 but have been claiming family tax credit because my income was only 6k bought shop premises 2001 for 20k sold 105k in 2007 does the gain affect the family tax credit started new bussiness 2008 cost 40k on a lose for this year anyone know were i stand have no money left and…
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Self employed advice - tax amounts
Hi i would be grateful if someone could help me, my partner is self employed sole trader. i have been doing his basic account on a spreadsheet showing all incoming money (saving copies of invoices etc) and showing all outgoings (receipts etc) i put a basic calculation to the spreadsheet working out 22% tax and 8% NI…
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question from ann absolute beginner any help please
This is my first try at any kind of self assessment i am in full employment but the year before last decided to set up a electrical business (emergency business) really just to learn the ropes get all of my insurance etc. up to scratch and get on top of all of the necessaries so that if i was laid off i was in a position…
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SA - Do they owe me money this year?!
This is the first time I'm doing my own online tax return this year having used an accountant in the past. I was a sole trader and ceased trading in March '08 and took off for Paris (I let HMRC know). I filled in my tax return correctly and got the following: Total tax, Class 4 NIC and Student loan due for 2007-08…
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Council Tax underpayment docked from wages without permission
A friend has recently received a letter informing him that he has underpaid his council tax and that a sum will be deducted from his wage each week to allow for this. The total amount owed, the dates and reasoning behind the underpayment was not stated in the letter. His local town hall suggested to him that he would need…
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Tax on my housing allowence - help please
I am new to this site and this is my first post so I hope someone can help. I have a question about tax paid on my income, my situation is somewhat unique to say the least. I am PAYE working for a small but very honourable LTD company, in fact I am the only employee of the company. The company has been going since the…
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Tax Self Assessment - Professional Fees
I have been completing my self assessment online and I can't find the section to complete details for professional fees paid. It was easy to find last year but seems to have vanished. The pdf document that is supposed to "help" refers to box 19, but this doesn't exist and the boxes aren't numbered this year. Anyone any…
