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P11d
First question, is a P11D issued to all employees or only those that have expenses/benefits to declare. Second, should companies declare on the form expenses paid which are only reimbursement of business costs paid up-front by the employee? My company does this (which usually mucks up my tax code as the tax office sees it…
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Tax on an Inheritance from Canada
A friend has recently been notified that she is a beneficiary under a will made by her aunt in Canada. Her aunt is Canadian. Will my friend have to pay any UK tax on her inheritance? Unfortunately she has absolutely no idea of how much her inheritance is worth. any information will be very gratefully received.
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Tax Code 647L Claim Back
Hello, I'm all young and naive when it comes to this money business, and I tried doing a search for this particular question, but, while I did find answers loosely clearing up my problem, I didn't find exactly what I was looking for. I've been on tax code 647L for about 3-4 months now. And I keep reading that I can earn up…
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SELF EMPLOYED just became full time SA TAX FORM question!
I started my self employment last february, and paid my tax for 07-08. I ceased my freelance business March 6th '09 as I started full term employment March 9th '09. My tax calculation for 08'-09' appears as follows: Total income of which tax is due: £11,266 Total Income tax and Class 4 NI contributions due: £2,830.16. This…
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What is the best way to minimise tax paid on this investment?
Hi, hoping for some advice. We are looking to buy a property to do up as an investment. The property is for sale at £180,000 (hoping to get it a bit cheaper), and we would need an additional £58,000 to do the work. My dad has offered to invest the full amount to enable us to get the project moving. However he lives in…
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Do I have to pay VAT even if I made a loss??
Hi, I'm new here and I really need some expert advise for my situation. I run a small food shop since 2007 and recently I got an accountant to do my accounts for tax purposes. Well, the shop hasn't been doing too good and I've been trying to sell it off for a while but without much success. Anyway, my net loss for 2007 is…
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Do I need an accountant ?
Hi There , I would be greatful for any advice. I am a full time management accountant with a banking group. My taxable pay is around £32k. I have classic cars which I run as wedding cars, I am planning on registering as self employed to ensure everything is above board. I do not envisage making much if any profit from the…
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Inheritance Tax
Hi, I wonder if anyone can help me on this . We have a house in Malta and we have done a will in Malta as well as a will over here. In the event of our death does the house in Malta get added with what ever we have over here, or does it not . Thank you
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How to fill out my P91?!
Hi :) I recently started the process of getting a tax refund as I haven't reached the taxable limit on my earnings for 08/09. The form P91 has been sent to me but on this it asks for my weekly earnings. Neither of the two employers I've had paid/pay me a fixed weekly rate and there's not even really an average, some weeks…
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Self employed, employing wife?
Morning all, Just wanted to check - is there anything stopping me employing my wife through PAYE if I'm self employed? I'm taking on more clients and need her help in an admin capacity - about 30% of the hours I spend is paper moving so I need the help but don't want to use my wife if it's going to look dodgy!
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Income Tax refund
Does anyone know roughly how long it takes the Inland Revenue to deal with a tax refund request? I think I overpaid Income Tax for 2008/09 so I sent my P60 and P45 to the tax office in mid June but haven't heard anything back yet. Thanks.
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Claiming for lunch costs
I thought I would bring this one up just to see what people thought. It seems to me there is a total misconception about self employed people claiming for food. I hear people saying they are a contractor and can claim anywhere between £2 - £10 a day for lunch. Personally, I see food as a requirement of life, not a…
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Tax hike announced on unpaid ITH interest
i see in the papers today that the Treasury has snuck out some stealth changes to the tax on unpaid IHT interest (currently 0% as it is pegged to the bank rate). It is increasing the rate on unpaid IHT tax to 3% while reducing the interest it pays on overpaid IHT tax to 0.5%. it claims this is in the interests of…
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tax questions
when it comes to tax, i am really thick. I dont understand what my accountant tells me, and i scared to move to another lol i was self employed from april 08 to October 08 then set up a ltd company. earningings as self employed was 7500 ( april 08 to oct 08 ) and as ltd 16000 ( oct 08 to april 09 ) I have just taken money…
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tax on second mortgage interest
If you buy a second home in the UK can you get a tax break on the interest of the second mortgage. I was told this but can't seem to find any info on this.
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Tax Question and help please
Hello, i started a new job in Jan and was on tax code BR which was emergency tax. Got that sorted but was paying to much tax for 2/3 months........ I left that job last month and just got first payslip for new job and i am on BR tax code again. I haven't got the p45 (i think it is) from my ex employer. Roughly 2 months ago…
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tax and ni
i've returned to work after 5 years and am being taxed was i wrong to think i wouldnt be taxed until i've earned x amount:confused:
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newly se... going seeing an accountant soon but no idea!
Ok, due to me being unable to travel for work with a disability I have decided to go SE and do freelance work for companies at home ie sales, data analysis etc. I only expect to earn a modest income from this ie I iwll only be charging my time at a nominal fee initialy whilst clients build up trust in me and i can get some…
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Selling Property
We have a father, mother, son A and son B. In 1986, father and son A buy a property (joint tenancy) and begin to live there with the mother. Son B doesn't live there. Son A moves out in1999. The mother and father continue to live in the property. The father dies in 2001 and son A becomes sole owner under the joint tenancy.…
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Is BR a Cumulative Code
As title, is BR a cumulative code or is it applied only to each individual payment ?
