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Deductions on Overtime Pay
Hi All, In the past I have been doing lots of overtime, ranging from 10 hours to 46 hours a month depending on the bank holidays. Its double time on the days I do overtime so its all good. The problem though is my deductions bracket. I get 20% deducted on my normal pay but if I do just one hour of overtime, I get 40% taken…
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Capital gains tax on shares.
I have been busy doing some quick share deals. To date I have sold about £40,000 worth with a gain under £3000.00. I know if it is above £10,000 gain we have to declare to IR. However I read if the total sales is more than £40,000 for 2009/2010 and the gain is less than the tax free amount I still have to fill out tax…
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Underpayment tax demands help
Hi, Can someone advise me on something please? Between about June 2001 and November 2004 i had to do self assessment tax returns for my job. My wage was approx £250 and £280 pw cash from till and that was it, no profits or sales etc. To be honest, i didn't really know how i was filling it in as most of the huge form didn't…
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Self employed income tax
Heaven knows why I'm posting here, Im not entirely sure what I am asking or even if there is an answer. My husband is self employed, work has more or less been non exisitant for around 6 months for him (along with most folks). We have coasted along, we took a 3 month break from our mortage in a bid to save up his now…
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Do i declare at the same time?
Hi all, Self employed and have students. Does the 'income' from the school go towards my earnings limit as self employed or can i get so much from it without having to declare?
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Tax return ?? help
Hi everyone. Just basically need some help. I started a paid work placement back in february 2009 and I know my tax free allowance is £6,475. However, I have been charged tax ever since I started. How do I claim this tax back? And probably I can only do it for the period of Feb-April 2009 at the moment , am I right? Many…
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Golden Hello (Do you pay Tax AND NI?)
I get a 'golden hello' that is a taxable lump sum in my first paycheck, will I have to pay Income Tax and NI, or just IT? I think it is £2,741.01. So will I get £2192.81 or £1891.30? Thanks in advance, -Ifor
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Been on BRM1 tax rate for 3months, now had to leave job, how and what rebate do i get
Hi i started getting paid for my employment from mid June onwards. Was put on BRM1 rate though, so been paying roughly 35% of my income out in tax and NI ect... I was last week forced to resign/have my probabtion ended, however will be getting about £1,000 more i get paid on 10th working day after month ended, so around…
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what is taxable
I Ive opened a drop shop using ebay and my home to sell peoples unwanted small items of furniture and other items, I need to know how I would go on about the tax. The items Ive sold at the minute are mine or donated from family members that were throwing them away or giving them to charity. Ive used the money to pay for…
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List of what tax is spent on.
Does anybody have a list of what UK taxes are spent on? I tried google for a proper list of as much as possible but nothing comes up really just the usual "roads, nhs" etc etc. I was hoping for a proper ins and outs list. Sorry if this is in the wrong area.
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keeping records for tax purposes
Hi, I want to keep records for tax reasons. Ive been reading the HMRC website about keeping records and they sent me to this page: http://!!!!!!!.com/p4geza . Is this profit and loss account sufficient enough to keep records? Ill only be sending out a few invoices this year and probably wont have much in the way of…
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Self assessment - profit
Hi When you fill in your self assessment form - what goes in the profit section. eg. £20,000 income less £11,000 outgoings less £ 4,000 drawings ( wages and personal) Profit £ 5,000 is it the £5,000 that goes as profit or is it the £9000 ( drawings plus profit). I got someone who is meant to be an accountant to do it and…
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Capital Gains on Selling previously rented property
My husband and I bought and moved into a bigger house one year ago. Because the market was bad we decided to rent out our original house. We lived in this house for 7 years before renting out. We are now wondering what happens re capital gains tax when we decide to sell. Is it better to sell within a fairly short period of…
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What does anyone know about week-one, month-one?
Hi, Last tax year I had two employments. When I receieved my P60, it only showed the income and tax from the second employment. I gave the Tax Office a ring to query this, since I had handed in a P45 when I started the second job. I was told I had been paying tax on a week-one, month-one basis. I suspect this was a mistake…
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Reclaiming 14 years tax
Hi there everyone, We've recentely just found out that my Mum has been on the wrong NI number aswell as the BR tax code for her widow's pension for the last 14 years. After my Dad passed away 14 years ago, my Mum was left to deal with all the finances without any help whatsoever, nor any previous experience as my Dad was…
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Can education be a business expense?
The scenario is a computer hardware and software self-employed business partnership whose services included repairing computers and troubleshooting computer problems. The son of the two partners of the business gained a BSc (Hons) in Computing at Cambridge. The software side of the business was sold in 2008 to a third…
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Statutory interest received not taxed
Hi Ive received some statutory interest from a complaint on PPI that's not been taxed. I'm both self employed and employed with PAYE Should I pay in the cheque in my bank account that gets self employed taxed and declare it as stat interest at the end of the tax year?
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Corporation Tax Vs. Dividend payments
I'm so confused! lol What is the relationship between corporation tax and a dividend payment? Corporation Tax is the tax on your companys net profits and a dividend is paid before or after the corporation tax? Coporation Tax is 21% Dividend is 10% ? and sth about a tax credit? I am just trying to figure out how I am…
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Advice re 'non taxpayer' please
My wife is generally a non tax payer with us using some of our savings to maximise her tax free allowance by receiving gross interest. We had an exceptional year last year with some additional temporary funds and in good fixed rate accounts coming to an an end in June, and the interest was paid which appears to have taken…
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Tax refund scam; watch out for email apparently from the Tax Office
This is probably old news? One of the guys at work received an email from what looked like the Tax Office, offering tax refund, you then fill out a document with all your bank details including 3 digit security number from the back of the card. Fortunately he checked it out by phoning the tax office and the sites been…
