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Tax Code Change and Rebate
I rang the tax office about 2 weeks ago to get my tax code changed from BR on my main job. They said they'd backdate the tax on that job to the start of the financial year meaning i'm due a nice rebate ( I think i've been over paying by about £25 per week). Anyway- I had the tax code notification though a few days back but…
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New van for business- very confused??
Hi i bought a new van a few months ago for the sole purpose of the business (pet sitting/ dog /walking). Me and my other half share another car that we use for pleasure. My question is this, can i put down the full 1.598 pounds that it cost me to buy it? also very confused about this petrol saga. i use this van solely for…
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Savings and higher-rate tax
Say you're a higher-rate taxpayer who pays tax via PAYE and you earn a small amount of additional taxable interest on savings (around £500 P/A). The bank will deduct 20% tax from the interest so how do HMRC normally collect the other 20%?
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Tax return question
Hello I'm new to all this so please forgive what may be a very stupid question. My question is about tax returns. A relative of mine was filling in his tax return and I saw this and thought to myself that a lot of it seems to be taken on trust. You enter how much YOU SAY you have earned, you do the calculations of the tax…
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Do I have to pay tax on Retirement cash distribution from America?
Hello, I recently cashed in a retirement account from my old USA employer - in the USA. I paid all the relevant US taxes. I have now deposited these funds into my UK account. I am a UK citizen now residing in the UK. My question is, do I also have to pay UK taxes on my cash distribution of my USA retirement account (seeing…
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Buying house from parents - tax?
Hi, I am buying a derelict house from my parents - we want to do this: Can they put the house in my name somehow without any money changing hands- gift? To enable me to get a renovation mortgage on the house, without having to layout for the purchase cost too. Once it is liveable - I get a residential mortgage and then…
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Renting out our house, what to do re tax
My wife and are lucky in the fact that we are mortgage free on our current house. We are in the process of moving to a new property soon and are going to rent out our current house when we move out. In order to help us my parents have bought half of our current house, they will be getting half of the rent. I work full time…
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New job, tax code 647L- but no tax taken off?!
Just started a new job and got paid for the first time today. I got my payslip and I haven't been taxed at all, but paid NI. I haven't earnt any money this tax year so far as I was at university without a job. My employer said its cumulative but I don't understand- so I wont pay any tax until I get to the personal…
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how much?
How much can I earn per year without going into the 40% tax bracket, my tax code is 647L
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Medical insurance
Hi, I was wondering if anyone can help me. It seems that i have been payimng for meadical insurance even though i knew nothing about this. I was wondering if anyone knows what this meadical insurance is and can i claim back for it? as have been paying it a didn't even no? gem
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Building house on agricultural land - tax implications?
My mum was left agricultural land from my grandad in his will. My dad currently uses it for grazing animals. My mum is going to give me some of the land, as a site to build a house on. What are the tax implications of that? Is it different because its agricultural land? Should we go to an accountant or a lawyer for advice?
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Present from inlaw - does it need to be declared?
My mother-in-law who does not live in the UK has given us some money (1k) as a present for our son. She has given us it in cash but I want to pay it into the bank as it doesn't feel safe here in cash. If we pay it into our bank account do we have to declare it or anything or pay tax on it? She is not a UK citizen and has…
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capital gains tax and offsett mortgage accounts
When selling my buy-to-let, can I put my capital gains into an offset mortgage account which I have on another property or must I pay the tax man?
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New job: which tax?
Hello everyone! Please bear with me as I try to explain my situation in my very clumsy English :o . I will try to talk to someone from IR/work tomorrow, but I could do with a bit of explanations beforehand or I am afraid I won't understand half the things I may be told on the phone.:o I have been in employment until the…
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Tax guide
Did I see on this site or in Martin's email a month or so ago and table of tax and benefits thresholds? Can someone point me to it?
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Wrong Tax Code?
Hi I hope im posting in the right forum and this is also my first time posting here so bear with me! I need to know if I am being taxed wrong, well im sure I am but here goes... I have been working in my current job now for 7months and had the tax code L but then the Inland revenue wrote to me to tell me that it was being…
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Tax & National Insurance on Company Pension
I am 52 and have recently been made redundant. Next April I intend to draw my company pension before the law changes (the change of minimum age from 50 to 55 to draw the pension). I understand that my pension will be liable for 20% tax - above the Income Tax allowance threshold, but will I have to pay National Insurance as…
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additional,irregular income
Hi, I work as a nurse, and pay tax and N.I by PAYE. I have recently started to do some irregular lecturing for a private company but not with PAYE. I have registered online as self employed withHMRC, how do I go about paying the tax and N.I for this? It won't be a large income, probably around £2500/year. Many thanks in…
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Am i paying too much tax an insurance?
Hi, Could someone please clear this up My tax code is 389L monthly pay before tax 1125 Tax - 167.60 NI - 75.51 Totals 243 Whcih leaves me with 882 after deductions. according to several paye calculators i should be coming out with around the 930 mark every month should i callenge this? if so what advice can you give.…
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one for you CGT experts
One of my friends has split up with his girlfriend and he wants to sell one of their properties and split the equity so he can start up again on his own. Now shee says she has taken some advice and that they will be liable for £25K CGT. Now i have worked through this and don't believe that is true. The details are as…
