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Offsetting Loss against taxed pension?
I am considering setting myself up as self employed. I am sure to make a loss in the first year or two after taking into account all capital outlays and expenses. I am in receipt of a company pension which is taxed at the basic rate after my personal allowance. I have heard that you can carry losses into following years…
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How much to pay on account in January?
Can anyone help me work out how much tax I need to pay in January? This tax year I have worked 3 days a week in a PAYE job, and the other two days freelance. All the PAYE earnings have been taxed, so all my allowances should apply to my freelance earnings. I earned approx £15k on the PAYE job and my profit from freelance…
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Pre-budget report NI changes query
Hi all, I'd like to think I've found something positive in the pre-budget report but was wondering if someone could tell me if I've understood it correctly. It says that there'll be a 0.5% increase but people on less than £20k won't pay NI? I am a weekly paid contractor and I think my earnings total less than £20k and…
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Class 4 NIC calculation
My husband was made redundant in September 2007 and has been self-employed ever since. Because he had overpaid tax through PAYE his Self-assesment tax bill for 2007-08 was very small. I am in the process of doing his 2008-09 return online, and as this is his first full year of SE I have a question about the Class 4 NIC…
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Problems with HMRC over my Company Paye account (long post sorry)
Hi all, I am at a loss what to do about a situation I have with HMRC and need to resolve this so I can complete the accounts for my small company. I closed down my company at the end of March this year. At that time, I completed forms to deregister the company for VAT, PAYE, Corporation Tax and issued a P45 for myself…
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Declaring
I've been told that if starting a business in say February, since theres 3 months to declare, a tax return won't be needed until 2011. If so, is any income before april 2010 counted towards the 2010/2011 tax year? What should be declared on tax credits? Thanks!
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Student loans + tax rebate?
I have been told by someone who is filling in their self assesment tax from that there is a section on the form that allows you to reclaim tax paid on student loans. Is this correct? I am not self employed and where my pension is not taxable my student loan payment is.
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Self Assessment and Dividend Tax: rules and calculations
Good Day Everyone, My husband has a small LTD and is the sole director. He has an accountant, who fills his Self Assessment return so this is being taken care of by professionals. All the same, I am for a number of reasons extremely keen to learn how tax is calculated. I have spent the best part of today looking at the…
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Tax Rebate?
Hello, Sorry for the possibly silly question but I think I may be due a tax refund and wondered if anyone would be able to let me know! Basically this year my PAYE employment this tax year has been: 2 small jobs @ £200 each in July - Tax code BR 3 months (Aug, Sept, Oct) @ £18k pa - one month taxed at BR and 2 on 647LX Now…
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How long for tax repayment from IR?
I've just filed my 08-09 tax return online and it turns out that the IR owe me money. How long does it usually take to get my money back? Thanks.
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What can I claim against tax?
Hi all, hope someone may be able to help with this query. HMRC have asked me to fill out a tax return for the first time in a few years as I did some freelance work in the last tax year. Basically I work in horse racing, and get most of my salary paid on a standard PAYE basis as well as some expenses - travel, accomodation…
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What Should a Tax Return Cost?
Dear Savers, I am about to enter the world of individual tax returns for the first time. I have decided that for the moment I want to use a registered Financial Advisor / Tax Specialist to compile and submit my returns. I believe I have all the information that is required including expenses and rental income for…
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Pre Budget: Tax rises for millions
This is the discussion thread for the following MSE News Story: "Plans have been announced for increased National Insurance contributions and higher taxes for larger earners ..." Read the full story: Pre Budget: Tax rises for millions
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Income tax/benefits...help!
Hi all, I am a reasonably new person to these fine shores and i have just been offered a new job. Now my problems lie in that I dont really know what the tax and benefits levels are here in the UK. I do know that the basic tax and higher rate are 20%/40% respectively, and the cut off point is £37 400, it is just that my…
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Not sure what to pay and time is running out.?
:confused: hi, im a stupid newbie to paying tax/ filling tax returns etc. ive only been self employed the last 2 years and only really found out about what i have to do recently. my problem is that i did some work for cash in 2007/08 and also this year and i want to declare it. however i have not made any records of what i…
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How much to charge for tax return?
Hi all, Im currently studying towards my ACCA qualification, i have have been approached by a friend of a friend to complete there tax return. There shouldn't be much involved as they are a sole trader, im not sure how much to charge? any advice? Thanks
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A UTR Number
Is a UTR number the same as a ordinary tax reference number if it is not what is the difference
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Self Employed to Employed Tax Advice
Hi All, I started a job in June, took very long for them to actually start doing my tax for them, enfact was only sorted out in October so my 4 wages June - Sep i have not been taxed on, i assumed they would tell the tax office my earnings between that period but they haven't so was wondering what i need to do to get…
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Council Tax Deductions - confused about bill!
Hi there. I'll try to keep this as short as possible! We moved into our house at the beginning of August. I live with two others (one fulltime Student, one unemployed but unable to claim benefits). I work fulltime. All of us finished our degrees whilst living in this house. I finished on the 31st of October, they both…
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Private Hire Taxi Tax
Hi there This may be in the wrong section but i'm sure it can be moved, I've just left the army after numerous years and am starting to drive private hire taxi's in Edinburgh. I've sent away the paperwork to HMRC but was wondering if there are any websites you can recommend that i can use to work out my tax weekly/monthly.…
