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Self employed questions info needed
1 How much can you earn before i pay tax 2 Every £1000 Example how much of that do i pay tax? 3 Went self employed last july when do i do my self assessment online Any info would be great thanks
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Extra earnings - Are they taxable? Advice sought please
Hi, I have a friend who works for a local authority. Recently she was asked to undertake a piece of research in her own time, which her work was aware of and was happy for her to do. She completed the work and will soon be paid for it. The payment will be over a thousand pounds. She has been told to submit an invoice and…
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Online Self Assessment
Hi there, Can anyone help - I became self employed as well as in full term employment on the 6th April 2009, I didnt earn anything until about 20th April. Do I still need to do a Self Assessment online now or did I start in the 09/10 tax year and therefore wait till next year?
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Calculating UK tax when paid in $s
I was paid for some self-employed work in $s, early in the 08-09 tax year. I pay tax in the UK, so I need to calculate how much this is in £s - for my self-assessment. Obviously, £/$ exchange rates are rather different now, so not sure what exchange rate to use. It would seem sensible to work on the basis of what I could…
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Should my wife be claiming Married Couples Allowance?
Hi, I am retired and have no earned income. However I get about £6500 P.A. in interest from savings in my name. Therefore pay little tax. My wife works part time and earns approx £600 per month after tax and n.i. Should my wife claim this married couples allowance, and if so what difference would it make to us? Thank you…
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CF-10 Small Earning Class 2 Exemption
I'm employed full time and recently also became self-employed to earn some more money. I don't expect to earn more than around £2000 this tax year from my self-employed endeavours. I recently received a request to pay Class 2 NICs for the first month I was self-employed. I called HMRC to ask if I could pay online and in…
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mum giving me £10,000 in Premium Bonds-pls help
Hi, Can anyone pls help? My mum is going to give me £10,000 in Premium Bonds. Can she do this? If my mum dies within 7years will I have to pay Inheritance Tax on it? My mums estate will never be worth £325,000
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Excise Duty and Import VAT on item from US
Hi all, I am hoping someone can point me in the right direction, as I have had little luck on the HMRC website. I am looking to purchase a specialist screen printer - value approximately £180 from the US plus £65 shipping. The supplier has said that I will need to pay duty (and possibly import VAT?) on the item. Does…
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how to calculate capital gain tax for shares?
Hello everyone, I have been trying to work out how to calculate capital gain tax for share dealing. Been reading through some tutorials, but still have some questions. Lets say I spent 500£ on share A and 500£ on share B. Later I sold share A for 600£(100 profit excluding fees) and then spent 500£ on share C. As a result…
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Filling an r40 form getting back tax from inheritance
Im not good with forms, i tried filling it out but wasn't able to. I got a large sum of money from a will and i was taxed but Shouldn't have so i need to fill out the r40 form to get it back, however i have no idea what to do after entering my name, number, national insurance ect.. I'm not even sure where i should enter…
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Rent a Room Scheme
Does anybody know - If you rent a room for, say 4 months, in a tax year - do you get the whole rent a room tax allowance of just over 4K or is it apportioned so you get 4/12ths of the 4K tax allowance? No prizes for guessing who's kitchen table is covered in tax-related paperwork :D
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No Gritters - What Are We Paying Council Tax For
We have set a group up on Facebook called ‘No Gritters - What Are We Paying Council Tax For’ I cannot post a link but just search the group name on Facebook to find it. We want to get as many people in the group as possible so if you could join and invite your friends too that would be great. People power! Thanks Mark…
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2 Businesses - Same Account - One in Loss/ One in Small profit
Hello I am doing for the first time a self assessment. I am sole trading and I am having a few activities: - Online businesses: loss of over £18000 - Property letting agent: small profit of £8100 for £64792 turnover Could you tell me how much roughly you think my tax calculation should be please ? Overall there is a big…
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Self employed; tax on year after
Howdy all :) To sum up, I worked for about 7 months in 2008, from May to November. I was self employed, and earned 16,177.50. After that time I was unemployed, until sometime in April 2009 when I got a full time position (not self employed, so no dealing with taxes). Without beating around the bush, this is what the…
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Claiming for Food When Working Away
Hi all, I'm self employed, working as a sub contractor, away from home Mon-Fri. My question is, can I claim for food bought at the supermarket during the week? I've had conflicting opinions on this, the inland revenue website indicates that it is, but I got the impression it was only for occasional trips away, not if…
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CIS online - dont you get a reminder?
I did my CIS returns online last months for the first time. I have just realised it is 8th and I havent had anything through the post - does that mean that nobody reminds me now??
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tax return 31 january
just a quick query....will call hmrc on monday once i have a definite figure from the accountant but any advice would ease my mind over the weekend.... the business account will not have the full amount needed for the tax return...this was due to a situation out of our control and money was needed for unforseen…
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Tax - expenses claims
Hi everyone, Wonder if you can help me...am struggling to make sense of the tax form. I am partially self-employed. I have a couple of questions regarding expense: 1. Can you claim for National Insurance? 2. If I use the car partly for my business, can I claim for car tax, car insurance and breakdown cover? 3. How do you…
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Help with tax
Hi, Just looking to see if anyone can give me some information regarding tax. I have been offered a job in India working 6 weeks on 4 weeks off, I know I will have to pay UK tax on my earnings. Someone I was speaking to said I could claim 1000 pounds per month as an overseas living allowance, is this right? Also can I stop…
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Please help - tax on extra income
For the past two years I have been in financial hardship and as a way out I have had to find additional income.......to date I have been blessed to have found not 1 but 2 jobs........so now I have my main job, an evening job and a weekend job.:j(?) The point is I have been with my weekend and evening jobs for just over a…
