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Cutting tax

Archives for December 2010

Mother has £00000s of mine... inheritance tax ???
got info now thanks
Company Car vs Allowance
Hi all I have been looking at various websites regarding Company Car vs Allowance and am no wiser. Can anyone help me please? I have the option of a company car or £315/month . Under both circumstances they will pay me 12p/mile ( for a diesel ). I expect to do 15000 business miles and 7000 private miles. As I understand it…
Employed tax breaks
As a employed individual, how do i claim back expenses for my work. I have in the past used the P87 form to claim back mileage. However, is there an uppper limit on the claim that i might make. Currently my last claim was 2300 pounds, however i have been told that i can only use the P87 for up to 2500 pounds. If i do say…
being given £10k...
....lucky me!:j However I am not experienced in matters of money and tax and so I'm looking for some MSE help, I know you guys are the best in the business! My parents want to give me £10k, and we would like to know the most tax efficient way of getting it to me? I don't need it instantly, so if it would be better for them…
Confused about "Income"
Their is a rule that says that if you have income of greater than £10,000 outside of your job, so for example savings, then you need to tell the tax office even if you are paying tax on it. However the term "income" isn't very well defined IMO. I know this includes income from savings, but does it include income from "High…
Tax return
Hi, My wife is self employed dental therapist and i was wondering can she save her fuel receipts and can the accountant claim on these for travelling to the practice. Also she will have to use the park and ride in the city so can she keep the bus reciepts and put these in as well. I know the accountant will be able to tell…
Please help with working out capital gains from selling company shares.
I had approved shares in the company I work at and in february the company was sold for lots of money and all shares transfered to the new owners. My 500 shares costing £1500 entitled me to a percentage of the sale, any royalties due, any money left in the company bank account etc. We were advised that the payment would be…
Tax situation re incapacity benefit and rental income
Hi, Am trying to minimise tax. My wife is on long term Incapacity Benefit which is about £4750 a year and is taxable. She doesn’t currently to tax return because she hasn’t before had other taxable income. She has recently started receiving rental income from a new second property worth about £5000 after allowable expenses…
Inheritance tax from overseas???
hi guys, I just need a little advice if anyone can help.... My mum's Canadian and has lived here for over 40 years, her mother has just passed away, she lives in Canada.... she has recieved a cheque for a substantial amount of money from my Grans estate, when she banks this is it going to be hit with any sort of…
Withdrawl of personal allowance 100k+ and pension contributions
For the first time in my life, it looks like I might earn over 100k. Of course, this has happened in the tax year where the effective marginal rate has shot up to 60% for the first time in 25 years by withdrawing the personal allowance. I have some questions. 1) Do P11D benefits in kind count as income for the withdrawl of…
Can I claim this tax back?
Hi all, Last winter I temporarily worked in a factory near my parents home for two months whilst I was finding it hard to get a job in the city I live in. I worked there October and November. I earnt £2,459.70 across the two months I worked there. I was taxed £292.40 but everyone I spoke to insisted I would get this tax…
new personal allowance rates
not sure if this is in the right place ?? I know in April the personal allowance rates are going up I am hoping to give up a few hours at work in the next few months and am trying to work out my wages I use the listen to the tax man calculator I hope I can get this to make sense I've worked out what my new wages will be…
In a lot of bother!
Hi, I need a lot of advice and pretty quick although I'm not expecting the advice to be good for me I need it. I currently do contract IT work through my own Limited company. I am trying to work out how I go about paying my taxes? Obviously it's due to be submitted by the end of January but I'm completely confused on what…
Policy of over taxing
My wife recently cashed in all of her personal pension which totalled less than £18,000. The rules as we were informed are that the first 25% is tax free and the remainder is subject to tax. Despite the tax office having all my wifes income details and tax code used for some considerable time, they told the pension company…
Tax refund
I've done my SA for 2009-10 and am due a refund. I've heard that HMRC are in a bit of a disorganised pickle at the moment, so I'm wondering if anyone can tell me approximately how long it will be before I get the money? Also, I'm led to believe that I can reclaim some tax on interest on savings. I did not work, (nor was I…
P60 Calculations
I'm just finishing my tax return and was just about to put in the details from my P60 to finish it off... and I can't find it! I received it just after I moved into my new house and it's definitely somewhere, but I can't find it right now. I have access to my online payslips, but the online access to the P60 that was…
NIC earnings threshold
Can someone please confirm, if I pay a part time employee a maximum of £97 per week and they have no other employment I do not deduct NIC contributions or TAX? I understand NIC earnings threshold is £97 per week. This is not the same as PAYE Threshold which I understand is £125 per week? This is from my interpretation of:…
Double taxation and Seamans foreign earnings deduction
Hi I am a British seaman working for a European contracting company, I will soon be working offshore on a vessel in the Norwegian sector. I was informed If I work in the Norway sector, I would have to pay the tax as per the double taxation agreement. Any tax I paid to Norway, the UK inland revenue would give me a tax…
Rebate going back from 2005
My sister worked as a care worker between 2001 and 2005, but became ill in 2005 and only recovered in April this year after major surgery. She never claimed a tax rebate for the time she was working and I'm wondering if it is possible to do so now given the fact that she left work due to serious illness, which is…
VAT increase query
Hi My girlfriend and I have been arranging our wedding for April 2011. We've recieved invoices from numerous suppliers which have confirmed the price, eg. £500 PLUS VAT. We've paid a desposit to secure our booking. When paying the final amount a few weeks prior to the wedding, will we be obliged to pay the higher rate of…

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Cutting tax

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