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How to dispute a rebate calculation?
Would you believe the tax office have told me my cheque and calculation has finally been issued today and they owe me the grand total of... £280! :( So I earned £8k in my year as a student, a good few thousand of which I believe I was entitled to tax free, but they say I should have paid about £1,000 of it in tax?! I have…
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Interest Only Mortgage Deductable Allowance?
Hi, I am currently working on a tax return for a friend who has a rented property and is using a interest only mortgage against it. I assumed that they could deduct the full amount they repay each month against it but when I have checked back through their books from previous years I have noticed that they are not…
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Underpaid Tax - P11D Problems
I've been one of the unlucky ones to get a letter from HMRC advising that I have underpaid tax for Tax Year 2009/2010 to the tune of £435.40. My taxable earnings are made up of salary, incorporating bonus, and employers loan benefit (concessionary rate on mortgage). I received a P11D on 28th May indicating that the benefit…
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Income tax question
Can you avoid paying tax if you work outside the uk over 50% of time and are paid into a foreign bank ?
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Kindly advised to post here?
I am self employed but am losing money in the current climate, my husband has invested money (loaned) on an ad hoc basis, he is a higher rate tax payer & wondering if his loans are allowed to be deducted from his tax? not trying to fiddle, just would like to know if I can offset, We don't get any form of benefits as no…
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Tax on two jobs???
Hi, I currently work full-time earning £16k per annum but have seen a job that I really really want which is only 20hrs per week. This means that I'd have to get a second job so that I'd still be working full-time hours! Anyway, I'm just trying to do some rough estimates on what my take-home pay would be with 2 jobs. (I've…
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inheritance tax
I am 59 and have a 36 year old son who will inherit my £550,000 property when i die he and his wife are currently living with me and pay rent. Due to a recent diagnosis I will need to be cared for in approx 5 year time but my life expectance will not really be effected. Can we get around inheritance tax by sighing my house…
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MSE News: Hundreds of thousands more tax errors found
This is the discussion thread for the following MSE News Story: "A whopping 450,000 will collectively face extra demands of £180m while a similar number could be owed cash ..." Read the full story: Hundreds of thousands more tax errors found
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company car tax - returned car
hope someone can help! ive had a company car for years and just handed back. my code was 202L and now I have informed the IR they have adjusted this to 290L which Is fine but from April will / should my tax code go bqck to standard? I have no other benefits because work are making a payment with is liable for tax and IN…
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Just received large council tax bill for last 2 yrs
I've been living in my current flat since July 2009. I was at university that year, but I was retaking a year, I don't know if that makes a difference. After my exams in June 2010 I left university and applied for jobseeker's allowance but was refused as I was still considered a student for a few more weeks. I continued to…
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Self Assessment questions
Whilst I try hard (honest) frankly self-assessment is the most frightening time of the year. I did my first one last year, but would like to clarify one or two points if possible. I'd appreciate your help and am aware that this will probably be one of a thousand questions this forum will get at this time :) Ok so... On the…
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Underpaid tax
My OH was notified that her tax code was to change from December, as she had asked for some professional subscriptions to be taken into account. However, HMRC stated that they didn't have any record of the (higher) tax code that was being used on her payslip, prior to that. HMRC are saying that her code should have gone up…
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Tax code question
Excuse me if this is obvious, but tax is a real brain freezer for this old thickie! I changed jobs in November 2010 and all through 2010 the Tax Code on my payslip was 647L but on my P45: Leaving date 19/11/2010 Tax code at leaving 603L and underneath it says: Cumulative Why the difference? Will I have I paid too little…
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any tax tip for a newly high rate tax payer?
Hi, My company just informed me that they will increase my salary to £46000, which will be in the 40% band. I have never earned enough before to get into the 40% band. So is wondering if there are any tips in tax saving? My wife earns 20k, and have a 6 year old child. We bought this year's cash isa and have some small…
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VAT Change
Hope this is the right area. Basics of the story; became a landlord on 30/12/10. Tennant paid for 6 months in full. I requested on 23/12/10 that I would like the funds as a whole ASAP. They take a management fee of 10% + VAT. Question is; when is the VAT calculated? The day the customer pays (not including clearing) from…
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Self Employed training expenses
Hi, I'm doing my first self employed tax return, and struggling to find the answer to a question about expenses. I've set up a personal concierge business (I help busy people run their lives) and as such I joined the relevent professional body. I understand that as it's not on the HMRC list I can't claim the fee as an…
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Help Request, I'm Confused on how I can work out if I have under or over payed my Tax
Hi All, I am looking for some advise from anyone who has checked the Tax they have paid over the years. I have just seen Martin Lewis on Daybreak and thought that it was something I should do. But, I am a little confused on how to I go about this. I understand where to find my tax code via my pay slips but this where my…
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Private pension contributions on self assessment?
Hello can someone confirm whether you need to enter private pension contributions on self assessment? My husband thinks he needs to. He has already had the tax relief applied to his contributions (in the form of having extra 20% added to his pension pot) so what would he be claiming for on self assessment? many thanks
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Can I reclaim tax? Not sure based on these calculations
Hi All, As a student years during my undergrad degree a couple of years ago, I had tax repayments made to me from HMRC as I hadn't earn't over the threshold but was taxed for some reason. Anyway, now doing a postgrad degree and this got me thinking about tax for the tax year 2010 - 2011. I worked from 06 April - 28 August,…
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Stamp Duty, Transfer From Joint TO Single Ownership
I jointly own a flat with a friend. It is worth about £400k. THere is £100k remaining mortgage. I need to buy out my flatmate. What tax implications will this have? Will I need to pay stamp duty? I can't find the relevant pages on the hmrc website.
