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CGT query
My understanding is Private Residence Relief can be claimed if I lived in a property which was my main residence. I lived in property A & B, so it was my main residence without any election. My calculations show no CGT is payable, but little nervous about selling two in same tax year as I may have overlooked something. Do…
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penalties for non payment of tax
Can anyone tell me what the interest and penalties are for non payment of tax on 31 Jan. A friend of mine owed tax on 31 January and thought she had asked for it to be collected via PAYE and had not. The tax is now late. The TR has gone in but the tax has not been paid. What are the interest and penalties?
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Tax code do not knwo what it means
i eceived my tax code today and it say that it is P8 what does that mean I never had a code like that before, I am over 65 would that have anything to do with it. :o
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Deed of Variation
Hello! I wonder if someone can offer advice. I will inherit some money.It comes to me because I am the nextof kin and the person died intestate. I do not wish to keep this money but give it to my son. Is there a way of doing the deed without a solicitor? Does anyone know of a template on line if can be done? Has anyone an…
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Tax Refund
Just received one of those much wished-for emails saying I am eligible for a tax refund following the return I submitted in January. :j However I am wary of scams and want to be sure that the email is what it says it is. The email has a HM Revenue & Customs header and is from "no-reply@hmrc.gov.uk". It DOES ask me to…
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Tax on 2nd Job
Hi everyone I was looking into doing some part time work in addition to my full time job and was wondering what the deal is with tax in these circumstances? I would be looking at freelance work so that makes it slightly more complicated in the fact that i'd be technically self employed. :( Does anyone have any information…
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P800?
I have just received a P800 (never had one before) for tax year 2008-2009. It says i have a repayment due of £442.62, does that mean they owe me this? or do i have to pay them the amount? If its due to me, will it come through as a cheque as i am not working and on benefits. The letter is dated 23/02/2011 and i have just…
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How much tax would I pay on this settlement?
Hi all I would be grateful if someone could help me with the following I have been offered 8000 as a settlement out of court to prevent me from taking an ex employer to a tribunal. They have offered it as a lump sum, not pay. It is the equivalent of 4 months salary but its not being given as salary-just a settlement…
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How much after tax??
Hi Im not sure im in the right section, so tell me to jog on if necessary. I have just been given my bonus of £1620 before tax. I normally get paid £1286 but got a pay rise of 2.6%. How much will I get this month, on 25th March, after tax and national insurance? I dont know how you work it out? :mad::( Thanks to anyone who…
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Would he need to set up ltd company if employed too?
Hello My hubby is employed but has been offered some contracting work for a few days. He could take annual leave to do this. However would he need to set up limited company? He will be doing a self assessment anyway for 10/11. Could he inform HMRC of self-employed status in addition to employed and put it in SA as though…
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Laptop from EU in EUROS can I claim expenses?
I am a sole trader, self employed in UK. My work is 100% via the internet so I want to buy a new laptop but wish to buy one in Euros in Spain as I need the keyboard layout in Spanish. Could I claim this laptop as expenses (having EU receipt) when I do my self assessment or I am forced to buy it in the UK to be able to…
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How to reduce tax on bonus?
I am lucky enough to receive a retention bonus [for a 4 year tie in] of 50K (in shares) this month, on top of my salary of 65K, and annual bonus, 10K. The share acquisition date coincides with a holiday to Dubai. Is there any way that I can reduce my tax exposure?
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£100 fine and nothing to declare!
Hi all, I have been notified that I owe a £100 charge for failing to send in my tax return. I worked for about 7 months, self-employed in 2008, and paid the tax for this last year. I am no longer self-employed. I have nothing to declare... I didn't realize I still had to fill out a tax return, especially as I explained to…
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Ways to offset my P800 tax
Having been hit with a P800 bill (I thought just under a grand was a lot, but having read more threads on here I guess I am lucky) I am wondering what I can do to offset this? OK so they're chinging me an extra £79 a month. What options do I have to offset that against something else? Paying more into my pension seems like…
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Another p800 thread
I owe tax, I don't like it, but I accept it. I owe £2300. Paying this back would be a problem at the minute as I am in the process of buying a house. I have tried and tried and tried to speak to someone at the tax office, and left my number to allow them to call me, and they havent. I keep trying to call up, but get cut…
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Income & bionus tax calculation - help please!!
Hi all, I was yesterday informed of a promotion (pay rise) and a discretionary bonus which will come in my payslip at the end of March. I am struggling to work out how much I will net and what my tax, NI and Student Loan payments will be. Any help is greatly appreciated. Year to date Salary has been £27,000 per annum with…
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Tax code ends in 'T' what does it mean?
Hi All I'm a student with a PT/casual job (different amount of work each month earning £500 -£1000 and so far £5300). My tax code on my pay slip is 644T. So far this year I haven't paid any tax, but have paid NI contributions. I just looked this up on the web (HMRC) and it says "If there are any other items we need to…
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Tax Refund
I filled in my tax refunds last year and the Inland Revenue have told me that I overpaid by just over £10,000. I spoke to them 2 weeks ago and they have told me that a refund was issued on 16th February direct to my bank account. Does anyone have any idea how long it usually takes once they release the money to get to my…
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Tax return amended
My accountant filed my 2009/10 tax return in mid January before the deadline. I used figures for gross salary and tax deduction from my previous employer, but it looks like the payroll officer made a mistake. The end result is the tax calculated by my accountant was wrong and someone at HMRC has amended the figures a few…
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Tax Rebate Delay
Hi, I am hoping someone can help with my partners problem. He completed his self-assesment form at the end of January online and was told he was owed a rebate of about £1500. He then had to request the money, which he also did online and provided the correct bank details. This was on 31/01/11. The automated message when…
