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Married Couples Allowance
Just received my PAYE Coding Form for 2011/12 tax year. THe "Married Couples Allowance" has been given as a figure of £3648. They state that "You get the Married Couples Allowance of £729.50 by having £3648 included in your tax free amount. Is this an error as the full allowance is £7295? Last year I had the full allowance…
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Tax relief and mileage
I currently work for a charity and am placed in a school 3 days per week. The school is classed as my base. If I have to travel to the charity venue, I claim mileage at 25p per mile. A colleague is on sick leave and my line manager has offered some of her hours to other staff. The round trip distance from my house to my…
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Tax liability when returning to the UK
I have been out of the UK since 1st October 2009 and as such have paid no income tax to HMRC since then. My question is, if I return to the UK at some point during tax year 11/12 will I be liable for tax in the UK based on my earnings from 5 April 2011 onwards?
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over 75 tax code
HB has just had his new tax code in. Its 1036t. He has £6915 state pension, £107 a small council pension and £3480 works pension. i know he will only be paying a very low tax but i am curious about the T. I thought t was if you had over £24000 coming in and lower than that was P Just curious really.
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Budget payment plan to pay tax?
Hi, I worked as a contractor and hired chartered accountant who oversaw my registration with hmrc and other bits and bobs. He will get in touch with me in April to tell me exactly how much tax and NI I need to pay. What I wanted to know is it possible for me to sign up online to HMRC self assessment services and use budget…
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Pensioners read it on here first but now on Radio4 "Moneybox"
http://news.bbc.co.uk/1/hi/programmes/moneybox/9436193.stm New HMRC tax bungle BBC Radio 4's Money Box Saturday, 26 March 2011 at 1204 GMT On Radio 4 and Online HM Revenue & Customs (HMRC) is to demand hundreds of pounds in uncollected tax from more than 140,000 pensioners. HMRC failed to take account of the state pension…
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Being honest about cash in hand
Evening everyone, hope this isn't too off topic... Basically I have two jobs, one 'official' the other 'unofficial'. With the number of hours I work I owe tax, but because the official job is below the personal allowance threshold I don't pay any. On the self-assessment form you can fill in the section about other income,…
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Am I on the right tax code?
I've just seen the Tax Code checker on MSE, and wanted to check that I am on the correct tax code. But it confuses the hell out of me! I work 28.25 hours at Tesco, my hourly rate is £6.81, and my tax code is 647L. I don't know if this effects it, but I'm also a Special, so can claim my mileage back (40p a mile), and get a…
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Tax on Bonus Payment
Hi Guys, Thanks in advance for your help. I Have a question regarding what tax should be paid on bonuses, I have had a look around on the internet and everything seems to contradict what iv actually paid! :( My Taxable Pay as of March this year is showing at aprox £19,500 - which to my understanding is nowhere near the 40%…
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HMRC Self assessment fine issues
Hi, I need some advice! About 3 years ago I started to set up a business with a friend but backed out due to personal issues. I had registered as self employed but didnt earn any money. Recently I tried to claim some tax back from while I was temping. I had to do 2 self assessments for them to correct their records, and I…
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Been given tax code k79-need some advice?
Hi folks, I have received a letter from tax giving me tax code k79 for 11/12. My personal allowance is £7475 A brief outline I am on incapacity benefit and receive a local government pension which will be approx £5610 for 11/12 HMRC has explained to me that they will collect the tax from my pension instead of taxing the…
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40% tax
This year I will stay below the 40% but next year there is a chance I will go over.... Never earning that much before I'm not sure what happens. I am right in saying that if I reach £35k in taxable income. Everything after that is takes at 40% Ie: in jan I hit 35k for the year In feb I will loose 40% of every £1 I make and…
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Chargeable Event Certicicate
My life endowment policy has just matured and the amount received will be £32,000. It is non-qualifying for tax purposes, but the letter I received states that I may be sent a Chargeable Event Certicicate. The policy was paid over 25 years and I estimate that the total premiums paid over this time amounts £15,500. I…
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New higher tax bracket
Just looking at the Budget 2011/2012 and it appears that I'll be a few hundred quid out of pocket a year with the new changes in lowering the 40% income threshold down to £35,000 Don't you guys see this as being pretty unfair? With the increase in VAT, reduction in public services... it's really making the UK a lot harder…
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Class 2 National Insurance
I have a part time small business. Last year's income exceeded the Class 2 NIC threshold of £5,075. However, it was fully offset by losses that were made in previous tax years. Therefore I am not liable for Class 4 NICs. So the question is - can this offset also have the effect of exempting me from Class 2 NICs also?
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Gross interest
Person A is 63, receives state pension of £6,200/ annum and has the standard 7,475 PA. They receive £2,000 in savings interest during the year. Are they taxed at 10% or 20% on the £925 above the PA? The 10% band for savings income is £0-£2,560 - does this mean up to £2,560 in savings income AFTER the PA? Also, as they…
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Tax on maternity pay?
Mrs got paid yesterday and they have taken £241.00 tax and £139.81 NI on her maternity pay? She has just had the last month @ 90% but given its still maternity pay should they take this much. She is on tax code 647L and is on a salary of £36k and to date has paid £6082.00 in tax and £3180.01 in NI. I just trying to work…
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CGT question - profit on higher sold price or on equity released?
Hi, this is all new to me so have been researching CGT implications when selling a 2nd home and this site has been very helpful, but wanted to check my understanding. Husband bought (and only named owner) a flat 4 years ago. We are currently in the middle of purchasing a 2nd home together and will rent out the flat with 2…
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Tax Return 2009/10
Filed three weeks ago (after £100 fine notice)... Received a letter today, I have overpayed £1400 in tax.... Sweeeeeeet!
