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Tax on backdate pay
Hi All, I have been told that I will be receiving a pay rise starting in my May pay and that it will be backdated to Jan 1st. I currently earn £24000 so £2000 per month. Pay rise will raise that to £29000 Backdated pay total is £20,000 (4 x £5,000) So in theory I can receive tax/ni/student loans on £22000 for the month of…
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Claiming capital allowance
Hi I have never claimed for capital allowance on my self employed (sole trader) tax return however I want to this year. I have searched and found many answers but not what I feel is the one I think helps me. Basically I want to claim for three items that are tools for my business totalling £170. Now do I claim for the full…
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Tax and invoice dates
Hi, I think I may already know the answer to this! I am self employed and together with income from savings, I just tipped over the 40% income tax bracket for the last tax year just ended. I did some work in March which I invoiced but have realised that by invoicing it with a date of 31st March 2010, I will be paying 40%…
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747l/0
I know the 747L will be the tax code for a lot of people but my employers have let me know that my tax code for this month will be 747L/0 When I put this code into tax calculators (LTT or MSE) it gives me all my money without any tax deducted (though still pay NI and Stud Loan.) Does anyone know if this code results in…
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Bonus Tax
Hi all, new here. I was hoping someone could help me figure out how much i will be taxed this months, My annual salary is £20,000 I also get a monthly Bonus of £250 and this month a quarterly Bonus of £350 on top of the monthly bonus. Good news as i have to clear some debt as well as pay for a holiday! :D my tax code is:…
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Tax Year Question - New Job
Just had a bit of bad news and wanted to see if i can alter things. I was unemployed in the 2010/11 tax year until March 16th. I then got a job working offshore. There's no fixed contract or regular wage, it's as and when there is work. I am employed by a company and they pay PAYE/NI etc. I just got back from a month at…
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Business address
I'm getting myself confused over my business address. At the moment, I'm a self-employed sole trader, working from home. We are planning to move house, so I thought it would be easier to use a PO box number or similar for my business, at least temporarily. But I'm confused about the requirements for the self-assessment…
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Tax on 3 yr savings bond
I have a 3yr fixed rate savings bond where the interest will not be credited untill maturity which is October 2012. In tax year 2010-2011 and 2011-2012 I will not be using up all my tax allowance, I will have approx £3,000 unused each year, when the bond matures I will have about £15,000 interest so will be well over my…
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Tax on dividend income
I pay 40% tax this year my wife does not. I have some shares i will be getting dividends on this year not in an ISA(I know what a fool) rather than sell and buy back shares in ISA(will cost me) I can transfer free to wife's share account. Is this best option for me not to have to declare divi on tax return next year and…
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tax on rent
hi could any tell if i rent my house out and use the rent payment to pay a mortgage on another house that i would live would i have to pay tax on the rent if 450 a month and how much about would it be ta:)
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Inheritance Tax Question
My mother died 5 years ago and all property/assets passed to my father. I understood at the time that the family would be entitled to double the inheritance tax threshold when my father eventually passes on as a consequence of my Mother not bequeathing any of her property. Is there a requirement to notify HM taxes on the…
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Interest free loan from employers
Hi All, Apologies if this has been asked before, but if it has then the search function has failed me! I will shortly be getting a £5,000 interest free loan from my new employers. Will this loan be treated as part of my income for PAYE tax, and student loans? Also, when I pay the loan back, will the deductions from my…
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Self employed - travel costs to property allowable.
I am recently become self employed (handyman etc) I own several rental properties that I complete a self assessment form. I have just purchased a property that I renovate. Can I claim travel expenses to this property against tax - or is this not allowable as would be treated as a normal place of work. I have looked at…
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What data on me will employer give tax office if Self-Employed, paid through Tax Ref?
Before anyone starts whinging and whining about me, im merely asking this from a hypothetical point of view- If i start to work for an agency, doing casual / partime work of 5-15hours per week. Ive opted to be paid as 'OTE Self Employed', but the agency says they require me to register as self-employed and provide them…
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Employer not deducted tax correctly.
Hi, I have received a letter from the IR advising me that my tax code has been increased because I `owe` the IR some £700.00 from the tax year 2007/08 I queried this with the Revenue who explained that they had sent a revised tax code to my employer but that for some reason my employer hadn`t actioned the revised code thus…
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MSE calculator - qualify for Council Tax Benefit - no-one's said this before!
Hello, I've just tried the Benefits calculator on the MSE website off the weekly email. There were quite a few questions on there but in summary: 22 years old; work full-time 40 hours a week and earn net £12,648.43, £241.91 weekly; live with 4 other full-time students who have full council-tax exemptions; I currently avail…
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Quick car allowance question
Hi Folks, I'm just about to do my tax return and need a little help. I was self employed at the beginning of the last financial year (2010-11) and then started a permanent job. I've got my P60 for he year and my accounts are done for my self employed period. I'm keen to get my tax return asap as I've been on an emergency…
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Business mileage and Tax return
I use my own car for business and my employer pays business mileage at 40 pence per mile. The last tax year was the first time I was required to travel on company business so now I am wondering if I need to declare anything on my tax return. I have read through the HMRC Employment notes and my understanding is that I only…
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New Tax Code
Hi My new tax code is 747L, my old one is 647L. This means I can earn another £1000 before being taxed right? Why am I only £2.37 a week better off? £1000/52 = £19.23 :(
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Anyone understand Tax!
Ok so I have just filled out my 2008/2009 tax return online (long story I never new I had to do a self assessment as I was employed and moved to France and stuff and blah blah) Now in that tax year I worked for 3 companies. Number 1 pay 224 tax 44.80 (just worked for a few weeks to help them out behind the bar whilst…
