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Buy To Let Investment Question
Posted on Property board but if any tax experts have a view please see the thread below https://forums.moneysavingexpert.com/discussion/comment/43648968#Comment_43648968
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Backdate code or not
Hi all I turned 65 in Oct 2010 and my state pension started and tax code changed. I want to check the tax I have paid Does the new code apply from April 2010 or do I have to split it in some way ? TIA :)
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tax on interest for non-married couple with joint savings?
Can anyone please confirm if the tax treatment for non-married couples is the same, with regards to joint savings? So say if me and my long term girlfriend have £100,000 in a joint account (and we view it as being ours, not 70% mine 30% hers etc), would the interest we recive be treated as 50% mine 50% hers? Also, in…
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PAYE or self employed
Good afternoon, I would like some advuce please. Currently I am working full time earning £35k per year and then in the evenings and weekend I work self-employed and generate about £10k per year. Now I am getting too much work for self employed just part time but want to keep my main job. Therefore I am thinking of…
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P60 Tax Code Question
Apologies, I imagine this board has lots of these questions at the moment! Just received my P60 for the 2010/11 tax year an am a bit confused. I had earnings of £39,885 from one employer who I've been employed with for a few years. I don't have a second job, I'm not in receipt of any tax credits, benefits, other credits or…
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Company car mileage shortfall ? tax rebate.
DH has a company car and is allowed to claim 13p per mile for Diesel for business travel. He drives approx 10,000 business miles per year and calculates that he is losing 2p per mile on every trip. Colleagues have stated they claim the difference back from the IR, is this correct? and if so, how is it done and how far back…
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Income tax for a 17yr old working part time?
A family friend's 17 yr old son has secured a part time job which is salaried plus commission. He has just received his first pay cheque and apparently, it has been taxed at source. However, his annual salary is very unlikely to reach the personal allowance. Also he is still in school. Does he have to wait to the end of…
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BTL Remortgaging tax impacts
Hi I wonder if someone could answer this question. I have raised £50k from my house by remortgage as a deposit for a BTL investment. So I am now paying a higher mortgage cost on my own house to fund the BTL investment, my mortgage has increased by £2400 in the first year The question is can I add this additional loan cost…
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Not paying Company Car Tax for days unavailable
Hi I have a Company car, I saw on the HMRC tax car calc site there is a box for days unavailable. Last year I made many trips out the country, all together its adds up to around 45 days. Can I claim some tax back from last year, as i could not use my car whist away? Thanks
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Tax on backdated Pay
Please help my query I have a commulative salary this year is 45875 in 10-11. i.e. 33075 2010-11 Salary and 12,750 backdated pay from November 2008 to March 2010. I received this settlement in April 2010. I understand that I have to pay 0% on 6475£ and 20% on 37400 and the rest £2000, do i have to pay 40% ? Although the…
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Declaring Extra Income - But not self employed?
I am employed and am on PAYE. I have started buying goods in whole sale quanities very cheaply, and have been selling them at RRP. I do this from home over the internet, with customers paying directly into my bank. I want to declare this extra income, however I'm confused. Am I classed as a business, or self employed?…
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Taxation of Employment Lump Sums
Hello - a question, please, for tax people! I know a question has already been rasied in the Armed Froces Board, but I'm trying to understand the tax position on (considerable) one-off bonuses. There are large taxaxble lump sums paid to those who qualify in certain specialisations (like IED operators - the guys and girls…
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Confused about emergency tax refund
Hi there, Today I received my tax refund quote of £400. I had initially asked for a quote 5 weeks ago and was told it would be a much higher £730. The change was apparently due to the fact that I had earned more since my last pay slip and so therefore wasn't entitled to as much. I will explain my situation and if anyone…
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Working and claiming state pension
Hi everyone I was just wondering if someone would be able to clear something up for me. My mother is currently 61 and in full time employment. She chose to defer her state pension. However both she and I are getting very confused about her tax codes and how much she should be getting. My mother earns around £200 per week…
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can building insurance costs be offset against rental income?
simple question i hope? thanks
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P11D form??
HELP! Am a little confused. Received in post today a letter from HM Customers & revenue requesting P11D forms for the tax years ending April 2009 & 2010. so they can check I have paid the correct amount of tax!! I have never been asked to complete any P11D forms for the years mentioned! Furthermore I am not self employed,…
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Tax Help
Hi Guys, i think i have paid to much tax on a recent bonus/payout. I work for Eaga who have just been bought out by Carillion. At Eaga we were partners and had a partnership trust called the EPT, when Eaga was sold the funds were to go to the partners so we thought. The EPT decided to carry on and a lot of partners were…
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Letting business - allowable tax deductions
I am in the process of preparing my tax return (well in advance for a change)! I have been claiming 10% wear and tear allowance so I understand that the costs of purchasing certain new things (e.g. carpet) cannot be deducted. However, are costs relating to fitting and delivery tax deductible? For example if I spend £1000…
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Self-Emplyoed Dancer, Working on a cruise seeking help!
Hi, I’m sorry to sound so clueless in the following message, but I really am and I would love it if someone wouldn’t mind giving me a bit of help. I’ve been a dancer on a cruise since last August and my contact finishes this month. I got it straight after graduating from college and didn’t have much time to sort anything…
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Maternity and Tax
Hi all I have posted this over on the Benefits and Tax Credits section but haven't managed to get the right answer yet, I don't think..... I was wondering if anyone can help me work out what my take home pay would be when I go on maternity leave. My salary is £30K and all being well the baby is due 28 December 2011. My…
