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Hypo-tax questions
Not sure if this is in the right forum. I'm a UK citizen working abroad. My company has proposed to increase my hypo-tax calculation from the previous tax equilisation to a rate 5 points higher than my marginal rate in UK. They are calling the incremental "contribution to assignment costs". I thought hypo-tax should never…
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Travel Insurance
Thought it would be simple to buy travel insurance for daughter (leaving Friday!) going to Germany for 12 months. The problem is that she will probably be away for periods longer than the max. single length of stay (approx. 3 months) and will want to return to the UK a couple of times within the 12 months. This plan (or…
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Is an out of court settlement for a contested will taxable or non-taxable income?
Do I have to declare £25000 from an out of court settlement after successfully contesting my fathers will ? Thanks
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MSE News: Beware tax scam that falsely uses MSE's name
This is the discussion thread for the following MSE News Story: "Consumers in Suffolk should beware a scam from a company illegally claiming to be us ..." Read the full story: Beware tax scam that falsely uses MSE's name
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inheritance tax help please
Hi,if anyone could help I would appreciate it. My parents are trying to sort out inheritance tax implications at the moment and would like some advice on how to proceed. Bit of background,they are both in their early 60's + due to my dad having a good job abroad have built up a small porfollio of rental properties. They…
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Tax code muddle..
Hi all, Hope you won't mind a confusing tax code question. I hope I can explain it clearly enough.. :o I have had 2 jobs for almost a year now. Job 1, I started aug 2010. job 2, I started as an xmas temp in Oct 2010 and was kept on. I was told to call the tax office to have my tax code split between the 2 as I earned just…
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tax on overtime question
Hi everyone I am on PAYE, dont normally do overtime but in the next 2 calender months I will be working just over a weeks overtime per month. Does anyone know what implications this will have on tax etc, work for NHS, wage is about 34k. Will I get clobbered for tax on this amount? would I be better spreading it out over a…
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10% Tax on Interest
I think I might be able to claim some interest tax back for the last tax year. I paid 20% on it but I think most of it is covered by the 10% band. I am finding the guide on the direct.gov.uk website a bit confusing so I thought I would put my numbers up here and hopefully someone would be able to check them. Taxable Pay…
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HMRC Debt help
Hi, I have a debt to HMRC from 2003, when i was self employed for a year. The trouble is, I haven't heard from them for 5 years regarding this, and it says that i've had a CCJ from this, although if thats true, it isn't on my creditfile right now. On the bottom of the letter, it says that 36p intrest is occurring, totaling…
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Another Business Mileage Question!
I am home based and can claim first 4000 miles each tax year at 45p per mile when I travel to head office (25p over 4k); I am now about to reach my 4k limit. My question is: as the HMRC suggests 10k at 45p per mile per tax year, is there anything else I can do other than just start claiming 25p per mile from my company…
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Tax Rate on Interest from Savings Account
I'm lucky enough to earn a salary that is part taxable at 40%. I also have around £20k in a savings account. What rate to income tax will the bank take from the gross interest paid relating to this savings account. I have a feeling the bank has no idea what I earn so I think it's 20% tax they are taking, but should I have…
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Am I be charged correct tax??
I am a primary school teacher earning around £27k. I have been doing some TEFL teaching during the summer holidays and have earning an additional £1k. I have been charged tax on this second job under the ‘BR’ code which is 20% which is a great deal. Does anybody know if this is correct?
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tax underpayment
please delete
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question about Nil Rate band discretionery trust will
About 7 years ago my husband and I made a will incorporating a Nil Rate band discretionery trust.. When the first spouse dies their assets will go into this trust fund. When we made the wills the Nil Rate Band was £250,I believe it is now £650 so we really do not need it now. However neither of our sons are financially…
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Tax underpayment in current Year
My wife changed jobs at the start of May and her previous employer apparently didn't take enough tax of her. In her last payment from her current employer HMRC decided to take this back in one payment (Approx £300). This was not communicated, they just took of the so called underpayment. Are they able to do this in one…
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Tax and company dividends
Started off the year as an employee of someone else. Now I'm director of my own limited company. This tax year earned £14587 taxable pay (it was PILON as well), and paid £3715 in tax and £513 in NI. Accountant has advised me to pay dividends to myself as company director rather than salary. I understand dividends are…
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do i need to pay tax??
sorry to post this again. I put it in the wrong section earlier on. My dad owes a property in India which he now wants to give it to me as a gift. I am a british citizen (previously indian) and I want to sell the property off in India and bring the cash in to my hsbc account here in UK. I need the cash to pay as a deposit…
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Cost of work clothing
Hi Working as a nursery nurse so not on fantastic pay. The management give us one logo t shirt, and any others we have to pay for, we have to wear black flat shoes and black trousers and we have to wash our uniform at home. Can I claim for any of the costs involved? Heres hoping we can many thanks in advance
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Accountant trying to charge me even though im not his client!!! Advice needed Please
Hi Im new to the forums and ive been reading some advice on here and people seem very helpful. last year i qualified in a profession and was debating whether to work for myself or a company. a guy i new quite well down the gym runs his own business and said i can introduce you to my account if you like, see how he can help…
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House sale funds
Been looking around on here and can't find an answer... We're due to complete on our house sale soon, and have decided to rent as we're moving to a new area we don't know well. The question is, what do we do with the money? Savings accounts dont look good value at the moment but don't really want to gamble on the Market. I…
