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Cutting tax

Archives for September 2011

First year of benefit in kind, need to disclose now or can wait for P11D?
I'm in the first full tax year of a scheme where benefit in kind payments and P11D will be required, replacing a scheme with a dispensation. Am I required to estimate the BIK for this tax year and tell HMRC within the year to get a change to my tax code or can I wait until next tax year after the first significant P11D is…
Second Job
Hi, I hope this isn't already answered somewhere I did look but didn't find it anywhere. I'm starting a new job on Monday but it's a temporary contract so i'm keeping my old job at weekends. I've been told that i have to pay extra tax on the second job but i thought it was all based on how much you earn not how many jobs…
Intrastat & VAT?
Hi I understand Intrastat SD needs to be completed if we receive goods from an EU supplier and account for acquisition tax on VAT returns. However, does it still need to be completed/declared if the EU supplier starts invoicing with a UK VAT number at 20%?
CUMUL vs NONCU - tax code whats the difference?
I returned to work after 9 months maternity leave in June. Initially my tax code was followed by "CUMUL". Today however it has changed to "NONCU" and with it it is £300 less take home due to it bring taken in PAYE. I had a letter stating my tax code was changing from 888L to 877L due to some petrol money from last year…
PD 11 form ??
my husband has been told that he owes tax from the year 2007 - 2008 , it is because of a company car that he had but we have been told that he needs his PD 11 forms but I haven't got them , I haven't got any from any years and I keep everything can we get copies ??? and I'm annoyed that they can say we owe money from 4…
Reclaiming tax paid in the USA?
I have just spent all summer working in the USA as a summer research assistant at a scientific institute. I received free accommodation, travel and subsistence, with payment totalling around $8000. Of this, I was taxed at 14% on the housing and payment, in total about $2800, through my employer. Does anyone know whether I…
business costs
Hi All, I've started my business at the beginning of this month (consultancy) and have registered for self assessment which I have an accountant doing for me. I am required to complete my own books which I shouldn't find a problem but wanted to know a few things regarding business costs. Thought I'd ask on here before I…
Self Assessment - Help Needed
I was registered as self employed last year (at the same time as working full time and deducting tax through PAYE), and as a result I have to complete a tax self assessment for 2010/2011. I receive a taxable fuel card benefit. I am required to estimate my spend on fuel, and am then taxed on that amount. At the end of the…
VAT at 7% for sellers of second hand goods
Hi there: A friend of mine sells secondhand fireplaces. As I am slowly heading towards being charged VAT he told me that there is a scheme for sellers of secondhand goods, like myself, charged at roughly 7%. The only drawback per se is that you can't claim back VAT but this is totally fine for me. Has anyone any help or…
Tax Code Change - Help, Being Paid Less!
Hi, I wonder if anyone could help me. I just got paid (28 Sept) and noticed that it's nearly £50 less than in previous months. Upon closer inspection, my tax code has changed from 747L to 699L. Does anyone know why this might be? As far as I'm aware nothing's changed. Will I be paid less from now on if this is a 'normal'…
Share Windfall and Reinvesting to avoid CGT
Hi all, I've trawled through the posts on here but not found an answer to this question so hoped someone may be able to help please? I've just been lucky enough to have a recent (Sep 2011) windfall of around 40k from share options being realised. I think I may be liable for around 8k of CGT on this but not sure when it…
capital gains tax
I posted this in the buying/selling section, but this may be a better place We are thinking of buying a second property where my husband would live 3-4 days a week during 1-2 years. Our main residence ie, where we live now, is in Newcastle and it's solely on my name. The second property would be in Edinburgh. If this one…
very basic tax question
can someone please explain how rental income is taxed? thanks!
Tax help please
Hi I'm hoping that you can help me, I've looked at the tax office site but I'm not quite sure if I've got things right, I'm currently on a 38 hour week and on the minimum wage which over 12 months I work out to be about £11,896 gross pay per year I'm cutting my hours next week to 23 hours a week which would give me by my…
Company Car Question / Confusion
Hi, Hoping someone can help me here... I'll keep this simple so as not to ramble on. - I'm a higher rate tax payer - Have a company car, Toyota Prius T-Spirit, to which I contribute £120/annum on top of the car allowance given to me by my company. I take this as opposed to a £6k pa car allowance. - The P11D tax for this is…
Am I higher rate tax payer for tax reclaiming purposes
Hi all I get paid a car allowance and 15p per mile for business mileage, I've been reading up that I can claim back the tax on up to 45p per mile but I'm not sure if I would do this at 20% or 40%. My basic salary is 30k with a car allowance of £5271 so this technically takes me into the 40% tax bracket (but only just),…
BR code no longer appropriate if P46 not completed
I have become aware that not many employers seem to be aware of the fact that code 0T must now be used from April 2011. Also applies where pension received by employee. http://www.hmrc.gov.uk/paye/paye-regchange.htm
community tax
I have a lodger staying in my house. If I say she is a partner of mine is it cheaper for community tax?
2010/2011 SA tax return
Just trying to complete my tax return for the year 2010/11 but am having a problem with the following box regarding underpayment of tax for previous tax year. It asks if I have any underpaid tax for 10/11 which is being collected through coding notice for 11/12, and indicates that the HMRC records show that this is the…
Council tax reminders and mrs`s paye demand
Hi everyone. Been reading through a few posts to see if anyone has had the same problems. We moved into a rented property 3 months ago. We filled in the form to tell them we had moved in and waited for a council tax bill to turn up. I then recieved a reminder last mionth which i paid the day i got it. Ive now recieved…

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