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Tax Caluculation
Hi I received a letter this morning from HMRC. I've tried to work it out myself and 3 of my friends/family have looked and we all get different answers, basically I can't tell if I owe tax, or if tax is owed to me. I was wondering if anyone knew of anywhere that would help me understand it in greater details, using plain…
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Full time employed and sole trading too - dealing with a loss in the first year
Apologies if this is posted in the wrong place - I'm viewing on my phone and I couldn't see a more appropriate part of the forum. I currently work full time, and started a small business (as a sole trader) in May 2011. My business isn't a big enough concern at present to warrant paying an accountant. In fact, I would have…
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working in two places
hi all Currently i am working in tesco as full timer,,, in the mean time i got the job offer from NHS..which will start from next week. my main job will be nhs (37.5 hrs) and changed my tesco full time job into part time (16 hrs) from next week onwards. when i went to accept the job offer , nhs made me to fill hmrc form…
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p8000 advice - income incorrect?
I received a P800 this week that said I am entitled to a £1500 tax refund - it came with a cheque attached. My total income for the 11-12 tax year was just shy of £24k, and my P60 has all of this information on it, but I am concerned why the P800 I received does not take in to consideration the ~18,000 I received from my…
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Cgt on money given
My Husband and I own a property that a my Mum lives in currently. Upon moving in she gave us 50% of the value of the property as her share (from her house sale) but was happy not to go on the deeds. As such, are we liable to pay cgt on the £90k given to us (which we used to pay off the mortgage on the property)??
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Inheritance Tax Question
Married couple -- partner A dies and leaves everything to partner B. No IHT liability. Partner B dies and leaves everything to children. Is everything over £325K liable for IHT (one nil-rate band) or everything over £650K (two nil rate bands)? I thought it was the former, but something in the paper today made me think it…
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Paying -ve equity off - any way to write off tax?
I have a flat which is somewhere between 8k and 18k in -ve equity (hard to tell at the moment, there's a similar flat for sale and they keep cutting the prices). I need to eventually sell it as I don't live there anymore and will have to fund the negative equity in order to pay the mortgage. I was wondering if there is any…
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Capital Gains Tax on gift
My Dad is looking into using £50,000 via equity release from his property to give to me (his daughter) as a deposit for a new home. Anyone know if this is allowed and if there are any capital gains tax implications?:cool:
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Disposing of the leftovers from self employment
Around 2 years ago I was unemployed. While I was job seeking I paid about £1200 to have the components of several barbecues manufactured, which I hoped to assemble and sell online. It was not intended to be a commercial venture. It was a trial-run to see if it had the possibility of being a viable business. I contacted…
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Taxationweb forum problems?
Does anyone else use the taxationweb forum? For the past few days I only get the meaasge that the website cannot be found. Has it closed down?
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What Tax Liabilty
My wife is joint named in her Mothers will along with her sister, her Mother is still alive. My wifes sister has offered to buy out my wifes part in the sum of around £150,000 which would be a reasonable amount and acceptable. However, what would be my wifes tax liability on this amount, she pays tax at the higher 40%…
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P800 wrong? What now?
Hopefully someone can offer advice. I've had an ongoing issue with my tax for ages now. Paye. In July 2010 I received a refund for overpayment in the year 2008-2009. In December 2011 I received another p800 stating I've underpaid in 2009-2010. By the same amount as the overpayment they refunded me thr previous year. Anyway…
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1 tax or 2 tax bills??
Hi guys has anyone got any info on this.. I'm already a sole trader running a fishing boat & selling my catch doing my yearly self assessment etc.. Now I want set up a limeted company doing something different, but carry on doing my fishing job as a sole trader. Do I pay 1 tax bill for both put together as I am one person…
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Offshore Sole Proprietorship
Is it possible to form an offshore sole proprietorship business entity like onshore?
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Help with Self Employed N.I. please?
After 6 years my company have just made employee staff go self employed,and I am not sure after reading HMRC. website what to do about N.I payments.as I am only part time. So far this tax year[6 months] I have earned as employee £3374[so paid no tax] and paid £40.80 N.I.Some months like this one[employee] and the next one…
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Council Tax on Empty Property is Changing
Lots of stuff around on welfare reform and how many people will end up paying more council tax due to cuts in council tax benefit but seems to be less information around on plans to change empty property Council Tax charges. So this is a heads up for landlords \ owners \ tenancy holders etc with empty properties who may be…
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Benefit of getting a company car...
I'm in a situation where i am going to be negociating the t&c's of my contract and need some advise. I am currently paying 20% tax but am getting close to the 40% bracket. from my understanding the below is the latest figures for basic rate of tax. Personal Allowance = £7475 Basic Rate Max = £35000 Grand Total = £42,475…
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Not paid tax/ni/vat for 14 years..
Hi, Please help. I am in need of some urgent advice re a family member who has unknowingly to us gone completely and utterly rogue with his finances. He is an older gentleman with absolutely zero financial insight. He is self employed in the farming industry. We only became aware of his problems 3 days ago when his house…
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Taxed 38% on Bonus
Hi, I recently recieved a bonus of £5000 and was taxed about 38% leaving me £3155.94 in my pocket. My Tax code is 823L and I normally get taxed around the 17% mark on my monthly pay. Is this the norm for bonuses? Thanks for reading
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Employer PAYE Tax code error - help needed
Hi there. I posted this same topic yesterday and got some interesting replies that have helped me hopefully explain the following problem I have better than before. Unfortunately I was informed my post wasn't really in the best Forum. So here it is and I really hope you can help: I was made redundant two months ago after…
