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Paying tax on rental income
We relocated due to work and rent out our only property whilst renting another in a different area. Our mortgage interest payment is £375 (though we pay £675) We get £775 in rent We pay £1,050 to rent the house we live in. What exactly are we expected to pay tax on? We are not running a property business. We are not making…
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Tax on income when retired
Hi, Hoping that someone can help me out with this. Both of my parents are now retired, for many years my Dad has enjoyed painting, and has a loft full of paintings from over the years, some of which are pretty good. In order to supplement their pensions they have the idea of selling prints of some of these paintings. A…
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Corresponding with HMRC - trying to make progress
Prospective client comes to see me with a tax code problem. He has recently retired from work but is not yet old enough to receive a state pension. He has a underpayment from an earlier year which was being collected through his PAYE code number relevant to his employer. Unfortunately HMRC has issued code 810 L to his…
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Self Student Loan Contribution on earnings or income?
*Typo in title sorry* Student Loan Contribution on earnings or income? Hi, I'll try and keep it brief! I've registered for self assessment for the first time as I inherited and surrendered UK and offshore bonds. I have been filling out my return online. I was a little shocked when I got my calculation that I have a student…
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Tax Underpayment Letter
Hello all I have received a letter from HMRC stating that I have not paid enough tax for the year 2010 / 2011. The letter states that I had 2 jobs at the same time and that I was receiving the full allowance for each job and I now owe them £1140.20! I did switch jobs in 2010 but never had 2 at the same time! They claim…
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Tax rebate for uniform query
I know mse say the army pay for uniform laundry but i did 7 years in the reserves and unless i was away for their 2 weeks annual i had to wash my stuff at home. So would this be an exemption? Another one i wear the same uniform as a PCSO in the police but im not a PCSO so wouldn't this qualify me for the £140 instead of…
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Becoming self employed
I am about to start my first contracting role, and am not sure where I stand re tax, and what I can claim against my earnings that can be claimed against tax, i.e. a car etc. Please note I also have an income from a rented property which I presume must be taken into account. Any help would be very much appreciated.
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Distressed - stolen tax refunds?
Hi MSE folks, Please help me and give some advice as I am in deep dillemma right now. I engaged a tax accountant to help me re-organise my past 4 years' taxes. I am always on PAYE and full time perm employee so there is nothing too complicated about my tax matters when it comes to Self Assessments. I do have very small…
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Field Rent against tax return
Just starting up a pet services business and have clients already booked so pleased with the response. I have been looking for a field to rent for ages for training of my own dogs (gundog, field trials) and have never managed to find one. Today I have been to see the most perfect fields to rent will be great for exercising…
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HELP! Tax Code Underpayment??
Hi There Really hoping that someone can really help me out here as the Tax Office are completely useless and dont understand anything they say even when I have a good grasp of how the financial calculations are done. Basically what has happened for the past 3 years, since I got a mortgage on a staff rate, my tax code…
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UTR and self employment
I registered a few weeks ago as self employed on HMRC's website. How long does it take to get my UTR or is there a way I can find it out online?
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In a horrible muddle over completing tax form P50.
Not having the best of days :embarasse I received some back pay in this tax year for a job that ended at the end of Feb 2012. But since that job ended in Feb I worked in another job which started in this tax year and finished over 4 weeks ago. I overpaid tax in the job that ended in Feb 12 so HMRC sent me a P50 during the…
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Single Farm Payment
If a single farm payment entitlement has been bought for 15k + vat by a self employed person who is vat registered, should this be shown on the balance sheet as the net of vat figure? Also, I assume it is correct to show this as an intangible asset but there doesn't seem to be a suitable heading on the chart of accounts,…
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Tax question!
Hello, I started working 2 months ago and earned £900 pounds last month and was taxed correctly. My question is, this month i will only be earning £550 so i will i receive some tax back with this pay?
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Tax Rebate Cheques Not Received
Resolved :)
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Should i be paying tax?
I have only just started my first job at the beginning of August, working part time and still receiving job seekers allowance as i'm only doing a handful of hours. I've worked there a month today and after calculating tax, i've been taxed around a third of my pay so i was wondering who i should contact if i shouldn't be…
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Possible to Reclaim NI Contributions?
Hey guys, I was wondering if there is any way of claiming back NI contributions like there is with tax? I work part time and so my income is below the personal allowance for tax and most months it is below the NI primary threshold (£146 pw). There have been a few months so far this year when I have worked overtime/been…
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Accountancy Fees
Can anyone give me a rough idea of how much an accountant would charge to prepare the annual accounts for a limited company including submitting a corporation tax return?
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P60 form - quick question
Hi, I moved jobs last year. I have my P60 from my current employer up to the date of the end of the tax year 11/12. Should I have received a P60 from my employer before that? (which I left in the same tax year). Thanks
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Filling in my first tax return
Hi, Ive been freelance (as well as working full time for an employer) for 3 years. The past 2 years Ive used accountants, but they charge around £250. Im very methodical with my accounts because they are very simple - I keep a spreadsheet recording income and outgoings. I cant justify paying the accountants £250 for taking…
