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£10,000 how do I pay the tax?
I have a job and am also self employed with a side line business. My boss has asked me to consult on another business he runs. He will pay me £10,000, I just have to send him an invoice. Do I just put this down as services rendered and put it through the books of my own business?
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Getting car out of the company to reduce tax
We have two company cars in our limited company. One is currently worth about £1500 and the other about £5000. If I understand things correctly we pay tax on them as a benefit in kind based on the brand new list price of each car. I think this is costing us dearly and think it would be better to take the cars out of the…
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Tax on rental property
I wonder if anyone can advise the best way to reduce the tax on a newly rented property. My concern is that I earn significantly more than my wife and really don't want to pay tax at the higher rate on the rental income. Both the property and the mortgage are currently still in my name and due to the nature of the mortgage…
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OT week/month 1 code for red payment? Due money back?
Hello i am hoping somebody can help me. I was recently made redundant from my employer. My redundancy pay / holiday pay was taxed on a "0T week/month 1 coding. This coding is used for all payments after date of leaving and after issue of P45" I queried this at the time with payroll manager / employment lawyer and both are…
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Confused over tax changes, Please advise me
My husband and I are ex forces. I'm not sure how my husbands job and pension are going to be affected by tax at the end of this year. On discharge from the Army, he receives a pension of £8956.80, (before tax) and also has a job which pays, £30432.00 (before tax basic wage). The problem is he does quite a bit of overtime,…
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Starting work in Libya
Hi all My first post so please be gentle. I'm about to start a new position in oil/gas based in Libya. I'm new to this industry and looking for some advice regarding uk tax, uk residency and best place for my money to be going..? The situation is as follows: * Working a 28 day rotation (month on month off) * Getting paid…
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Can the VOA backdate a re-band?
Briefly, we bought house in Dec 2009 with a small connected annex, which was rented out and we have continued to rent out (to same tenant). Following tenant's application for Housing Benefit a visit from the VOA was triggered, which decided that the annex should be treated as a self-contained unit and therefore have it's…
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rental property Tax return if mortgage paid off
Hi Can anyone advise me on this? If my other half was to pay off my mortgage on my property that I rent, what would be the tax implications? for instance when I submit my tax return would the accountant/tax man take this in to account and stick me with a large tax bill? Thanks
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Can I claim tax relief on payments to foreign retirement annuity contracts?
I would like to know whether I am able to claim contributions to foreign retirement annuity contracts in my UK self assessment return? I am from South Africa and have lived in the UK since 2008. I complete a self assessment return each year as I earn non employment income in South Africa which I declare. I also contribute…
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Tax on Sexond Job?
I cannot understand the info on the HMRC site so please can somebody help? I am currently working 21 hours per week and am unable to receive a contract for more hours so am considering a second job. However, I cannot seem to work out if I will end up paying more tax on the second income, even though both would be minimum…
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NI Classes 1, 2 and 4
Hi there Hoping someone can help with a couple of very specific questions. I am employed, and self employed. I pay 1, 2 and 4. My employed earnings are in the 20% bracket; my SE earnings don't take me into 40%. Last year my SE earnings were around £4k but I didn't apply for the SEE at the time (I hadn't realised I could).…
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Tax Returns & payments on account
Hi My accountant has just finished my first tax return on rental income. On the statement (computation) they sent over it states that not only do I have to pay this years return by 31st Jan (I have no problem with this) but I also have to pay at the end of Jan half of next years TR followed by the other half in July next…
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Part Time Self-Employment unregistered
Hello, Apologies if this has been discussed before but I may have a situation here that I'd really like some help with. I have been employed PAYE since 2007 - fortunately never having been out of work. I'm still employed by a company to this day, but in Jul 2011 I began carrying out a few video production jobs for a…
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Reasons for my wife to pay self-employed NI contributions
Hi, My wife is a full-time mum. She does a little bit of self-employed work (buying and selling on eBay, etc) but never earns more than £1000 in a year. She has been paying National Insurance contributions by virtue of not applying for a small-earnings excemption, but would obviously qualify if she wanted to. My question…
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About "Personal Allowance" on P800 (section 8)
Hi, I recently received a P800 regarding an underpayment of tax (£68) in relation to tax year 2011-2012. I work for the NHS. My tax coding notice, pay slips for the year and P60 state 774L instead of 747L. This is due to (expenses deductions: laundering uniforms) So far so good. I've checked and double checked my PAYE…
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Oops, I've failed to tell HMRC I'm self employed
Hi guys, to come clean, I've been a bit stupid / naive. I'm 20 and live with my parents at the moment. I left part time employment at Sainburys Dec 2012 and joined a startup internet business, in Jan 2012 (on hired basis), which was excellent because it got me back into web development. I have been working self employed…
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"Stolen" Tax Rebate cheque
I was contacted by the HMRC Tax Office on 6th August this year telling me I was due a tax rebate of 3,210 and that they would send a cheque separately. I waited and nothing arrived. In mid-August I phoned the Tax office to inform them that the cheque had not arrived but they told me to wait 14 Business Days. In early Sept…
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Indemnity insurance tax
I have received a sum of money from the indemnity insurance I had for a previous home/mortgage. I have received a cheque from the insurance company and something called a “Chargeable Event Certificate”. On the chargeable even certificate it says: "Amount of gain rounded down": £17602 "Amount of tax treated as paid rounded…
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Tax on rent
Hi, My boyfriend wants to pay me some rent for staying over 3-4 days a week and storing some of his stuff. We’d be sharing a room, but he’d have the main use of the spare room as his study/games/storage room. If I provide a small amount of furnishing for the study, say desk and sofa-bed, can I use the rent a room scheme to…
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Any help on P800 tax underpayment appeal for a pensioner?
[FONT="]Hi[/FONT] [FONT="]I’m posting on behalf of my Dad who has just been told he owes £2,300 through P800 notifications for tax years from 2008-09 to 2011-12. My Dad is 68 with combined income from his pensions (before tax) of around £12,000 so any reclaim is going to have a major impact on him. Having spent a…
