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Off-setting training costs?
Hello I have a quick question on off setting training costs against my tax bill if anyone can help me that would be great!.... I had a career change and re-trained to become a makeup artist in 2011, as a full time student, the course cost me £9100 (including VAT) When I completed the course, I went self-employed as a…
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Carry back losses 3 years
Hi, I started my business in Jan 2012 and i'm completing my 1st tax return for 2011/12 I am showing a loss of approx £25k (used a large AIA) i am wanting to carry this loss back to 2008/09 (is this still allowed?) to when i was an employee and paying tax through PAYE. I've calculated it so that i make my income for 2008/09…
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Tax question re backdated pay
I recently received a large backdated pay payment into my wages , (shown on my payslip as "pay arrears") ,this backdated pay actually dates back to April 2011 (so spans 2 tax periods), in reference to a significant pay rise which I was due to receive in April 2011, but didn't. So in effect, I have been underpaid every…
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House move - expenses
I started a small home business in 2011. In 2012 I moved house to provide more space for my business can I claim any of the costs as business expenses?
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Company Car
Hi after a bit of advice please. I start a new job and will be getting a company car and get a fueal card but I have 2 options regarding fuel. 1st option company will pay for business and personal and I get taxed by the government for this 2nd option business provision only and fill in forms for business trips and pay…
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Self Assessment, Tax Code and Refund
Hi, Basic situation; did my 2011/2012 self assessment online and it has calculated a tax refund of £62 and some pennies. My situation was that I was in full time employment with a Tax Code of 712L and also self employed getting a very small income on the side, exempt from Class 2 Nics due to the low income on the Self…
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Tax refund
I have a cheque for a tax refund and for various reasons have not yet banked it. Can anyone tell me how long it is valid for please...I thought 6 months but I have read it may be 3 months validity now ? Thanks
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employing family member
i am a sole trader and have been employing my son off and on for the past 3 years, giving him cash for a range of different jobs. i would like to pay him a full years pay retrospectively for last year and would like it to be as simple as possible. Do i have to pay NIC's and register him as an employee, what is the…
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Owe Less than £3000 Tax for 2011/2012
Hi As a 'newbie' sole trader, I made less than £3000 profit for the tax year 2011/2012. I'm just reading through HMRC correspondence and it states: 'If you owe less than £3000 tax for 2011-2012, we will try to collect it through your 2013-2014 PAYE tax code if you have one. If you don't want us to this, you must file…
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Self-assessment - Living outside of UK but earning from UK business
I have not been present for the whole of the 2011-12 tax year. I already submitted P109 to indicate this. I also submitted my P85 in 2007 when I first left UK. Since that time I have been classed as non-resident by HMRC (i.e. I haven't been in UK for more than 6 months for each financial year). I am working from outside of…
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tax rebate for tools bought by mechanic?
hi im not sure if this is the right place to post this? my boyfriend is a mechanic and over the last 9 years has spent £3,000 on tools for his job. ive heard that you can write to the tax office with these details and sometimes you get some sort of rebate for the tax paid on the items? is this true? does anyone have any…
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My Pensions Are Being Taxed - Advice Needed
My military and private pensions are both being taxed at 20% at the moment but I believe I'm well under the threshold for taxation. Are there any tax experts out there who could offer advice?
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Self assesment tax refund
Hi Just a quick question I have overpaid my SA tax for the year 2011-2012 and have just logged into my self assesment account and requested the repayment into my bank account. How long does this normally take?? are we talking weeks or days? as i would asssume they would pay it by BACS? Thanks in advance
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NI for 2013-2014
Has the 2013-2014 NI rates and tables been released yet?? I hear they will be the same but also heard that there will be a slight difference in relation to the higher earner Income tax meeting the same threshold as NI ?? Thanks
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Fuel card and self assessment
I need to check i have got this right for my self assessment: I have a fuel card from the company I work for (covering both private and business petrol). If I bought, say, £1000 of fuel in the last tax year using my fuel card then presumably the amount I have to state in my tax return will be the full £1000 - as per in my…
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SAYE in laymans terms for a numpty
Can anyone tell me in laymans terms what advantages there are to a SAYE scheme? The way I read it is this; Despite them saying it has tax initiatives as they deduct at Net not gross there is no initial tax gain like a salary sacrifice. There is zero interest payable on these savings At the end of 5 years you can either buy…
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respossession and HMRC
Hi I have buy to let properties that are due to be repossessed shortly and was wondering how to fill out the self assessment tax return when it arrives next year? 1-just to make things simple, if i havent recieved any rent (due to property being empty) this current tax year, but have mortgages and loans outstanding and i…
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Reducing Inheritance Tax
I am the Executor of my brother's will. He is terminally ill and I've seen the Will and there are lots of bequests in it, some quite large, others small. His house is probably worth about £450,000 plus he has money in savings accounts. I have 2 concerns - one being the amount of Inheritance Tax that his Estate will have to…
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New Tax & Pensions
Previously on the border of 40% tax feel I gonna now be included does this mean i lose on tax but gain on tax relief on my pension contributions?
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MSE News: Autumn Statement: Tax boost for lower income earners
Those on lower incomes will pay less tax from next year, but higher rate payers face a rise... Read the full story: Autumn Statement: Tax boost for lower income earners
