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Brother owes HMRC - pay owed to accountant!
Brother has lot of hassle recently with HMRC - all his fault. Finally, got an accountant to sort out the mess of his own doing. Anyway, HMRC now want £2500 up front, then £250 a month. Hes managed to rope our Dad in to give him £2K (which I'm not happy about but thats another story). He says hes got to pay accountant the…
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Expat Return to UK
A couple of days ago I posted the following, probably on the wrong forum site/page and just received a heap of abuse. If anyone can advise before I see a tax advisor it would be appreciated, expat bashing not appreciated.;) I would appreciate any help of guidance on the following: My husband works overseas and has done so…
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Tax on earnings
Sorry but can't find out how to post a new forum topic! Wanted to know if individuals need to declare cashback for a tax return in the UK or USA I have received several hundreds of pounds Thanks.
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Basic Tax Question
Can anyone clear up some confusion about the tax return due before 31st Jan? My friend worked freelance in 2012 for about 5 months. Does she have to do her self-assessment/tax return before the 31st Jan? She says she does it next year because the tax year for 2012 runs in to April this year? 'Tax doesn't have to be taxing'…
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Self Assessment Confusion
Hello there, I'm looking for someone with a bit of know how to clear up my confusion on my self assessment. I am employed and have entered my job income. I jointly own a property and my share of the income comes to 4125. The confusion arises when I add in the expenses for the property i.e. repairs, mortgage interest,…
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Foreign Income, UK Tax
I had bought property in India when I used to live there. I am now in the UK (for 10 years) and British national. I recently sold my property in India but am not sure when I am liable to pay taxes in India or the UK (and also when). Can anyone shed some light on this? Thanks
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Army pension & Self assesment help
Hi, My partner receives a pension from the army. He is now self employed. He already pays tax on his pension so will it get taxed again when he include it as income on his self assessment. Thanks in advance Natalie
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Other receipts in Simplex D
About 20 years ago I did a spreadsheet and laid it out like Simplex D, The business has now been sold as it was making a loss. Some parts of the week pages were used but not all, I now need to enter the payment for the shop sale into the final accounts, I can see where to put it on the page, but then I'm lost, as I didn't…
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MSE News: Hurry to avoid a £100 self assessment tax fine
"Over a million taxpayers risk a £100 fine for filing their self assessment tax return late, so act soon..." Read the full story: Hurry to avoid a £100 self assessment tax fine
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Selling inherited property in France - tax help please
Hi, I'm actually a regular on MSE but have created another username for this query as I don't really want everyone to know all of my personal affairs! I am hoping someone can help with the following please: I inherited a property in France a number of years ago which has not had anyone living in it for over 10 years now…
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Paying tax on losses from small business
I'm new to this and think I've already posted elsewhere but I have completed my Self Assessment form for my small jewellery business. I have made a loss of £2196 in total (my income from the business was £455). It has given me a calculation that I owe £158.40 for tax, NIC4 and Student Loan. I don't understand this figure -…
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Tax on savings account (several years)
Hi, I was looking for some advice on how best to deal with a tax issue. I've just been filling in my self-assessement for this year and realised that a savings account I have had for over 10 years has not had tax deducted. I believe it was initially set up for me when I was a teenager (around 1998) and still studying, so…
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Saving tax???
I am currently self-employed, my income so far this year is just over £57,000. Now that I have gone over the 40% bracket, I am looking to see if there are any possible ways that I can cut my tax bill for next year? Ive briefly spoke with my accountant and he seems to think the only real option for me is to set up a…
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Self Assessment - CGT on jointly owned house
I've previously been helped in this forum with the calculation of CGT due on a house that my wife and I jointly bought, occupied and then let. I'm now having difficulty completing the 2011/12 self assessment submission and so would be grateful for some more help. All figures below are approximate. My problems stem from the…
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LEL on P60
This maybe a stupid question but I would like to know about P60 that says £1326.00 is above LEL. Also in the next section it say that LEL is £264 is above the LEL. Therefore a person can earn £1062.00 this would take that person below LEL. What is the significant of this on tax please.:T:T
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£200 Tax on £1000 Profit?
Hi I've more or less completed my first self assessment, and it looks like HMRC are looking for £200 tax on £1000 profit. Maybe I'm being naive, but it seemed liked to much to me? My day job salary is 37k, and I have no other sources of income or investments. Does this figure sound about right? Thanks PennyPincher3562
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Self Assessment - Santander shares - no dividend?
I've got a few shares in Santander - less than 100 and I opted just to get new shares instead of a dividend. I'm not sure what to put on my self assessment. Any ideas?
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Can I reclaim the S.E. National insurance I am paying
My employer made us change to self employed in August 2012[to dodge the new pension regulations]Since I have always earned over £8000 p.a.[part time] I started paying class 2 N.I. payments.But my work suddenly dried up and I doubt I will make £5595 this tax year.Will I be able to reclaim payments back and as I have over 30…
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Self Assessment - Pension Questions
Hi There I'm currently working through my first self-assessment for tax period 2011/2012 - didn't make much profit, but think it's a a good learning experience. I'm stumped by the following question: 'Payments to registered pension schemes where basic rate tax relief will be claimed by your pension provider (called 'relief…
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Reducing payments on account.
I'd be grateful for advice on this. I've made personal pension contributions in this tax year that should reduce my overall tax bill by about £2000, and I'd like to reduce my payments on account. However, the options available on the SA website don't seem to fit this particular purpose ( as below, taken from the website)…
