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Self-employed - cost of a laptop
Hello everyone I hope you will be able to help me. I started as a sole trader Feb 2011 whilst still employed and am about to fill in my 2011-12 tax return. My work is being a trainer and need a laptop for presentations. I bought one during the 2011-12 tax year. It is used solely for my work. Can I claim the cost as an…
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Tax relief on mileage...but now have fuel card
Hi all In a few weeks time I will be starting a new job and due to the mileage I will be doing I will be issued with a fuel card. I can use this for private miles also. I will receive a car allowance each month which is similar to my existing job. Last year I did around 10k business miles, and as such claimed about 1k back…
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Full time employed plus part time self employment = potential tax rebate?
Hi all! I work FT paying tax via PAYE. In August 12 I set up a self employed sole trader photography business and will be doing my first tax return this coming april. Currently, the SE business is running wih expenses of around £1800 and a received income of about £564 (with an addtional £800ish invoiced but not yet…
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Stopping Phoenix Trading with stock
I have been a Phoenix Trader for a few years but decided not to renew my membership this year as I wasn't doing much in the way of sales etc. I have got stock left that I had bought in for selling at fetes etc, so what do I put on my tax return regarding this and do I put the end date of business as the date I should have…
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New car for the self-employed
Hello, I'm self-employed, Usualy I go to the customer's home due to the nature of my work. Currently, my car is broken and We (with my husband) want to buy the new car with the financial plan. And now my question: can I buy it as a company car and tax deduction, although we will also use it for private purposes in 50%.…
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Co-operative dividends
Hopefully this doesn't come across as a silly question - but help! I'm filling in my tax return - self employed and part-time employed, and I am wondering how to fill in co-operative membership dividends. I don't think I actually earned anything (the letter says I haven't earned enough for a share of the profits payment…
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Self Assessment Calculation
I've just filled out my 3rd yearly self assessment (for year 2011-12) and this is the first year that my sole trading business made a loss (I'm employed full time and on PAYE but I also work self employed as a developer). I entered my profit (998), my expenses (1487) and my annual investment allowance (392) for a loss of…
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Self employed car expenses
I am confused about what I can claim for my car on my tax return. I am mostly reimbursed for the mileage I do, I add it to my invoice. should I actually be putting this down on my return as income and then putting petrol, tax, mot etc down as an expense? In the past, the company I was doing work for paid less than 45p per…
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PAYE and P11 help
Hi, I've not long started self employment under my own Ltd company and need to make my PAYE payments and need to understand how much to pay. I've spoken to HMRC and it made sense more or less, I'm using their basic PAYE tools package which creates the P11 form for me, they said the following; Add up column 1f, Emp and 7…
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working from home - tax relief
hi I am a home worker but I am not self employed. I work for a city centre company but my base is my home where I spend approx 50% of my working week. Am I able to claim any tax relief other than the basic £18 per month as this no where near covers the additional energy costs I seem to incur. All other expenses are covered…
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Self employment, how do i claim electricity and gas expenses
The work i am doing is all from home, its an internet based job, sort of like admin but all online. The hours vary from week to week, some weeks its 10 and others its 20/30. Would i be able to claim back part of the energy bills? The other question is, the name on the bills isnt mine but i do pay for one of either gas or…
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Saving income prior to 40% deducted
This may not be the right forum but I'm wondering if there is a way of saving some of my income from source to avoid having to pay the 40% income I currently pay. I already pay into a public sector pension scheme and don't really want to lock anymore away. I'm looking to save for short to mid term 2-5 years.
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An account for self employed working from home ?
I am self employed working from home. I am not making a great deal of income compared to the national average but enough to live on and pay the bills. I have been advised many times that an accountant would be a great thing to have. I have always been put off the cost of one because of my relatively modest income. I always…
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Work out tax half way through financial year
I have recently changed jobs and in my first month since they received my p45, the tax is crazy! I am looking for some kind of tax calculator that works out the tax for part way through the year. If not, can somebody on here help me with how much I should be getting taxed please. Thanks
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Self employed on-line tax return query
Bit puzzled by section on online tax return (helping daughter with hers. 2nd year of self employed trading) Under the heading Capital Account, it's asking 94. Balance at start of period 95. Net profit or loss 96. Capital Introduced 97. Drawings 98. Balance at end of period Obviously 95 and I guess 97 are not a problem…
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Tax Rebate
I have been approached by a company called Teacher Tax Rebate to apply for tax relief on subscriptions paid to a teaching union. Is this for real? Can I reclaim straight from HMRC and therefore not pay any fees for doing it? Also, never considered it before but having read this forum today... Can I apply for any relief on…
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Personal Loan for business purposes
Hi, I am currently full time employed and pay tax via PAYE - i earn less than £30k - but this year i have started my own business which i am running part time for now. So far the income from the business has been very low. I took out a personal loan of £7k to buy equipment which is being re-payed at £230 per month. I have…
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How much CGT on £30K?
Have just been informed that I will be receiving around £30K on an investment based performance bonus. I have also been told that I will be liable for CGT on the entire amount. My question is, how much should I set aside (make a provision to pay it in April I assume), or is there some way that I can invest it again and not…
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Confused with how much i'll get taxed
Hi Im a bit confused as to how much I will get taxed. I usually get £447 a month but this month I have done some overtime and will be getting £997 (roughly) and my tax code is 810L. I was wondering if anyone can help me by telling how much i will get taxed? Thank You :)
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Occasional work abroad
A friend has been offered the chance of occasional work abroad - say a couple of two week periods, working as a tour guide. Payment would be in Euros at the rate of around 100 a day. Obviously what he should do is declare every Euro and complete a self assessment form. But what if he didn't? Realistically, what is the…
