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Tax deadline penalty
Hi, Can't find the answer to this anywhere on the HMRC website. If I pay my tax online on 31st January, will I be liable to a penalty for late payment if the payment takes 3 days to clear to HMRC?
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Company car taxcode question
Hi Hoping someone can help with my query below please? I had a company car for years and it cost me about £95 a month in tax. When I gave the car back and took the cash allowance, I expected my tax code to up to the normal one but I've only got about an extra £50 a month. When I queried it, they said I still had to pay…
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Tax breaks because of excessive cost living expenses.
Hi, A little bit of background, I have worked all my life, never claimed a single penny in any benefit, and always paid whatever tax was asked of me (PAYE). However my basic cost of living expenses for clothing are vastly higher than most peoples due to my height (7ft tall, 23stone). I don't have the option of walking into…
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Tax Question
Hi, I have two questions I'm wondering if anyone can help me with. I have a tax bill for 2011 to 2012 of £2234 which I will pay upfront, then I also have a 'pay in advance' tax bill for 2012 to 2013 for 1900 half due 31 Jan 2013 and the other half due end of July 2013. I'd like the tax department to spread out the £1900…
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P800t
Hello Im confused and need some help with a letter I've just received from the taxman. It's about 4 sheets long and at the bottom says P800T - which has a load of calculations about payments dating back to ten years ago. It says one of the sheets You did not receive all the benefits of your tax free allowance and on the…
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Minimising CGT on Two Properties
We bought our house in 1987 for £100,000 spent £125,000 in extending it and it is currently worth about £600,000. We bought our flat in 2005 for £230,000, Spent £125,000 on renovation and it is now worth about 750,000 and has been let since 2006 on an AST Our medium term aim is to sell both properties and consolidate our…
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K tax code, received rebate but still K code
Hi Wondering if someone can explain this to me! I used to work full time and received a salary of approximately £30K. I then went on maternity leave in 2010 and returned to work Sept 2011 part-time. For the last two years my P60 has a tax code of K29 which I assumed was correct (I was busy with baby so to be fair wasn't…
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Joint Capital Gains Tax allowance - CFD brokerage account (investing)
Hello all, My first post on MSE.com although I have long been aware of it as a 'lurker' and know that there are some incredibly knowledgeable members on here - my name is James :beer: My question is regarding Capital Gains Tax allowance on a jointly owned brokerage account. I have already trawled HMRC's website and made a…
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Am I about to get rogered by HMRC?
So, leaving everything to the last minute like I have a habit of doing, I have just sat down to complete my self assessment and now discover that I don't yet have a "gateway" login or password in order to do it... and "it can take 2 weeks" for them to arrive. :eek: Do we have any HMRC insiders here that can advise me on…
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Pros and cons of being a higher-rate tax payer
It is possible that after April this year I will creep into the higher rate tax bracket unless I do something like up my pension contributions. Also, it is possible that from September I will no longer need my childcare vouchers, which would push me up even higher. I want to know what are the pros and cons of being a…
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subsistence expenses
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Sole Trader Self Assessment
Hi, I became Sole Trader, self employed in March 2012, not very successful trading so far, will I need to submit a SA by the 31st? I have received a letter to pay my NI class 2 contributions with an amount which I will pay in the next few days. Thanks in advance for any help.
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Import duty on used goods originally bought in UK
I'm looking at importing some high value camera bits, all second hand. I know import duty is payable on used goods, but the complication here is that the goods were originally bought in the UK so VAT has already been paid. The seller is British but now lives in Kuala Lumpur. How will customs treat this consignment? What…
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Tax Calculation
I need some advice regarding some correspondance I have received from HMRC. I have had a P800 Tax Calculation regarding tax year 2011-12. They say that I underpaid tax and are looking to collect it through 2013. During 2011 I worked fulltime until Oct, then quit my job. I did sign on but only to ensure that my NI was still…
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Working from home
Hi, thanks in advance for any answers. I work from home as a condition of my employment. I recently wrote to HMRC asking for the flat rate £3/week (for last tax year). They've now adjusted my tax code for next year too but it seems they are only giving me tax relief on £200 income (presumably 50x£4/week (the new flat…
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Self Assessment - Capital Allowance Question
Hi all, I am finally about to submit my tax return, but I have a few questions first. I'm a bit of a newb when it comes to all things SA as I only recently registered as self employed. The background: - I registered as self employed at the beginning of 2012 (February). - I was employed full time and being paid PAYE until…
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Paying too much tax.
I’ve been in employment for 3 months now as an apprentice earning less than £450 a month. I have been emergency taxed on my wages for the 3rd month running roughly taxed £80 a time, give or take. (Meaning I pick up roughly £350, again give or take) I didn’t think I could be taxed when earning such a little amount. Why am I…
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Class 4 NI contributions.
As I'm self employed I pay Class 2 NI contributions monthly. After completing my tax return online, it then says I need to pay class 4 contributions as well. This is 9% of my profit/living wage, so I have to pay the basic rate of tax at 20% then a further 9% on top. 29% tax. Is this right?
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Council tax from gross or net income
This is a basic question... but it bothers me! If council tax is a tax as the name suggests, why doesn't it come out of my gross wages rather than net? Assuming that housing is an essential need to a human being, why is it not taxed at the same time as national insurance tax and p.a.y.e? I pay every month £125 of council…
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self assesment help
first time filling in form trying to do it alone as cannot afford an accountant my year only runs from 19/12/2011- 05/04/2012 due to starting out tried ringing tax office but no one available to help and a call back would be next monday basically i have a car that i use for my self empolyment. i'mstuck where it asks about…
