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New business, when is tax return due?
Hi, I started a business in May 2012, do i need to do a tax return before the end of Jan 2013??
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Professional networking expenses
I wonder if anyone can clarify this. It is my understanding that the self employed cannot claim expenses for coffee/lunch for a client or colleague they are meeting - or even for themselves at such a meeting. However an accountant told a friend who was self- employed for awhile that the tab could be put against expenses if…
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Do I need to do a tax return application?
I'm currently employed and pay tax through PAYE. I've recently fallen into the higher rate tax band. I understand that I would need to now declare the interest earned in savings accounts (non-ISA) and any charity donations I've made so the relevant adjustments can be made as they would have been based off the basic tax…
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When to Register
Hope somebody can help. My OH is employed, I'm a SAHM receiving CB. In tax year 2012-2013 he will not earn over £50k, but in tax year 2013-2014 he might (through extra overtime to pay off debts). I want to make sure we're registered to do a tax return so we get the right CB in year 2013-2014, but I don't want to register…
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SA Tax Return - Payment Advice Please!
Hi all. I submitted my SA tax return on 8th January and this was the first year since I started my P/T self-employed business that I have made a profit (yay!), however it also means that i now have a payment due of around £70 by 31st Jan, and I don't really have the money for it... Someone told me I can offset this payment…
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Tax/NI/Student loan on 2nd job
Hi all, First post so please be nice! I've tried to search this before posting but getting too many results to see an answer to my question. I've got a main income of 33k and on top of this I'm about to start a second job with an income of 5k. Both standard PAYE and I don't fill in a self assessment form. Through the main…
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UK Tax Back for Backpacker
Hi, I was wondering if anyone had any knowledge on claiming back tax due to not making the threshold while the taxpayer was absent from the UK i.e Working Holiday 417 Visa in Australia. I working in the UK from 06/04 to 01/06 making earnings of £2500 and paying the full tax of 20% including NIC as well. I then left the UK…
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Self Assessment - dodgy past employer leave me with a dilema
Hi all, I hope someone advise me of how I should deal with this issue: Just filing my return and it seems one of my PAYE employers has submitted some rather strange figures about how much I was paid. I have a number of payslips that seem to have an additional £1000+ added to my salary and then deducted. So many of these in…
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Pay tax on savings but not on rental income
Hello My only taxable income is about £10k per year on savings interest and £4k per year rental income. I have always paid 20% tax on the savings interest even when the amount of interest I was earning was below the personal allowance. So I assume I could claim a tax refund for some of this if I so wanted. I invested in…
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Can I claim tax relief on an interest only mortgage?
Help! Filling out my self assessment and am tying myself in knots............where it asks "loan interest and other financial costs" can I put my interest only mortgage in there? I haven't received a tax statement from the lender so have no idea how much it would be. Thank you for your help. Bodie
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Import VAT on gifts?
Not sure if anyone can help with this one-- My family live in the States and sent over two parcels for us in the last week or so. One was a couple of old mobile phones for the kids to use and the other was a pair of jumpers that my sister knitted for them. The parcels were clearly marked as gifts. We had a notice through…
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First tax return
I have to do my first tax return this year as I have moved from an flat into a house and now rent out the flat (during tax year 11/12). My wife and I are basic rate tax payers. The mortgage for the flat is in my name and my mothers (this was the only way I could get the mortgage back in 2006). Rental from the flat goes…
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tax investigation Fees
After having gone through a long and expensive " enquiry" which resulted in nothing found and case closed. I have inccured a high cost from my accountant for fronting this enquiry. I have been informed that this fee is not tax deductable? I am confused as to why I can not claim this as an expense seeing as I did not…
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Penalty Fine
I registered as self employed under a tax amnesty program in September. Just to clarify, i wasn't avoiding registering/paying tax - i only earn a couple of thousand a year from self employment anyway - it was just pure worrying and part ignorance on my behalf. Anyway, i got everything registered and back on track with HMRC…
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Pension question
Im not sure if this question will even make sense but here goes!! I generally get the same amount of wages every month but this month, I got about £125 less. The only thing that is different is that I have a deduction for £72.50 for pension. Can anyone advise where the other money has disappeared to?? thanks
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Self-employed: postage & mileage
I'm registered as Sole-Trader and have 4 different sources of Income. But I also have 'other' income from selling the occasional book or DVD on Amazon (I do not have 'Amazon merchant account' , only an ordinary Amazon account). Can I put the postage as part of my expenses? About mileage: I've never bothered claiming my…
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inheritance tax query
Long story short, we are hoping to jump back into the housing market later this year. My father, who is soon to be 77, has just told us that they would like to give us some money towards the deposit - to the tune of £10,000. Am I right in thinking that this gift will not be subject to inheritance tax, as long as he…
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Tax refund automatic?
OH has been self employed for years. In 10/11 he paid an advance on his tax bill. His income dramatically dropped 11/12. He completed his SA 17th Jan and a significant amount appeared in our bank account today titled HMRC SA. We've not had written confirmation of what this money is. Will HMRC automatically return overpaid…
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Capital Gain in 2012-13: when is tax due for payment?
My sister and I shared in the proceeds of a house disposal in July 2012 and am wondering when this tax is due to be paid. I live in France, so my tax declaration/payment is somewhat different to my sister. That said, my elder sister was in receipt of housing benefits and pension credit when the gain was made and as such…
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Capital Gains on Rented home
Hi, My wife and I are just about to rent out the flat we've owned and lived in for the last 8 years as we are buying and moving into a new family home. Im trying to get my head round all the various taxes and in particular how capital gains tax will be levied if we keep the flat for more than 3 years. We brought the flat…
