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Tax code 0tw1
My son has just received his very first wage. They have used tax code 0tw1 and deducted tax. We weren't expecting for him to pay tax straight away as thought he'd have to earn a certin amount first. Is this correct? Thanks
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tax advice
Hi everyone - we're in the peculiar situation of having a house in Britain (which we plan to let shortly) due to a move to Sweden for OH's work. We will need to buy a flat there as the rental market is virtually non-existent. We also have a house in France (no mortgage) which we bought some years ago with plans to…
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Self Employed or not! Heavily confused while filing my Self Assessment...please help
Hello fellow MSE's, I sat to file my self assessment thinking it would be simple and fast and am now completely lost and utterly confused. I am looking for some expert guidance. I have a primary job in the public sector and this is my main salaried employment so tax and NI are taken care off by payroll. However, I am also…
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Tax point for self assessment account - Invoice date VS payment date
I am doing my first SA tax return, turnover was 40,000k, but I cannot find an answer whether I take the invoice date from my suppliers, or the actual date of payment as the date of debit on my account. Please help!
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Understanding old tax bands
Hi all, Am trying to get to grips with some old tax affairs and am reviewing tax calculation summaries from the accountant. I have 2 queries which I can't understand: 1) can anyone explain why for tax years ending 07 and 08 the accountant has calculated a portion to be taxed at 20% and a portion at 22%? (I understand the…
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Pay tax for Bank interest for FY 07/08, 08/09, 10/11,
Hi, I have not been able to file my self assessment tax return for above years, neither did I got any letter from HMRC for filing my returns. I want to know how can I correct this and pay the tax back, the amount is not much it may be <100 GBP for taxes. I did got some dividend { < 500 GBP }in 09/10 for which I need to pay…
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Underpaid tax letter
Hi I received a letter saying that I had underpaid tax in the 2011/12. Part of their calculation claimed that I had received nearly £1500 of jobseeker's allowance which is not the case as I was in full time employment. How do I sort this out? K
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Partnership Return - Losses & Capital Allowances
Hi My husband and I are in a partnership. I'm trying to fill in the partnership tax return using the Andica software. This is the first year we've done a partnership return. We made a loss this year as we made some investments which have gone under the Annual Investment Allowance, and we also had a lot of expenses. However…
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Tax back on share dividends?
Hi all, can we claim back tax paid on dividends received for shares, as my wife is a non tax payer and shares are hers, thanks.
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Claiming tax relief on mileage for the 1st time...
Hi This is my year of having a car allowance and using my own fuel. I know there is a form that I can fill in but is there a quick calculator that I can work out what I will receive? Am I correct in saying that the first year you receive it back as a refund and then they amend your tax code? If they amend your tax code and…
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Can I claim my petrol Money back although I am PAYE
I have been offered a three month contract but it is 75 miles from my home. At the moment I am Self Employed which entitles me to claim the mileage back, but they have also offered me to go PAYE, which has a few more benefits.I have seen that Ican claim Petrol Money back from HMRC on PAYE, but would it go against me as I…
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Self assessment & pension
I just completed my first SA after retiring in June 2011, so I had both earnings and pension to declare. I duly ticked the 'received pension' box at the start of the return. When I got to that section, the first entry was for the amount of 'State pension' (SP) received - but as i am only 61, that was zero. The on-line…
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Wanting to DIY accounts
I've been looking online for the last couple of hours for a list I can use to help me determine which expenses go where on a set of accounts (the profit and loss sheet). I'm about to start inputting all of my transactions onto Sage and I want to be sure I enter them correctly. For instance, if I purchased software, what…
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Self Assessment calculation -- no personal allowance?!
Hello everyone I've just completed (but not submitted) my Self Assessment tax return online, and the final calculation seems to be taken from the gross income amount, without any consideration of the personal allowance. Needless to say this has come as a bit of a shock. The gross amount is ~£15k, and the calculated tax…
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Car mileage and expenses
Hi, have been looking for the answer to my question but nothing fits exactly. Self Employed Carer and have just purchased a car, prev used public transport. I charge the client 45p per mile for travel in addition to the weekly fee which goes on my invoice to the client. I see from these posts that you can claim 45p per…
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Do i pay tax
Good Evening I wonder if anybody cound advise me on this scenario: I want to start a project and lots of people (worldwide) want to invest money as a gift to start it. Would I have to pay tax on this money and because it is a large amount of money I assume I would have to register for vat. This project might not be profit…
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HMRC Late fees
Hi, I have been helping a friend with her old tax return for 2010/11 that she has only recently sent it off to HMRC. As you can guess she has received a demand for £600 as it was well overdue. The thing is she was employed for the whole period with a large company so they would have sorted tax etc as a result there is no…
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PAYE error
I was recently informed by my employer that I had received tax relief on my pension contributions via both PAYE and on my contributions to the pension plan. I have checked my P60s and payslips and can confirm that my P60 shows my income after my pension contributions were deducted. My pension statements also show tax…
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Becoming a contractor and IR35
Right, A question to the wise. I have been working for 5 years for my company, and was considering becoming a contractor as I would like to reduce to 3 days a week, to allow me to focus on some other important voluntary work (debt counselling). I was going to set up a limited company, and was obviously hoping it would be…
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40% Tax help please
My husband is on 'peace work' so we never know exactly how much he will get paid a week, month, year etc. He has been lucky to have a very good year and may exceed the £43000 by mid march. How will this affect the tax as i know it will take him into the 'super tax' bracket, is that just paid for the amount of weeks he is…
