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Wrong Tax Code - Underpayment from previous year
I'm sure there are plenty of "wrong tax code" posts on here, but this one's a little different. I'd really love someone's opinion or advice on this. I got a P2 form from HM Revenue & Customs today. The letter tells me that as of the next tax year (April 6th 2013), I will be on tax code K208. I'm no expert on tax codes, but…
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New tax code query
I wanted to know if anyone could tell me roughly what the difference would be for take home pay due to a tax code change? I'm presently on a 502L which I've just been informed changes to a 957L on 6th April I know without specifics it's hard just wondered if anyone could give me an idea for instance £20 a week
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Tax on my first job if i additionally start a business
Hi All my husband is currently working full time. He is looking to start up - along side his job- his own business. His current employer says this will increase his tax on his main job. Is it classed exactly the same as a same job? Can anyone advise on this.
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HMRC Income Tax Error Help
Hi All, Not sure if im in the right area. Last year when I was in between jobs and sorting out my finances I rang the HMRC tax office to enquire about a refund for overpaying tax. To my relief I was told for the previous year I had over paid and was also due a refund for this tax year too. I was informed that I would not…
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Self employed moving into 40%?
I'm currently a basic rate taxpayer but sure I'll be in the 40 club for 12/13.. I'm guessing I'm still a basic rate payer for: earnings PLUS amount amount paid into personal pension for 12/13? With my basic tax relief on PP, do Hmrc then give me a rebate from jan 2014 if my SA shows I've hit the 40 club for 12/13…
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Fathers company buys a flat for son to live in. Possible?
Hello, My father has retired but has funds in his old company bank account. The company is no longer operational. However to draw the money out of the company account as cash he understands that there will be a significant amount of Capital Gains Tax to pay and he wishes to avoid this as much as possible. So he is looking…
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Child benefit cuts
Am hoping someone can help me with understanding the child benefit cut ! My husband usually earns 50k but in tax year 12/13 he will have earned around 60k after having a redundancy payment. I know this means we will have to pay back what we have had in child benefit between jan and april this year and he is planning on…
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Company car
My husband has had the use of a company car for a couple of years but in dec the company took away the cars and replaced them with vans for work purposes only. My husband informed the tax office of the change then a few days later got a letter saying he owes the tax office money. I thought having no company car would save…
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is a regular gift from parent tax deductible?
My dad wants to start paying me £200 a month to help out. I have done a few checks and its seems gifts are not tax deductible, but would this count as regular income? Better to receive as lump sum per year? thanks
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Complaints about companies and their tax compliance?
Hi all My partner finished with his previous company on 30 September last year and started with the new one on 01 October. He is also in the retained fire service. Now, he has never received a P45 from the last lot despite them claiming that they sent it out with his last payslip, in the same envelope. This envelope…
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CGT or other taxes to pay?
Hi am new to this and was wondering if anyone could advise on a situation i have. In 1994 i inherited a property with a sitting tenant in situ, and she is still in occupation of the property and these is no troubles with her paying the rent etc and i have kept the property in good order. She is now possibly finding it to…
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Capital Allowance for a van.
I am considering investing in a new van for my business. I am a sole trader working as a courier. Currently I anticipate having a small tax liability for my personal income for the tax year 2012/2013. If I buy a new van now, for approx £20,000 I assume I can count that against my tax for this year. However, my tax…
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SA: 'adjustment of tax.'?
Just completing my 11/12 return. My turnover/profit is slightly higher than 10/11, so I guess I will have the cough up a bit more plus pay the POA 50% 12/13. I'm full Self employed. So, I'm on section 4 and I don't 'get it'? Underpaid tax included in PAYE coding (Page 1 of 2) * indicates required information Our records…
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Company Car Tax Calculator - Excel
Thanks to everyone for the comments and kind words, however I've removed the link due to lack of updates. I've found this site which ok, isn't quite an excel spreadsheet, but it does calculate the tax with perfect accuracy as far as I can see. http://comcar.co.uk/newcar/companycar/taxcalc/ Good luck to everyone in the…
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CGT and with-profits
My dad has a few with-profits bonds he is considering selling, but wanted to check what CGT liabilities he may face. He has had all of the policies >20 yrs and the 'gains' he has made would take him over the 10.6k annual CGT limit, if this applies. He is retiring in april and is currently a basic rate tax payer. Would CGT…
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Capital Gains Tax?
I hope someone can help me. I do not work and am therefore a non taxpayer. My husband gave me shares last year worth about £20k at todays price. We now wish to sell these to give our daughter a deposit for a house. Will I be liable for capital gains tax and as a rough estimate how much would it be? How do I declare this if…
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Claiming back tax on rail travel to work?
Hi guys. I work in the site offices on a construction site, and it was just mentioned in conversation that one of the people here had a company claim for the tax back on his travel to work each year, keeping 30% of the money. He wasn't sure of the exact reason why, but thought that it was because our registered place of…
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new tax codes
Hopefully posted in the correct thread... With the new tax year only about 8 weeks away, and the new tax codes coming in how much in real terms is this really going to put extra in our pockets??? Maybe i'm looking at it to simply but going from; £8105 (2012/13) to £9205(2013/14) would mean £1100 extra per year or £91.66per…
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Childcare vouchers - an employer's question
Hi, I am in the process of looking at starting a childcare voucher scheme for our employees to try to save them some cash with possibly a modest saving for the company as well. Can anyone recommend a scheme to use or any questions that I should be asking from an employers perspective? Obviously looking for a balance…
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Self Assesment - Eye-watering fine
Hi All, First a little background.. I was an employee on PAYE during the 10/11 tax year up until 13th March 2011, after that I became non-resident and moved overseas. Still have a house in UK I've rented out since 25th March 2011. I filled in leaving UK (P85) and non-resident landlord forms indicating that my rental income…
