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Company car tax question
Hi I am applying for a job which comes with a company car. I have tried to make sense of various websites regarding how this would affect me but I am not 100% sure I have got it right. I have been on Parkers website and put in general details of the car which has a cash equivalent value of about £5k a year. Now it goes on…
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Help to understand PAYE tax
Hi, I work contracted hourly paid work at two local colleges. A max of 12 hours so usually earn less than 7k a year. I don't really understand tax and what I should and shouldn't be paying considering I don't earn much per annum. I got my pay packet for this month. Which was minus £355. PAYE Tax has just appeared on my pay…
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Monster tax bill on new job started this month
Hi all, Just started a new job at the start of this month. Due to a relocation bonus my total earnings for the month before tax were £3124.45. However, I've just been taxed a wopping £624.80. :( My tax code is showing as BR M1, which I believe is an emergency code. I'll give you some background to my tax situation. At the…
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Friend, 1, being taxed but not yet earned £7k?
Hi, My friend is on a training scheme with his employer and has yet to earn even £7000 since the last tax year. He is paying tax and NI, is this right please? Thank you.
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Class 2 Exempt?
Sorry for such a basic question I did try googling but I keep getting the same answar that if I am earning less then 6k (ish) self employed I can be exempt from Class 2 NI My actal question is if I am employed earning 15k+ a year, and only earning less then 2k a year being self employed do I need to pay class 2 NI? I would…
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Obtaining Tax Advice
I've been managing my own tax affairs up until now as they have been fairly straightforward, however I'm about to move into a new job that complicates my situation considerably (I get stock options and need to set up a SIPP) and I think I'm starting to get out of my depth. I wish to seek some professional adivce to see…
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Tax Question Help
Hi, I am not sure if this is in the correct forum.... When your employer puts in your hours for the month into the paye system, how long does it take for HMRC to tell my employer how much tax and N.I to deduct? Is this an instant thing or is there a waiting time for HMRC to come back to payroll? Thanks in advance.
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Employed, work from home - tax deduction??
Hello all, wondered if someone can tell me if there is such a thing as a tax deduction for people who are employed but work from home. Thanks!
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Inheritance tax query. Can it be tax deductable?
Hi All. I have an inheritance tax to pay on some property which is currently rented out and making me an income. Does anyone know if I can pay the IHT (which relates to the property) and list it as an expense against the property income? Ie can I pay it out of gross (untaxed) income without getting into hot water with…
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Selling Rental Property
I am just about to sell a property I had been leasing out. Details are... Lived in the property as my main residence for about 6 years. I then moved in with my partner at a different address and started leasing my own house. I leased it for 2 years and 6 months. I am now in the process of selling. Do I have to pay any tax…
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Registering for self-employed for the first time
Hi all, For some reason, no matter how many times I read about how to register as self-employed I still cannot get my head round it. I work part-time in a shop on PAYE (3 days a week, sometimes 4 days as I cover people when they are sick/ill). I don't earn enough to pay tax, and I don't pay N.I, although regarding N.I I'm…
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Special Circumstances for HMRC Tax Refund?
Hi All, I've recently discovered that I've been assigned the wrong tax code for the past 9 years and have been overpaying. I queried this with HMRC and they've refunded me for the past 4 years only. I read somewhere on this forum that under "special circumstances" HMRC will refund further back than just 4 years. Does…
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Buying property from parents - tax implications
Hi all - first post so apologies if this has been discussed previously (I couldn't see that it had). My parents are concerned about their inheritance tax position. They own a small to medium sized block of 17 flats, worth between £40k and 60k. This is their only asset and serves as their pension, puts them well above the…
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inheritance
if i get my inheritance after sale of my late fathers house which will be about 20 thousand pounds does hmrc already know about this and will they inform dwp if this is the case i would like to beat them first so it does not look like i was not going to tell them:o
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Year-end Bonus
Hi all, I have just received a yearly bonus added in to my March pay. This has within the month pushed my PAYE in to the 40% bracket. I understand the basic operation of the system to auto correct over the year based on my pay code. As this is the last payslip of the year how do I go about getting the over tax back? Thanks…
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Pension lump sum on death - Taxable?
Hi Guys, Quick question, My Father passed away last month and I have received a letter today stating that a lump sum from his private pension is due to be paid (total of £13,500). I believe this is because he was only drawing the pension for a total of 6 months (he was 65) before he passed away. Would anyone know if this…
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Working Overseas tax/pension confusion!
Hi everyone! I posted this orignally in the pension forum but have been advised to post here as well. I am just coming to the end of a 22 year Army career and with it am entitled to my pension of c10K/annum. I have also been extremely lucky that i have been offered a job working overseas (oil industry) for a US company.…
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Principle Private Residence CGT question!
Hi All I currently jointly own 2 properties with my brother. We both UK nationals but have both been living overseas for about 10 years and are non resident landlords. Property A consists of a 4 bedroom house with separate basement flat. The property was bought for 127,000 pounds in 2001. Property B is a 4 bedroom house.…
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Could this have tax implications for my wife ?
My father in law has sold some land abroad (India) and is looking at ways of bringing some of the sale proceeds into the uk. Somebody has told him that you can transfer £500 a month to a blood relative without penalty. As such my wife has given him her account details and he plans to transfer £500 pm, this money will then…
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reclaiming tax after losing job
Hi, I was sacked from my job in October and since that date I have been claiming JSA. After plenty of arguments with them regarding me searching for jobs I stioped turning up and have just recently got my p45 from them. Im just wondering now who I would need to contact about reclaiming my tax as if I was still on JSA ive…