-
Self Assessment for the grey area people?
Hi all! Here's probably a really dumb question that probably has a really simple answer (that I will undoubtedly figure out the moment I hit "submit) I've recently started working as a self employed "live in" carer... It's not very often I go home for a week or weekend as its more of being a live in friend than carer...…
-
Few questions about self-assessment
Asking for my brother. He recently started work as a sole trader subcontracting for a large company. 20% tax has been paid at source under the CIS. Two questions really 1) when declaring income on the self assessment at the end of the tax year, does he declare the amount earned or the amount paid? (He invoices and is paid…
-
BBC Budget calculator - marriage = £20
Hi guys, Just a quick one...if you head over the BBC budget calculator (http://www.bbc.co.uk/budget) there's a weird thing happens. As soon as you select you are married it states I will be £20 better off in 2013/14 Now, I thought that marriage had nothing to do with HMRC unless I e partner was born before 1935 or…
-
Home Office Expenses
Yep, I am out of control now with my posts. Once I start posting, another question pops up. I have been researching quite alot on how much I can claim for expenses for a home office. This is the conclusion on what I can claim. Correct me if I am wrong. I have two bedrooms, and living room. (i rent) I will claim a third of…
-
Employer deducted Tax and NI but never paid it to HMRC - Request for advice
In 2008/2009 I was a student in London. I took a part-time job at an independent shop where I was working 27 hours a week (but sometimes more). I was so lacking in confidence/self esteem when I took the job that I was just really grateful to have been taken on and I didn't ask for a contract etc. I was working for £7.50 an…
-
Early Self Assesment! (refunds)
Hi, can someone clarify something for me. I am doing THIS YEARS self assesment! (need to apply for a mortgage in a few weeks so need to get this ready for the IFA asap) My question is regarding refunds. So I am self employed, I buy stock in, and sell it online. I have had a few instances this year whereby a supplier has…
-
Consequences of becoming self employed end of tax year
I am on a posting frenzy this morning! I started self employement at the end of the tax year. That is, i started it in January. Before that I was under the PAYE system. This means that I have used my personal allowance for this year! The consequence of this, is that the monies that I earned in jan, feb and march - I have…
-
Money earned from self employment
Just a basic question that I cannot find an answer too! When doing self employment assessment - do you pay tax on monies earned in the tax year or monies recieved. For example, say if i earned money on the 1st april, but did not recieve it until the 20th, do i pay tax on that in the current tax year, or the on after.…
-
Tax relief for travel expenses
Hi all, I've worked as a temp since March last year in two different jobs. I currently have a fixed term contract - one of my colleagues passed out the Tax Relief form stating that as we are temp workers we can claim back our travel expenses for travelling to our workplace; a couple of people have already had successful…
-
Tax on Bonus
Hi, I have a question regarding a bonus payment. My basic salary (22k) is paid monthly and in the bonus month I will receive an extra 1k which I know if received in my salary would end up being around £600. However, my company are paying my bonus as a seperate payment. How much tax would I pay on this? It will be paid 5…
-
Mileage tax reclaim?
Ok, I'm not very bright at these things... So I started working for my company in Jan 2012. I am reimbursed 35p for every mile. So roughly I did 2100 miles (and claimed £735) in 2011-2012 tax year and 7100 (£2485) in 2012-2013. I am aware that HMRC mileage rate is 45p per mile, but I'm not sure how to claim. I have read…
-
Help: How can we mitigate CGT on 2nd Property Sale?
Hi, I'm looking for some assistance regarding CGT. Background Myself and my wife intend to sell 2 properties. One is our main residence which we have lived in for the last 5 years and the other is my now wife's house that she has been renting out for approx. the last 5 years. Our main residence is in my name only. The…
-
can you put previous years losses on your next SA?
When you fill a SA you are asked what losses to bring forward on a property you rent out. If you made a loss in your first year and were unaware you had to declare this until you made a profit the second year,(and so didn't fill in a SA for the loss year) what would the reaction of hmrc be if you then filled the losses box…
-
Income Tax Help
Hi Guys, Wondered if I could have some help. Recently I received 3 different letters through the door from HMRC telling me i was changing to 3 different tax codes (all on the same day) and I had no idea what it meant. All I know is that I have moved from code 810L to 500L in a month and my income tax has gone up by over…
-
MSE News: Budget 2013: Personal tax allowance
"Many workers will pay less in tax from next year but we await full details for higher earners..." Read the full story: Budget 2013: Personal tax allowance Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
-
What can I claim as sole trader working from home?
Good morning all, just following on from a previous post, think I have now got my head around Tax. So the next thing I need to get cleared up is what can and can not be claim back on self assessment. I have just registered this week as a sole trader and if im right this is going to need to be completed soon. The type of…
-
Explain It Like I'm 5: Tax Relief
Hi, I'm about to go freelance as a graphic designer (as a sole trader), and I'm wondering exactly how tax relief works. Am I correct in saying that, say I earn, for arguments sake, £100,000 over the year (I wish!). I would save 20% of those earnings for when it comes to paying tax - so £20,000. Now if I wish to buy a…
-
Self Assessment Penalty
I'd be grateful if anyone could offer a little advice on my problem. Around 1998 I was self employed this ended in 2001 and I went paye with another company. I didn't fill in any more self assessment forms as stupidly I just thought they would notice I was on paye. Around 2008 after some letters I contacted my local tax…
-
Help Please. Paid too much tax in take home pay this month.
Hi All, A friend of mine got a bonus this month and has just approached me for some help to look into how much tax he paid this month. I have crossed checked with SalaryCalculator and listentotaxman and he seems to have paid too much Tax. Could someone please help verify ? His Salary: 33990 Taxcode: 755L M1 Monthly Salary:…
-
Uniform tax
hi my hubby has put claim in for uniform tax he asked for the last 5 yrs which we believed you could claim that far back but recieved cheque this morning for just last yr is this right and can he claim more back
