-
Do I really stop paying NI at 60?
My tax code notice for this current year says that my employer should not deduct NI payments once I reach the age to qualify for a state pension. I have just turned 60, but due to the changing of retirement dates for women I do not qualify for a state pension until I am 63. Do I assume that this is an HMRC !!!! up?
-
Take home pay
Am I right in thinking that taxable pay is based on your salary minus however much you pay into your pension? I.e. if you earn £20K p.a and pay £2k into your pension then you are only taxed on £18k. Also if you earn £51k p.a. and pay £3k into your pension then you are only taxed on £48k and you still get child benefit?
-
Age Related Personal Allowance trap.
First the good news: I retired from my company pension scheme some 15 years ago and have just been informed that over that period I have been underpaid by about £20,000. Apparently the legal requirements for normal pension ages to be equal for male and female members had not been correctly applied. Now the bad news: This…
-
OT Tax code - paying too much?
Hi I am on OT tax code which I think must be wrong as I pay 20% tax but do not earn very much. I was on incapacity benefit from April - mid November. Since then I have worked 36 hours per week on a wage of £6.24 p/h ( I have had 2 weeks and 1 day off sick during this time too so have had wage reductions and 1 week of SSP )…
-
Beneficial Loan Tax - Rules When Leaving Employment
I have a personal fixed rate loan taken out with a bank when I was an employee. I was given a preferential interest rate and therefore paid tax on this benefit in kind. I have now left this bank's employment, but the loan still exists as the term extends for another 3 years. The loan interest rate can not be changed as it…
-
Self Assement Penalty Payment
Morning, hoping someone can help? I was stupid and forgot to do my self assessment. I was self employed in previous years and thought i didnt need to do it but there was about 4-5 months in the tax year that i needed to submit, even though it was a zero return. I have now £100 fine to pay, i have submitted my return in…
-
Letting relief and Capital Gains Tax
Could someone please help me with calculating my potential CGT liability? I own a flat, bought in August 2001 and lived in as my home. In May 2010, I moved into rented accommodation and the property was vacant until I let it in October 2010. I didn't know about notifying HMRC about which was my main residence so I didn't…
-
OT tax code?
My partner started as a a teacher in september, and is on tax code OT. He earns £1799 a month with £334 tax every month and £121 NI. Is this right? We have done alot of tax calculations online and it seems he should only be paying £199 tax a month? If its wrong, would he get the tax money back?
-
Tax refund email & should i get a tax code letter from HMRC??
2 questions: 1) The wife has received a letter over a month ago saying what her 2013/14 tax code will be. I haven't. Some co-workers have received one. Should i be getting a letter or not? 2) I got an email to my junk email box saying.... Is this a scam or not?
-
Tax Code
My husband's code has changed yet again and he will have to pay more tax. Last year it was 307P, and now it's 288P. He's retired and has a small work pension + state pension. But other people on here are saying their codes have been raised and they now pay less tax. How can we check he's paying the right amount of tax?
-
SIPP Tax Relief Calculation
Hi, I noticed this topic 'SIPP Tax Relief Calculation error' where the poster talked about a tax code change the following year to adjust for his lump sum. I have made a lump sum contribution of £5000 this year and the provider has claimed £1250 from HMRC. When I get my 13/14 tax code will it be the personal allowance +…
-
P87 and claiming tax refund
Apologies if this has been answered elsewhere. I know there are lots of threads on the subect but can't find one specific to my circumstances. I have a company car. For years it was provided as a straightforward company car and now it is provided as a lease car on a salary sacrifice basis. Essentially, a car allowance is…
-
claiming travel expenses
Hi All . Quick question . the company i work for allows me to claim back 21 pence per miles driven relationg to work . i.e if i attend a training course or have to attend a meeting outwith my normal place of work . what i want to know is if this is allowable as the rate for mileage on the HMRC website is 40 odd pence per…
-
SIPP Tax Relief Calculation error?
Hi all, first time poster, long time lurker. I've contributed a lump sum to a SIPP and I've just received the tax code change for 2012/2013 to take account of it and I simply cannot work out how HMRC have come to the relief figure that they have. I'll be calling them tomorrow morning, but I want to get everything straight…
-
Inheritance Tax
I'm looking for advice for relatives; they're concerned about losing a huge sum of money to the tax man. I was thinking of several things that can be done to avoid the inheritance tax burden- with the understanding of the 7 year rule, but at the same time not have to sell the house. One of the things i was thinking is to…
-
Foreign receipts for expenses
Dear Friends, My wife runs an online business and sells clothing. My wife designs the items in the UK. The fabric and clothes are made abroad (in teh Far East), and are paid for in-country by my wife's sister, then DHLd backed to my wife here in the UK who sells them online. Sister posts us the receipts for the fabric an…
-
company car and private miles
I. Would like to ask for advice as to where I should direct an old work colleague. We worked together between 07_09 and.at the time worked for a large company for which we had company cars and fuel cards. A discussion 2 nights ago revealed that my old colleague did not always submit private miles travelled within the car.…
-
Tax on money abroad
I inherited approximately 25,000 GBP around ten years ago. This has been kept since that time in a swiss bank account. (I am swiss although resident in the UK) It has been used for when I am in Switzerland and is now reduced to around 5000 GBP. I have recently had a letter from the tax office saying that they are…
-
Council Tax - No demand.
I have been reading about Council Tax and I thought I'd ask here because I know there are a few of year that work in Council Tax Recovery. Anyway, I was reading that a demand/bill must be sent at least 15 days before the first payment under the plan is due. Well my Council have not, but they have sent me last years bill!…
-
Claiming mileage expenses from the Government
Hi I have my own car which is not supplied by my employer. In my employment I currently earn 30p per mile back in fuel expenses. However, I have heard it on the grapevine that I can claim 50p from my mileage in fuel expenses. So the 30p would be made up by my employer as usual and the 20p difference would be made up by the…
