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self assessment help please
Hi My wife and i rent a house out which it is mortgage free, the rent is £450 per month. For the last few years, i have been doing some photography work and property maintenance. When i calculate my self assessment details, i only take my tax allowance into consideration, would it be better if i include my wifes allowance?…
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Council Tax Direct debit cancellation: Fully Paid, Yet Summons!
Hi Folks, 1)I set up a direct debit for my council tax which i have been paying until december. i cancelled my direct debit few days before due date. 2) Got a letter from council asking me to pay the remaining money on 2 instalment. 3) In December, i still pay the CT by due date(So nothing missing). 4) Receive a letter…
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Tax on savings interest
I'm currently unemployed and living on savings, and have been for the whole of this tax year. I have most of my savings in normal fixed and easy-access savings accounts in a high street bank, so I'm paying tax on the interest. 20%, I think? Given that this is my only income, am I right in thinking I could either claim the…
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Not just a bedroom tax, a dining room tax.
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Company car/Expenses/P11d help please
I am fairly new to expenses/p11d’s (although I have been working in payroll for more years than I care to remember). I wonder if anyone could advise on the 2 scenario’s below. Employee 1. Has a company car and fuel card. Private mileage is deducted from salary each month at a rate equal to HMRC advisory rate. Each month EE…
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Self-Employed: HMRC want to interview me!
Help! Even though my hubby's business is taking less and less each year due to the economy he has paid more tax this year than ever before - the bill came through 2 weeks ago and was almost 3 times what he usually pays. He now has a hefty credit card debt. Despite this he received a letter from HMRC on Saturday asking for…
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Really basic tax band question...
...that I think I've fundamentally misunderstood! I'm newly self-employed and have been tootling along filling in my spreadsheet ready to do my tax returns for this financial year and trying to predict what my tax bill will be (so that I can save for it!), but it occurs to me now that I may have fundamentally misunderstood…
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Tax on bonus
Hi, I'm on £16,000 a year and I've just been told my annual bonus is going to be 19.5% (roughly £3120.00) I'm just wondering if anyone could work out what my take home would be this month, as I'm not sure what tax bracket it would fall under? Thanks in advance.
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How to structure Land and Business Purpose for Tax Efficiency
We are in the process of purchasing a business and the freehold land it trades from. At present the land and the trading company are both owned by one limited company. Our proposal is to split the purchase into two, so that my husband and I will fully own the freehold land, whilst the trading business will be owned jointly…
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Self assessment/hmrc
Hi anyone able to help please.After being taxed under PAYE for my working life ,HMRC have now told me that I need to go onto self assessment, in retirement. Two immediate questions, Can I appeal against going on self assessment and stay on PAYE? If I have to go onto self assessment do I still get a tax code at the start of…
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Going back in time ...2002-2003
Hi, A question on behalf of my father in law. I know it's going back a while ....but maybe someone grey like me can help ....50 and feeling old as I consider Saga car insurance :-) On subject ... Tax year 2002-2003 Income from employment £43,000 approx and pays some tax at higher tax rate of 40% (lower rate was 23% I…
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Tax payer... or not ?
In the new tax year my husbands income will be below his personal allowance. His income includes some dividends, so there's tax paid that he cannot claim back. If he continues to give to charity is he a tax payer or not ? I would say he can still say he's a tax payer ( tick box for gift aid )when the tax claimed by the…
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Managing Income
I have been thinking for some time that think I could/should be more legally creative in the way I manage my non PAYE income (I am employed and have a salary but also earn additional income from self-employed work). I know some people form limited or shell companies to do this so they can pay less tax (legally). My wife…
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Dividend, paye and company car!
Hello, Wondering if anyone can help me work out what my future earnings will be. I have been offered shares at my company with the chance to pay them off with what parts of the shares earn. Here is the info. Paye earnings. £25000 basic pa approx 11% shares = £38000 per annum income purchasing an extra 1% every year after…
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Incorrect PAYE information (P60)
Hello I'm looking for some advice as to whether I am responsible for the repayment of a tax rebate which I received as a result of incorrect information supplied to HMRC by my previous employer. In the year 2011/2012, I was employed by company "A" who were a wholly owned subsidiary of company "B". Company "A" were then…
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Class 2 NIC exemption, advice needed
I've always been exempt from paying class 2 NIC, as my earnings from self-employment are low, and I'm also employed. This tax year, however, it looks like I'll be going over the low earnings limit by about £500. Does that mean I'd have to pay class 2 NIC for the whole year, or is it staggered somehow, as with class 4,…
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Newly self employed - help
I have just registered to become self employed. My business start date was 1st jan. will I have to fill in a self assessment form in this April and if so will I just be listing details from the 1st jan - 5th April. If this is correct will I still make a payment on account in jan and July and how will this be worked out if…
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Is self employed self assessment on behalf of an organisation ?
Daughter (student aged 19 away at uni) has (she thought) registered as self employed on HMRC website as she coaches sport part time (earned £100 over past 2 months so estimated £500-£1,000 p.a.) she sends bills for the coaching and gets paid into her bank a/c) She's just got a letter from HMRC addressed to her and headed…
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Selling US Shares - TAx and medallion Guarantee
Thanks to working for a US Company (in the UK of course), I have a moderate amount of shares lodged acquired through a company scheme which must be recognised because my monthly share purchases were tax exempt. The shares are lodged with a US Stockbroker - Computershare. Short of calling a US number, I can only get bland…
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What tax year for rent paid in advance?
Hi guys Had tenants move into a property on Nov 28th and they paid 6 months rent up front taking it into next tax year. I assume for tax purposes i treat it, and te agents pecetage charged on it, as if the rent was received monthly and account for some this year and some next? Or does it all count in this years income? If…
