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Undepaid tax.
I havn't paid tax on my pension since 2010 due to being under the personal allowance threshold. I was appealing an ESA decision which I won and received a lump sum back pay. Although I received the back pay in 2012, it covers the period 2010-2011. This has now triggered a letter from IR to tell me i owe them £600. I phoned…
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Emergency tax for almost 9 months
Hi, As the title says, I started my current job on July 30th, 2012 (my first job where I have had a high enough salary to pay tax, and my also my first job that tax year), and for every paycheque so far I have been on the 810L M1 tax code. I had assumed this was ok because it's similar to the 810L tax code I think I should…
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Self employment and SIPP benefits
Hi I am currently self employed and wondered how the SIPP works for self employed people. Last year my profit was around £23,000 and I expect it to be around £35,000 for 2013-14. So if I have profits of £35,000 can I then put £26,000 into a SIPP, and not get charged any tax on profits, as I would get the the £9440 personal…
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Buy to Let whose name?
Hi Myself and my wife have had an offer accepted on a buy to let property. I am a higher rate tax payer, she is basic rate. Does the name we buy it in effect who pays the tax, i.e. should we buy it in only my wife's name to minimise tax paid or can we buy in joint names and declare all the income to be hers?? thanks in…
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Sa tax return
Do I have to wait for a letter from HMRC inviting me to submit my return? or can I just do it online, I am registered and everything, I went on the website but there is no tab for "file your return"
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Pension & NI Contributions
My pension (NEST) payments come off my wages pre-tax. Therefore my taxable pay is gross wage - personal allowance - pension payment. Happy with that. Do this work the same with national insurance? i.e. are pension payments deducted before the national insurance is worked out? Or is national insurance simply 12% of gross…
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Salary sacrifice impact when you are just into 40% tax bracket
Hi guys I have a question I wondered if anyone could answer please? I am just into the 40% tax bracket this year and i have option of taking a salary sacrifice car scheme. I have seen the examples of cars for 20 and 40% taxpayers and although there is a tax saving at 40% it is offset with the less benefit of NI and…
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Capital Gains Tax
I have a Buy to Let property, in my name, which is run down and I'm thinking of throwing it to Auction. Not worth a lot, maybe 40k. Would somebody be kind enough to explain the best tax efficient way of disposing of it. I have a wife who is a basic rate tax payer like myself. Thanks
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Cgt
If I sell a UT now I'm subject to the 2013/2014 CGT rates????? Is this correct and is the 2013/2014 CGT allowance £10900. Thanks.
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insurance company say i need business insurance - so would IR agree
i work for one company but can be based at any of three of their locations on different days of the week. When i go to a particular loaction i stay there all day - and do not travel between the various locations. so on monday i may commute to location A - be there all day then go home on tursday i may be at location B - be…
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Self Assessment
Just trying to complete my SA form online. I had a payment from the Insolvency Service as outstanding pay when my employer went bust. How do I enter the payment on the SA
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Not quite tax but thought you could help- law on address/letterheads and risk to me?
Hi - not sure where is best to post this but here goes! I am self-employed and my work primarily involves working on the premises of solicitors or at court. I don't have an office and for tax my home address is listed, which is ok. My role however involves working with people who may be dangerous/pose a risk to people…
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made redundant. Got BTLs - can i use BTL profit as IT personal allowance?
I was made redundant last year. I have not worked since and claim no benefits. I have a few BTL's running on a slight profit based on last tax year. Given that I am not working now, can I use this BTL profit as Income Tax personal allowance to save me paying % tax on what little income I now have? Please help if you can.
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Tax relief for training course costs? (IR35)
I am a contractor (i.e. legally self-employed - my contract says I'm self-employed) and I have opted to be taxed under PAYE (i.e. as an employee for tax purposes), because I feel I would fail IR35 and thus ought (legally/morally) to be taxed as an employee. Am I right in concluding that I am not allowed to get a deduction…
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SA refund status "not yet used"
Hi ladies and gents i filed my return on the 6th april online as i do most years. When i go into my account i select "view account" then "payments/credits recieved" and i select the one for this year. for the last 2 weeks under the "allocated to" part it says "not yet used" I know this can be a busy time for the tax office…
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Working out capital gains due
Apologies if this has been covered before but just wondered if anyone had any tips on working out how much capital gains tax is due on the sale of a property. 1) Was husbands property before I met him. 2) I moved in a co-habited a few years later. 3) We then moved out and bought somewhere together and rented property out.…
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trying to work out how much tax on renting a house
i read this: "What tax rate will I pay? Your rental profits are taxed at the same rates as income you receive from your business or employment – 20% or 40%, depending on which tax band the income falls into." what if it is your only income at the mo? read this: Between PA and PA+£32,010 For most, £9,440 to £41,450 20%…
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How much tax allowance can I claim for a new van for work
Hi all,I am self employed and this year bought a newish van for work. I paid £5000.for it . My question is how much can I claim back in tax allowance for it?
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Wftc
Hi All, I got knocked back for WFTC a few months back but I'm pretty sure I qualify now in this new tax year. Will the forms be sent to me automatically or do I need to call in?
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Development company, personal title.
Good one for you accountants! Can a company build property on ground which is owned by director. Sell, then iron out what the liabilities are? Or is it the case that the title has to be sold/transferred/loaned to the company beforehand? Cheers
