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Information about tax
This is the first time I am working full time after I finished the university. I've started my current job at the end of October 2012 but before this while I was studying I have also done some temporary jobs,part time, Christmas. Most of them during between 2007 and 2010. I wasn't aware of the fact that I could reclaim…
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Income tax claim
Hello members, I want to know that how to claim refund while filing income tax returns? Any assistance appreciated...:rotfl: Thanks...
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Capital Gains Tax
I understand CGT is payable on any gain over £10,600 in the tax year on assets sold. e.g. shares where a profit is made over this threashold. I assume if this happened I would need to contact HMRC or would they already know about this from the brokers and auto bill through tax code / and or ask for payment? Would selling a…
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Reduce payments on account after making first payment
Hi I became self-employed in 2011 and did my first tax return (for 2011-2012) this January. At the time I just accepted the payments on account that were calculated without questioning them, and paid the first one (about £900). I have another £900 payment of account due on July 31. I've just looked through my accounts for…
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When can capital from an old A&M trust be distributed?
This post contains several points - please bear with me. 13 years ago when the IHT limits were much lower than they are now, my OH had a solicitor set up an A&M trust for our children. All the requirements for favourable PET-IHT treatment were met (i.e. by age 25 etc). The amount in the trust is not far into five figures.…
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Question about sale of an asset
Hi Guys I run an affiliate marketing company, and I have been offered £20,000 to sell one of the sites. As I understand it, I am liable to pay CGT on any gain, after the purchase price and any costs are taken off, as well as a £10900 allowance. However, does the amount also become taxable as income as well, meaning I pay…
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Losses and Claiming Back Tax from PAYE, Help please.
Can anyone help me with these figures. My salary is 25 K before tax. I paid tax at the normal 20% rate, minus tax free allowance. I have losses of 11K from self employment. I want to offset the loss. What could I expect back in paid PAYE tax? Many Thanks all :D
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Loss on Shares and CGT
I wonder if anyone can help me please. Before I pay out a fortune for an accountant, I thought I'd ask the question on here to see if anyone can answer my question. Shares I bought in November 2009 in a Limited Company had to be compulsory sold in December 2012 due to the Company being sold. Unfortunately, the share price…
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Tax free savings status?
Hi Please move if in the wrong part of the forum ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ For an easy example of what I am trying to find out, if the basic personal tax rate started at £10,000 per annum and your gross work income was £9999, could you apply for tax free status on savings even if the interest on savings was, for…
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Too much national insurance?
Hi, I'm asking this question on behalf of a friend, last month they earned £816 which was reduced to £775 after there pension contribution was taken off, they paid just over £85 in national insurance! The month before they earned over £200 more and payed £35!! They do occasionally do extra shifts which does count as a…
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NI question
I would be grateful if anyone could advise me. I have a part time job working in a shop, earning £70 per week, and do not pay NI. However next month another member of staff is having a major operation and will be off for at least 2 months so I will be doing double my usual hours, wages £140. Will I need to pay NIC during…
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Tax on Gold Sovereigns
Hi, I've read a few threads on MSE and I understand there is no CGT payable on the sale of Gold Sovereigns within UK as these are still classed as legal tender. While there is no CGT to pay, I wanted to check that there is no "income tax" to pay. Is the sale of Gold Sovereigns wholly tax exempt? Thanks
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P.a.y.e
Having gone around what seems like all HMRC departments and getting nowhere, I'll ask here as I'm sure to get a proper answer. Tax code for this year is 800T and week one month one status applied. For month one, I've paid myself £7500.00 (I am the only employee of the company) which has resulted in a tax liability of…
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Over paying TAX through PAYE for a LONG time???
My partner has been making payments through PAYE for an underpayment of tax. In 2009 HMRC initially told him he owed approx £5,500 because of complications with his army pension and new job. This was written off as Xfinity (army pension providers) and the HMRC hadn't communicated with each other. He still owes…
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Salary sacrifrice scheme
I need some advice for a work salary sacrifice scheme for childcare. I have the opportunity to take this out through work, but it will mean my annual salary lowers to around 6k per annum. Am I correct in the following thinking? That I wouldnt be paying tax or NI, but because it is higher than the lower earnings level of…
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Taxable meal allowance
I work as an employed lgv driver, it became known to us all at our depot we was entitled to claim tax back on a meal allowance. I like 30 other employees submitted a letter to hmrc , 26 employees received a chq and a change in tax code , however i didn't and was told i had no right to this allowance and if i didn't agree…
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Gifting Shares
I work for a limited company with one director. He wishes to gift me 50% of the company for free. Can it be done for free and what might be the tax implications for either of us?
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IHT Mitigation/ Property Rental
I am attempting to legally mitigate the potential IHT liability on my Father's estate when he passes away. The excess value of the state over the nil rate band is low six figures and so I have quite a lot of work to do! I inherited an interest in my parental home when my mother died in the early nineties. I now own the…
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How much State Pension to go on Tax Return?
State Pension of 111.38 per week with effect from 14.2.13 First payment of £334.14 (3 weeks money) paid into bank on 6 March 2013. Next payment paid into bank 6 April 2013 (one day after tax year end) So on the 2012-13 Tax Return do we enter the ACTUAL amount received in the tax year, ie £334.14 (14.2.13-6.3.13 received…
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Do I have recourse for waving tax owed
On 20th Sept 2011 I recieved change of codings because I started drawing a small pension (I was already drawing another pension) and I had also changed jobs, in Feb 2013 I received a P800 saying I owed approx £3800 from year 2011-12 tax so I have been disputing this saying they had all my correct details etc etc. They are…
