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Transferring asset to wife
Not sure if anyone will know the answer to this, but worth asking… If I created a revenue-generating asset (say an iphone app) that earned a grand a month or so. Could I, legally, transfer ownership of that asset to my wife, so that tax on the earnings was paid at her rate not mine? I'm a 40% taxpayer and she doesn't work…
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Offshore bank account to UK
Hello all, This forum is called cutting tax, and I'm not trying to cut it just want to know if I am doing the right thing! I am now back in the UK and have been working here for the past year or so, before that I worked as an expat for several years. This is why I had the offshore bank account. When I left my previous…
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Nursing agency, paye or ltd?
I'm a registered nurse working part time and have recently joined a nursing agency for extra work occasionally, I have the option of going paye or they have said I can go ltd, but if I go ltd they want me to do this under their accountant who charges a one off fee of £100 and £80 a month after that. The difference in pay…
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Do I need to tell HMRC no CGT payable?
My late mother's home was sold in 2011 in a falling market and for significantly less than the value submitted for probate. No IHT was payable so there was no "ascertained" date of death valuation. I am now, somewhat belatedly, finalising administration and need to write to HMRC to inform them of a small (< £50) amount of…
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Capital Gains Tax on sale of property
I would be most grateful if someone could advise on my situation. I have a flat that a bought about 17 years ago for £75,000. I lived in the property for 11 years then moved in with my parents and have rented it out for the last 6. I have now given my tenants notice and will be putting it up for sale on 4 September. The…
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tax letter...not sure what next step
i used to be self employed with partner until he fell ill. i wrote to the tax office before the deadline to say we are on esa and not earnt anything not sure please could they let em knwo what to do . the next thing i got a call saying that i did not have to fill anything anyway. a month or so went by and they wrote to me…
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Doctors Tax Relief on JRCPTB fees
It probably affects a minority of people on here but for those that were unaware, HMRC have recently announced tax relief on JRCPTB training fees and CCT fees. I am not sure how far back you can claim but it will hopefully relate to fees of several thousand pounds.
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Tax on mileage payments
Apologies if this has been covered before but I didn;t find much on a search. I do approximately 150-200 miles a month, but no more than 1000 per year of work mileage- my employer gives me 45p per mile on top of my salary but this amount is paid before tax, meaning that on my P60 my end of year salary appears to be a few…
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Tax/Expenses Allowances on Car Mileage
Now, I don't want to set the world on fire, but ... In my work I do a lot of mileage with work travelling around different sites. In the old days I would take a note of my mileage from the car's mileometer, in other words, the actual mileage done. In recent years, with the advent of web based journey planners, I've…
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Acquiring properties through existing LTD company?
Hi there, I earn my living contracting through a LTD company that I am the sole Director and Shareholder of, for a selection of clients in the Creative / Advertising industry. The company has been trading for over 3 years with a turnover of roughly ~£70,000 and good profits. Personally, I own one property worth ~£150,000…
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A little confused with my Class 4 National Contributions
Hi. I've just filled in my self assessment and am wondering how the "plus Class 4 National Insurance contributions" figure is worked out? I don't mean the 9% total but the figure that this is taken from.
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rebate
i have been off sick since last december my tax code includes personal use of a van which was taken off me when i went sick can i get a rebate anybody?:beer:
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Underpaid tax?
Had a letter saying ive underpaid tax by £344 for tax year of 12/13. I left and started a new job in november 2012. I was on tax code 810L. my p60 says earnings of £7120. So my old employer told me i didnt have to pay tax as i earned under 8105 which is what the tax code was. For my new job thats the tax code i was on also…
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HMRC campaign offers chance to settle tax bills
Taxpayers who have failed to submit tax returns are being offered the chance to come forward and pay up under a new HMRC campaign. Beginning on 9 July, the campaign is aimed at people who have received a Self Assessment tax return or notice to complete a tax return for any year up to 2011-12 but have not taken action. As…
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Chargeable Gains
I am posting this on behalf of a family member who has no internet access. He is in his late 70s and his only income is his state pension and disability. He's currently applying for housing benefit. He opted to surrender an insurance policy and made a chargeable gain of £500. The letter confirming the surrender has gone…
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£100 Tax refund from 6+ years?
Bit of a long shot and random to say least but I had complety forgotten about it not sure if its to late now. My mum had an account in my name since I was about 12 or so, and I was paying tax on my interest and the tax paid was anywhere between £100-£120. I signed a form to say I wasn't earning income or w/e it was to stop…
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How to apportion rental income?
Currently property owned TIC 1%/99% split between husband and wife. Form 17 submitted to split income in these proportions. To far, so good, no problem. So now, add another property but this one owned 50:50 shares. So how is the overall apportionment calculated? On the asset value, or on income? I am thinking asset value,…
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Can I claim back national insurance?
Not sure if this is the right section or not but I've been working with an agency since last october and when I get my wage slip I notice that sometimes I am charged national insurance and tax and sometimes I am not. Some weeks I earn more than others, so I presume this is the reason but my earnings do not go anywhere near…
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Dreaded Tax
I am a newbie here. Just going through the forums, and having just paid my second payment on account for the tax year, I am trying to make sure I have enough put by for this coming January. I work as an NHS secretary full time, wages paid to me by the hospital. I also work as a self employed medico-legal secretary (since…
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Become more tax efficient and reduce taxable income
I have recently been fortunate enough to get a pay rise at work. This is going to take me much closer to the higher rate - basic income probably going to be high-30s. I always use my cash isa allowance, but outside of that I have a further £130k in cash savings - currently saving about £1000 per month. During the previous…
