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Company car allowance question
Hi, looking for some advice. I have been offered a new job on 41500 with a 6k car allowance but then only 15p per mile. my current position is 42500 and all mileage is paid at 45p per mile. is the allowance actually worth it? I've heard I may be able to claim the difference between the 15-45p as a tax rebate, is this…
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Wife helping husband with self employed business
Morning all, Many thanks in advance for any help- I am bamboozled and getting through to the tax office seems to be impossible. My husband has a self employed catering business, earning approx £3000 per year (it is part time.) As time has gone on, I have helped him out more and more- paperwork, invoices, ordering etc. I am…
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Sole trader VS limited company
Good morning all,:) I have a tax related question which I hope some of you can help explain. I'm a sole trader with an estimated annual profit of about £40 k this financial year. I heard from quite a few freelancers recently that I should register myself as a limited company (in which case I will be the only director of…
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Tax/NI Help - Employed As Well - Confused
Hi need some help here. So early on in the year I setup my own business doing catering at weekends, used a government startup loan for capital. I also work full time at 40 hours per week. This business would have been weekend only. Basically, I've had a tough year in that I've had stomach problems which lead to multiple…
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Claiming Expences: Freelancers
This year my business used several freelancers for writing and design services... I assume I can claim all of these fees as expenses? If I use the 'detailed breakdown' section on my tax return for showing expenses, which section should I put these freelancer fee into? Wages, salaries, and other staff costs? Accountancy,…
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Paying tax back through PAYE
Hello, Over the past two years I've undertaken some additional work to my main job. I've completed my first self assessment and I owe £2,900 for the 12/13 tax year, and a projected £2,900 for 13/14 tax year. My self assessment is stating that I should pay the £2,900 (12/13 tax yr) by January 2014 and £1450 (13/14 tax yr)…
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Can a transit van be classed as a "workable tool"?
My husband is a self employed builder and we're just finalising his tax return. He uses a lease van on a day to day basis. When looking into leasing the rep told my husband that the van could be fall under the "workable tool" allowance whereby I think you can claim up to £3000 a year. I'm not quite sure I believe him and…
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Spouse's unused taxable allowances
Wonder if anyone can confirm when this comes back into play? I know I heard something about it but not sure if it's not until April2015, many thanks.
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Joint ownership of father's house - IHT safe?
Hi, My query is about IHT, and owning and using 1/2 my fathers house will avoid IHT. My father is a widower. He kindly put 1/2 the house into my name over 7 years ago. The primary aim was to reduce the IHT on his estate. I am an only child. His estate will be over £950k ( and we are aware that my mothers Nil rate allowance…
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RIFT, tax refund??
My husband is employed as a carpenter PAYE (not self employed) however some of his work colleagues have stated they claimed a tax refund recently as they currently have to buy all their own tools, PPE and regularly use their own transport. We have received forms from a company called RIFT however after searching on here it…
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self-assessment and payment date
Hi All, First of all, apologies for the silly question. I am (or more precisely have been for a few months!) filling out my first self-assessment. I have managed to go through all the steps with the help of the HMRC website and various helplines. Going through the final steps, before actually submitting it, it actually…
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Self Assesment 2012-13 & Online statements
Submitted my SA for 2012-13 online in Dec 2013, my business dash board does not show any advance payments made on account (Jan 2013 & Jul 2013)nor does it show a statement on account so that I can pay the taxes due, normally I set up a DD for the full payment, Why is it taking this long to get a statement and also why are…
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SA Form
Can anyone provide a link to download the correct form for a self-employed zero tax return? I normally do this online but this year I get a 'no permission' error using my normal bookmark so I guess there's a bug in the website or my permissions have been revoked for no reason. Thanks in advance.
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Appealing Tax interest
Hi, looking for advice on appealing interest that I received for late filing and payment of 2 tax returns. I was really ill and spent over a year in hospital. I appealed and HMRC removed the late filing and late payment penalties but they refuse to remove the interest which amounts to approx £250. I have looked online and…
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SA Total Mess
Hello All, **Disclaimer** Please excuse my complete lack of any knowledge and stupidity whilst reading this post. I am not quite sure where to start, went self employed in March/April 2012, (without much luck) made £200 a month with a top of Tax credits came to about £390 ish. Come December knowing that something would…
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Starting 2nd Job and make it to main job
Hi all, I am new here, so I apologise if this has already been answered. I searched forum and couldn't find exact answer. I am in full time job earning 26000. Now I got another job paying £35000. Now what I will do is in my current job, I will work only 2 days (roughly £10000/year and will work full time in new job. So…
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inheritence tax early gift question
I have a question about some money that my mother wants to give me. I have a wife and 2 young kids and we have suffered a few setbacks so that we are now left struggling to pay all the bills. I was settled with the idea we would try to muddle through but my mother is insistant that she wants to help us with a lump sum, she…
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Self Assessment -is my tax bill correct?
My turnover for 2012 - 2013 was £ 53,872 Expenses was £43,248 Profit was £10,624 My tax bill £775.51 Is this correct? I was under the impression that there was a personal allowance of £8,105, so thought I would only be taxed on £2,519 which would be £503.80. I don't understand why they are asking for the extra £271.71
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Landlord for first SA tax return
Hi, I am newish landlord, and need to complete my tax return by the end of Jan. I don't think there be a problem with this, as I know what I need to pay tax on (pretty good at keeping track of expenses). But wondered, is it just 20% tax that I pay? Or do I need to pay National Insurance on top? Its just I got a letter…
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Tax efficient funding of boiler for BTL house
I own a second property which has been rented out for many years. Recently, it has become apparent that the boiler will need replacing and I was wondering if there are any tax efficient ways to do this. I understand that I can offset the cost of a boiler against the rental income, however I was wondering if I could also…
