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Tax efficient way to pay myself
Hi all, I've had a quick search and can't find anything that really answers my question/s. I am speaking to my accountant next week, I just wanted to have a bit of knowledge before I sit down with him. I'm Company Director and 52% shareholder of a business, with two partners with a 24% stake each. The business is less than…
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Forign savings & self assesment
I have always understood that you need to fill in self assessment if you receive over 2.5k interest from foreign (EU) savings and therefore never filled it in, but I'm now wondering if that's correct or not.
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Public sector fuel
Hi, new to MSE forums, looking for some advice with regards to tax allowances for public sector workers: My partner is a nurse and has a 58mile round trip to the hospital each shift, this equates to around 9000 miles a year travelling to and from work. I am wondering whether there is any per-mile tax relief available for…
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Vat
I received services from a contractor prior to him reaching the VAT threshold. His original estimate for the services clearly stated that VAT was not payable, however as he is now VAT registered he has charged VAT on the final instalment and invoice? Is this a legitimate charge?
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Tax & home office
I'm starting a job as a lecturer later this month and my normal working arrangements would include 1 day per work on which I can work from home. I have heard there may be some tax I could claim back? Does anybody know how it works and if it's worth the bother?
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Introducing personal items into business
Hello, A query or 2. I am registered as a sole trader and have been for 6 years. This year a healthy profit means it is feasable to and I wish to put some equipment which I use for sole business use into the business which I have owned personally since before the 6 year period. I presume I cannot claim AIA, and it is…
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Self Assessment 2012-2013
Hi, I need to complete a self assessment for the first time to claim fuel relief, which I have no problem with but just want to clear something first. On 16 September 2012 I received a Tax Calculation letter from HMRC to say I owe £XXX.xx amount, and it would be collected through my tax code in 2013. On 30 September 2012 I…
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No longer receiving additional income - Do i fill SA??
I have previously declared income from property via SA but sold the property and on my last SA stated that I would not be receiving any additional income for the following year. Is this enough for IR or do I have to complete SA in April and state that I did not receive any additional income for the last year? Do Inland…
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Filing Tax Return in the UK compared to the USA
Ello Ello! My uncle (who moved from Boston in August) was questioning me about tax returns and how they differentiate from the UK- he's now a working UK citizen; he's now a self-employed carpenter here and has been doing everything as he's supposed to (keeping receipts etc.). His main confusion was on the best way as to…
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Voluntary Work while Self-Employed (Networking)
I did some voluntary work a while a go. The work I was doing was what I do in my self-employment and I was giving up my time and using my expertise to help a project. I was using this project as a networking oppurtunity therefore can I offset my expenses for the project against my tax?
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Higher rate tax question
I have a question about higher rate tax and pension contributions that I hope someone can clarify: I pay higher rate tax and I have read that I can make pension contributions which would decrease my taxable income (excluding any interest from savings) to the basic tax rate. Can this be done via my work pension by…
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US Shares & Taxation
I have shares through my US employer and currently pay 52% US tax when they vest, is there anyway of reducing this liability or claimimng back through my UK tax.
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Filling in my Self Assessment Tax form...
Hi. Not sure if this is in correct thread. I have filled in my tax return/self assessment online (for the first time) But prior to sending it to hmrc, I am bewildered at the final 'bill' it states I am liable to pay.... I can go into details of figures (£) if required but Im on here looking to see if there is anyone that…
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Overpaid tax rebate
Hi all, just after some advice on my options here. I was given a tax rebate back in April last year of £4k. I didn't expect it to be this much but I had given my details over to HMRC to sort out the emergency tax I had been paying whilst I moved to a new job. I was expecting around £500, however the advice from HMRC was…
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Tax query on buying new van for business
Hi, I've set up a limited company which is VAT registered. I'm looking at buying a new van for the business which will be around £12,000 +VAT. Can we claim 100% of the net cost under AIA and then also deduct the VAT from my tax bill ? Also, does it make any difference to how much can be claimed under AIA if we bought on…
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Euro exchange rate
I got to do a tax return, can anyone tell me where I can find I think it is called spot exchange rate from euro to sterling from January 2013 to January please it is for savings in euro.:T
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Where to enter a chargeable event on the online tax form
Hi, I'm filling in my tax return online. In February a trust in my name was wound up and I received the money that was in it. I received a chargeable event certificate. I cannot see where to enter it on the tax return. On the pages for tailoring your return, none of them seem relevant except capital gains and I've been…
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How do you know if you need to complete a self-assessment tax return?
I earn £55k + annual bonus of around £4-5k. I pay tax through PAYE and don't have any other income. Can I just confirm that my understanding of the HMRC rules is correct ie. I don't need to complete a self-assessment tax form because I earn less than £100k, have no other income, and PAYE covers my tax requirements? I don't…
