-
Income Tax on interest payments against Tax Free Lump Sum
My husband died 4 years ago, and due to a dispute with the Pension Provider, the tax free lump sum payment due as part of his private pension was not paid until recently. The pension provider paid accrued interest against the tax free lump sum from Date of Death until date payment made, less Income Tax deducted on the…
-
Tax owing from 2010/11
I am 74 and worked until August 31st 2012. I paid PAYE on my salary through employer also taking State Pension this ran ok for 13 years. I also received another small pension from a previous employer on which tax paid by PAYE also. As soon as I received my P45 in September 2012 I sent a copy to the tax office as I did not…
-
Should I use an accountant?
Hi everyone I worked for a company during tax year 2012-2013 for 10 month of the year, took a month off, then became self employed for a month in March 2012. The company automatically deducted tax, as did my CIS contractor for the remaining 1 month of 20%. So I've certainly already paid my tax During that 10 months for the…
-
Forgotten savings account interest
When filling in this year's SA tax return, I realised I had forgotten to declare some interest earned on a building society savings account in last year's return. This interest has been taxed at source, so no tax should be owed, but it would, presumably, have had an effect on the end of form tax calculation. I've declared…
-
Where to Enter on online SA? - Tax Relief on Home Office Allowance from Employer
Before I suggest they call the HMRC helpline this evening, hopefully someone can assist, thanks. Helping someone with their online SA. Fairly straightforward and all completed, except one issue: They receive a Home Office Allowance from their employer, which is added to their Salary each month and taxed. They have been…
-
Help... HMRC repayment!
Hi, I recently filled out a SA which calculated that I owe tax of approx £60 for 12 - 13. This was considerably less than previous years (used to be approx 1200) as i had 2 properties that i let out then and now only have 1, plus i now have an interest only mortgage on the remaining property which is accounted for in my…
-
Tax on income from house sale
Hi Hopefully someone can advise. I'm currently going through the process of buying a house that I am planning on selling to developers (it's in need of renovation). I've been reading up (please correct me if i am incorrect!) and any profits made on the sale would be subject to income tax rather than capital gains tax. I…
-
Overtaxed please help
I have been taxed 40% on my £1300 worth of shares My ex employer says that it is because I received such a high amount in one week that I was taxed this much HMRC say that they cannot do anything until the end of the tax year when they come to assess my earnings What are my rights here and what can I do? I dont feel like I…
-
Business mileage for community care workers
Does anyone know the rules on what is regarded business miles for care workers who are based at home on the whole? As i understand it, business miles includes any travel incurred to a non permanent place of work, so would this include travel from home to the first client, and travel from the last client to home? especially…
-
Capital Gains on 2nd rented out home
Question: 2nd home which is rented out and you want to sell it . The home is in joint names . Do you get 2 x annual exemption ? Thanks, did try the Tax office on the phone but they wanted so much information before putting me through to someone , i gave up......
-
Paying HMRC
Going to pay via internet banking to the sort code and account number given on the back of the payment slip. I assume it goes by FP, so when do I need to pay to be sure it arrives with them by 31st January?
-
tax return question
hi all, help please, i am in a partnership and until recently we had a guy who helped us with our accounts/ bookkeeping etc and he also filed our tax returns online for us. he has now retired and this week we filed the tax returns .....both individual ones and the partnership ourselves, my question is at the end of the…
-
Tax payouts?
I've been self-employed for about a year and recently filed my 1st tax return, and some friends were saying I could claim for expenses like fuel, advertising, and stationary etc (my less than helpful business advisor didn't bother to mention this). I've tried reading up on it and as far as I can tell it comes off the tax…
-
Interest free loan
Is it true that if I sell my house (at market value) to a relative with an interest free loan, i.e. repayment of the capital only by a contract for X amount per month with an average inflation link as and when agreed by the parties in the future... there is no reason to inform the tax authorities since the repayments do…
-
Owe 60 Pence Tax on £617 Loss
Hi Just filled out my self assessment, made a £617 loss for the current tax year. I got to the last page, where they calculate the amount owed, and expected to see a grand total of 0. Instead I got the following: Total tax, Class 4 NIC and Student loan due for 2012-13 £0.60 I am curious where this 60 pence tax comes from?…
-
Charity Payments - Gigt Aid
Hi, I am completing my wife's tax return and she make small payments to several animal charities such as the Dog's Trust. The total is only £200 per year and I have entered this amount in the gift aid section as I cannot see another place to enter it. In the tax calculation the amount as been grossed up to £250 and she has…
-
Help Ref Self Assessment Online Access
Im having trouble sending a return online for my wife's small internet business : When I go to main page I have to put in an ID Number thats ok because it was in there ok I then need a PW - thats ok Then i enter and go through to next page - it seems then you have to register for the SA service - I had a email back with a…
-
Looking advice on large tax bill
My partner and I own a small grocery store, and are currently in our 3rd year of trading. I have some bookkeeping experience and so in an effort to keep costs down, I have been completing our Vat returns each quarter. Our accountant has just phoned me with the news that our tax bill will be approx £8000 for last financial…
-
Self employed - working from home. How do you work out proportion used for business?
Hi How do you all work out proportion used for business for e.g. broadband, electricity, mobile phone, council tax, mortgage interest, insurance??
-
Income tax - claiming proportion of service charge/ground rent
Hi I live in an apartment. I pay rent, service charge and ground rent. I am a sole trader. I think I canNOT claim on the rent. However, can I claim anything on the service charge or ground rent?
