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CGTAX and Mum.
Hi my Mum is 90 and in poor heath. She has willed her property to me and my husband in her will. We live in a property which is ours. If we sell her property which is willed to us are we liable to any tax,seeing that it would be our second property,even though it's an inheritance. confused. Gwen.
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RAR and a self employed lodger
I know that the rent a room scheme has certain restrictions on a lodger using the room as an office. I have read the guidelines which say that you can have someone who does private study evenings and weekends but it is not clear whether a self employed lodger cannot do any work from home during the day. Can anyone help…
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Declare income tax on parking space rental?
I currently rent out my parking space for £80/pcm. Do I need to declare this as extra income to HMRC? If I did declare it, would I actually end up paying any tax on it? (I read about a ~£4k threshold for rental incomes, but not 100% sure if a parking space would be covered...) If it makes any difference, my regular…
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Child benefit and Pension Contributions
Hi Posting here as I cannot find a definitive answer online. I am set to lose nearly all of my CBA due to level of salary. I have read that Pension contributions can be used to lower the Net Adjusted Income level. It is vague on whether Pension payments taking at source from Gross income count or if it is just additional…
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Directly contracted childcare
I have £500 / month childcare to pay. Starting 3rd Feb - so for two months of this tax year. The child will be 9 months old. I will be a basic rate tax payer for this year, and so could sacrifice £243/month. Can I make use of the unused allowance for the first 10 months of the year and sacrifice all £500 pounds and avoid…
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Reduce Tax Rate by Pension Contribution?
I saw something similar recently but can't find again ..... As I have found on HMRC site - FY12/13 Basic Rate Tax - 20% £0 to £34,370 (FY13/14 £32,010, FY14/15 £31,865) Higher Rate Tax - 40% £34,371 to £150,000 If I earn circa £55k, have a Tax Allowance of £8,105, and contribute circa £6k to a Company Pension - this gives…
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HMRC self assessment online form???
I'm currently waiting on my activation code for the hmrc self assessment online service, while waiting, I was reading about how I do my own self assessment instead of paying an accountant: http://www.hmrc.gov.uk/courses/sy!!!...sy!!!_605.html I know that I can claim for use of a vehicle, clothes etc, but on the above link…
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Self-assessment - late penalty fee but never any information about tax left to pay
I no longer need help, but thanks to the 151 users who read my message :)
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Rental income tax return - self assessment v PAYE and unequal shares in property
My fiance and I started renting out our former home in September 2012 and I'm aware we need to complete a tax return for 6 April 2012 - 5 April 2013 (so the rental period 16 Sep 2012 - 5 April 2013) by 31 Jan. We're probably going to have around £1500 of profit after allowable deductions but we anticipate it will be…
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Tax Relief on Fuel
Hi All, I currently get paid £2400 per annum (taxed) car allowance and i'm currently receiving 16p per mile for my 1.8 petrol car. (My own car) Am I entitled to any tax relief via HMRC? I read somewhere about claiming 45p per mile for the first 10k miles? I do roughly 13-15k per annum mileage. Thanks for your help in…
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MSE News: Self-assessment Q&A: Fill in tax return now or face fines
"If you're self-employed and haven't already filed a self-assessment tax return, do it now to avoid a hefty fine..." Read the full story: Self-assessment Q&A: Fill in tax return now or face fines Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New…
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Property Losses Against Employment Income
My son has some unclaimed property losses for the past few years. Basically a house bought before the 2008 crash, and now in negative equity, has been rented out for about three years and the mortgage payments, agents fees and insurance have been greater than the income resulting in a net loss for each year. He has been in…
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Self Assessment - Paying tax for following tax year
Hi - sorry for the broad title of the thread but... I've completed the self assessment and got £xxx amount to pay for year ending 2013. Why am I being asked to pay £xxx amount for 2014? Is there any way of not paying the tax I don't owe yet for 2014? Thanks Nilesh
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PAYE tax adjustments
Hi, I work for a large UK corporation & am paid thro PAYE. I expect to earn around £53 k this year & have decided to pay enough avcs thro payroll into my defined contribution pension to use up my 40% rate.. This effectively means I will be paid nothing gross for Jan/Feb/March. Can anyone tell me how this works from a PAYE…
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Human calculator needed please for company car questions
Hi all Trying to work something out for m brother but getting nowhere. He has a company car BMW 520d He has a fuel card He doesn't pay for personal mileage ....he hardly does any personal mileage He was in Australia for 3 months of the year and had no use of the car. His payer coding notice is as follows.. 1. His tax code…
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P800 Unpaid Income Tax Demand
Hi All, Yesterday I received a dreaded P800 Unpaid Income Tax calculation for 2010/2011. This P800 states that I have underpaid for this period and that I now owe £3333.20 :( After contacting HMRC it appears that my former employers have continued to use an NT Tax code that was issued for 2008/2009 all the way upto…
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"Company cars for Dummies!" help needed
Hi all, I am going to sound incredibly naive and stooopid but I have no idea where else to ask for help. Having worked for the same company for 20+ years and claiming about 750 business mileage a month in my own car, they have decided to give us company cars. At the moment I drive a decent car which I will have to sell.…
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Taking money out of pension pot
My wife and I are moving house and I urgently want/need to take about £40k out of my pension/investment pot of about £100k to purchase our new property. My wife is a non tax payer and is on a reduced state pension and my present pensions totals approx £21k pa. By taking this money out of my pot am I liable to be taxed at…
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Losses brought forward from earlier yrs off set against this yrs profits
Do I bring forward my full amount of start up loeeses to the 2012/2013 ntax yr, which is the full loss that i also brought forward for 2011/2012 OR do i have to subtract the total loss from the incomeof 2011/2012 and the remainder I bring forward to 2012/2013. my income over the last 2 yrs has been considerably less than…
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How much will my bonus be after tax?
Hi all, I currently make around £45,000/yr without bonuses. I will be getting my first bonus in February which I have been told is £25,000. If my calculations are correct I will pay on my bonus: Tax: 40% * £25,000 = £10,000 NI: 12% * £25,000 = £3,000 Total paid on Bonus = £13,000 Net bonus in my account = £12,000 Would I…
