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income vat tax confusion / help needed
Hi everyone, I need to get some answers to i scenario i have. I've a feeling i should be owed or able to claim some moneys back to me, this is my life lol; Im employed i earn £68,000 total income for the year, made up of two things, Basic wage =£38,000 and a expense allowance=£30,000, I pay higher rate tax (40%), both…
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New Tax code 2014/15
Hi everyone I'm new here and not sure if this is the right place for this so here goes. I may be a little late to the party on this but just got a huge shock in my payslip under the new 1000L tax code for Month 1 of 2014. Just under £100 less in my pay. A huge hit for us as we have to budget seriously like most people.…
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Can HMRC do this?
I'm re-posting this as I don't think the previous title really reflected the situation. I've been looking on the MSE forums to find some advice with regard to VAT. In April last year (2013) I received an unexpected letter from the VAT office demanding a sum of £75,000, money that I don't have and I don't believe that I…
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CGT and income tax on divs on a 457 Visa - Australia
Hello I recently moved to Australia (NSW). I own several investments (mostly shares and invesment trust shares, bonds etc) that I have purchased both before and after arriving in Australia on a 457 visa. All of these assets have been purchased in GBP using proceeds from my UK bank account, whether before or after my…
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Capital gains tax
Capital gains tax Hi, hoping someone can give me some advice. In 2007 me & an ex partner brought a property. It was our only, & main home. Was meant to be our forever home but In 2010 we split up and I moved out. My partner stayed & I paid my half of the mortgage until January 2012. In January 2012 we rented the property…
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HMRC year end payroll on my computer
I haven't attempted to do this yet, so looking to find out if it's easy to do. I run a payroll for my business using the HMRC download tool on my laptop. Each year I close down a year end and download the new payroll and the details etc automatically get carried over to the new year. I now have a new laptop and want to…
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Have I got this correct - tax on additional income
Probably a very basic question and not really a 'cutting' tax question, but want to make sure I get it right. I work full time (higher rate taxpayer, above NI UEL) but recently did some additional work for a 'friend of an acquaintance' which is complete to everyone's satisfaction. I asked if they wanted an invoice, but…
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N.I. contributions on self-employment + early retirement pension
I took an early retirement company pension 5 years ago, but have returned to work part-time (self-employed) in 2013/14 tax year. My early retirement pension is just over £10k per year and I would like to know if I will have to pay the Class 4 N.I. contribution on the total of the pension & profits, or is it going to be…
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Mileage Allowance Relief and Fuel Card Confusion
Can somebody please advise in regards "Mileage allowance relief" on a Self Assessment return? My scenario is hopefully a standard occurence. I drive my own personal car for work and drive thousands of miles on business. I do not receive any mileage rate for any miles that I do (ie zero pence per mile), however I do get a…
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to pay or not to pay National Insurance?
After 37 years in the NHS I take early retirement at the end of May.:beer: I have received my pension quote, but on calculating my expected tax deduction, I am unsure whether I still continue to pay NI. Are payments compulsory? and if I am able to opt out, does it affect my State Pension at 66? Ta Rosiepopp
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Complicated Tax Return / Student Loan / Offsetting Losses Help!
So, this may be a query needed for an accountant / tax advisor but thought I might as well ask here on the off chance someone has come across this before. 2012/13 tax return: Employed income of around £20k, tax of £2228 paid. Self employed business loss of £17k Furnished Holiday Letting loss of £5.5k Following submission…
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P87 - how to calculate home energy costs
Hello I work from home full time - 8-5 m-f ocassionally I am asked to travel to client sites. I have a desk, dual monitors, laptop, printer, shelving unit I installed specifically for the role. I have an open plan kitchen/diner and the diner bit is my 'office' . My husband is basically banned from the kitchen until 5pm…
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can I reduce my exposure to income tax on sales bonus/commission s
Hi. I currently work in a sales role and get paid a basic plus commissions My employer in my job has asked if I want to be paid the commission element as a mileage claim Are there any other benefits in doing this or anything I should be wary of. Or any alternatives ?
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CGT when owning 2 properties
I have recently acquired a second property in the UK and I am considering selling the first property but I want to be aware of any tax implications before I do. Below is my history and understanding, plus a question or two. Property 1 - Bought 7/02. - Primary/only property, used as a home - Relocated abroad in 3/05 -…
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Multiple Coding Notices
Hi I received two coding notices today for the 2014/15 tax year. One says that my tax code is "BR" and one says that my tax code is "1004L". I am not sure why I have received two, as I have only one employer. Both notices have the same tac reference and were issued on the same day. Is this something I need to query with…
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Backdated VAT bill crisis
I'm not sure if this is the right place to post but I've been looking on the MSE forums to find some advice with regard to my situation with regard to VAT. This is situation I desperately need support with as it is severely affecting me mentally, emotionally and financially, making me very unwell and life overwhelmingly…
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Tax refund?
Last financial year I only earned £3340 from my employment and 3 months worth of JSA (need to work out the exact value). I was placed on an emergency tax code 944L WK1 and had to fill in a P46? as I didn't receive a P45 from the job centre. I therefore paid £70 worth of tax and £40 worth of National Insurance. Will I get…
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Happy Mechanics- Claiming Back Tax on Tools
Hi Guys, My other half has been approached by Happy Mechanics, who claim back for tools. He is an employed mechanic and MOT tester in a small independent garage. He purchases all his own tools for use at work. He has used Happy Mechanics to claim back tax before but I've read the small print and they take quite a large fee…
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Self Assessment newbie - help please
Hi, I am employed part time and set up a new self employed part time business last year. I now have to fill in my first self assessment form (doing this online) and have a couple of queries: 1. I received a business loan of £2000 from a colleague to buy equipment for the business which I am paying back monthly from income…
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Income from interest on savings- Income tax
When I am calculating the amount of interest I have received in any given tax year, do I include the interest earned at the date it is paid or for the April-March period? e.g. one or two of my building society accounts pay me the interest on the anniversary of the date the account was opened e.g. 23rd August. Do I have to…
