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Self assessment - Bank Payment Pending?
Hello, just after some advice please. We did my husbands tax return (self employed construction industry) on Monday 14th April. We clicked the usual box for it to be paid into our bank account. I've checked the status today as it seems to be taking longer than other years and its saying 'bank payment pending'. Does anyone…
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Taxes on rental income
Hi folks, I'm planning to rent out the two spare bedrooms in my three-bedroom house. I've been reading on taxes and I've done a bit of calculation based on my understanding. If anyone can help me check the numbers I'd be grateful! I'm taxed at 40% marginal through PAYE. I've never fill a tax return since this would be the…
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Is repayment of child benefit classed as a "tax"?
Just wondering as HMRC are saying my OH did not pay his 2012/2013 tax on time, however the only thing owed is repayment of child benefit received.
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Paying my Wife a Property Management Fee
Hi, I currently have 1 BTL property - from December last year. I am just in the 40% tax bracket - so the BTL profit I will be subject to paying 40% tax - I am obviously going to put thru as many expenses as I can to reduce the profit, which I will research on (any links much appreciated). I own the BTL property i.e my name…
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Commerical vs residential mortgages - amongst other things!
Good afternoon, My wife (sole trader) owns a dance studio which is in the adjoining building to our home. Both properties are under seperate titles, with us both on the title to the house, and only only her down on the title to the studio. We currently have a mortgage on the house and no mortgage on the studio. My question…
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Living overseas - UK tax on savings?
I've been living and working overseas for 5+ years now. It was initially just a temporary thing, so I didn't really worry too much about sorting out my finances in the UK before I left. But it's now permanent (at least for a few years) and so I've realised that I may be losing lots of money on account of UK tax. I have…
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Setting up a propoerty limited company to save tax
Hi, I have my regular day job which has just crept into the higher rate tax bracket (40%). I also have 2 properties that I rent out, on which the profits will be added to my income and also therefore be subject to 40% income tax. I was thinking of setting up a limited company for the 2 properties. The advantage of this is…
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Cash basis vs accruals basis
I am self-employed and am currently getting everything together to complete my SA tax return online. I know there is a new system that has now been introduced for 2013-2014 and I would just like to know what the advantages (if any) of using the cash basis vs accruals basis would be. Also, if I were to decide to switch to…
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help
To claim maternity allowance I need to have worked for 26 weeks. Which I have. But my first job was paid in cash and because my earnings were below the tax threshold (approx 60pw) my boss didn't declare it to hmrc even though it was his responsibility. So hmrc will have no record of this job. I was there part time for 3…
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Consultancy Work & Tax/NI
Hi there, thanks in advance for reading. I have had a scour of the forums and the web looking for answers to this but thought I would put it to the great minds that are out there to see if I am right/wrong and provide some clarity. I am a primary school teacher employed full time by the local authority where I live. I have…
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self assesment - hold up.. is it security check
I have a repayment due for self assessment tax return - i have submitted the repayment request 3 times to no avail. says 48hrs each time, its saying payment not yet used under the allocation bit rang up and they are sending it to payment team to be done manually is this normal or just security checks?????
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Help with tax code please
Hi I was wondering if someone could advise me if my tax code is correct? I was made a widow in april last year at the age of 29 and as we have a young daughter I was awarded a widows dependants pension. I am now working full time and my tax code for the new tax year is now 175L and last year it was 357L (from memory). Now…
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Budget 2014: Lower air tax on long-haul flights
UK passengers on some long-haul flights are set to pay less tax following a revamp of Air Passenger Duty (APD). FROM WHEN?
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Self assessment - need to declare this interest?
Hi all, Need a little help me with a self assessment tax return question as that time is approaching. For the past few years I've managed to earn a little extra cash outside of my PAYE job, hence I need to fill out a self assessment. The self assessment asks if I've earned any interest on money I'm declaring. Normally I…
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Help with understanding tax increase
I need help understanding why my income tax has increased so much this April. I am a 74 year old female (75 in August). Last year my gross occupational pension was £412.53 per month and my state pension was £129.56. per week. The tax I paid was £15.60. per month. This April my gross occupational pension has increased to…
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Tax relief on work miles
My boyfriend is a security guard. He works at various sites for a few weeks or months at a time, but he only ever works from one site per shift. He has been told by a colleague that he is able to claim tax relief on his mileage because he doesn't have a permanent place of work, but I thought you could only claim for…
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Car Allowance and Mileage Allowance Relief
I'm new to using my own car for work and admittedly I don't fully understand it. I get £6000 a year car allowance paid monthly Fuel Card which I purchase all my fuel on - Up until April '14 I didn't pay for any personal miles, just a £30 fuel deduction each month. I have done 15,000 business miles up to April I estimate I…
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Daughter-in-law TUPED out 31/3/13
Her job with a local authority was out-soureced under TUPE on 31/3/13 and she received her last salary from the LA on 25/3/13 to cover the march calendar month. The first payment for 2013/14 was made on 25/4/13. It included an amount for TCP Lump Sum. My son told me that no P45 was received, which I believe should have…
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a few questions re self assessment
Hi, I have been filling in my self assessment online for the last few years. Every time I received a letter in the post to remind me to to submit my tax that year. I have not received the letter this year yet, should it still be on the way to me? Another thing is in the one section of the online form it asks about all the…
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Tax Question - Student
Hey everyone sorry If I sound a bit daft for not knowing but im a complete novice at the whole tax thing - Im a student. Basically I will be doing a placement year soon so therefore will be earning a wage higher than the personal allowance, however have a part time job. Not too sure whether to quit the job I currently have…
