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HMRC daily penalties appeal
Due to various reasons, I've only just filed my tax return online (in July first week). But now have about £700 in daily penalties. I'm not due for any tax (it says £1.60 but I think that is an error on their part), is there any way I could successfully appeal against the daily penalties? There is no way I could afford…
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IHT on House Deposit
Hi all, Apologies for opening another post on a subject that may have been covered, but my situation is slightly different to all of them, and all the other similar threads are closed! When we bought our house in 2009 my father in law very kindly lent us £25k for a deposit. He and his wife were set up as a second charge…
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Purchasing a property for my retired mother
Hi all - I was wondering if anyone can give me some clues as to the strategy I take on the following scenario. My mother is soon to be returning to the UK from living in Spain for the last 10 years. She has no property here but does have quite a few assets&cash in Spain which will eventually be moved back over time.…
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Income Tax Under/Over Payments
I'm looking for some advice in relation to adjustments to my 2013/14 tax payments. I was working 2 jobs for about 5 months during this tax period which always seems to screw things up. In June, I received a calculation from HMRC advising that I had paid too much tax for 2013/14 and that I was due a rebate (happy days!!)…
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Is this CGT calculation correct part 2..
Similar to my last one but not exactly the same, I changed it to months to be more accurate, is this correct? House owned by parents jointly. House bought in March 1982 for £25,000 Will gift away in Sep this year for market value = £250,000 Cost of improvements, buying, selling is £0 Net gain is £225,000 They lived in the…
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Understanding Taxable Benefits- Medical Cover
Hello, My company has recently started offering medical cover as a taxable benefit. The cost to the company is 23.80 per month and my understanding is that we just pay tax on this. Does that mean that as a higher rate tax payer this benefit will cost me 9.52 per month? I'm not clear on how it will be paid, does it just…
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When to Declare 'No Longer Trading'
Hi I'm registered with the HMRC as a 'sole trader.' In past years, I've made a profit, and paid tax on it. In the past 2 years I've not made a profit, and I'm that my 'business' is really now becoming a 'hobby.' I still receive the very odd cheque from companies for 'a couple of hundred' at most, but overall I'm making a…
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Council Tax: student + unemployed gf
Hi, I just moved in and received my first council tax letter. I am a full-time student holding a scholarship, so I have been told I can apply for a council tax exception. However, I live with my girlfriend (currently unemployed), so here comes my confusion. According to some sources if she depends on me (unemployed) we…
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tax coding notice
Hi I've requested a copy of my tax coding notice from HMRC for a mortgage application. It's been over a week now, how long should it take to arrive? Is there any way I can get it quicker? (e.g. visit somewhere, call a specific number etc...?) cheers
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HMRC late penalty mistake
Hi, i'm wondering if anyone can give me and my husband some advice or if you have been in this situation. My husband is self employed and I always file his online tax return, we have never had a problem until today when he received a letter from HMRC stating they have not received his tax return for 2011/2012 and he owes…
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PAYE Jump
Hey dudes... Please bear with me, I'm a bit of a tax biff... In my July payslip my PAYE deduction has jumped by just over 40 pounds. My income is broadly the same from June, about 15 pounds difference. I can't figure out why my PAYE has gone up so much, can anyone shed any light on this? Julys pay took me over 10k for the…
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GCT Problem. Help needed Please read heatwaver22 msg
Please see earlier message titled heatwaver22. It's my first post so I got it wrong. Desperate for help.
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heatwaver22
CGT problem. Please give me advice. I have been contacted by HMRC with regard to a holiday home I sold in 2005. I purchased the property in July 1993 for £23,000 and sold it in November 2005 for £105,000. I had no idea about CGT being payable until I received the letter from HMRC - although I do realise that my ignorance…
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Self-assessment Short Form
I started a business on 12/07/13 and closed it on 16/07/13. I only earned £60.00. Now I have been asked to fill in a Self-assessment form. Should I fill in the Self-employment short one? I find the notes that accompany this form extremely difficult to understand. I am spending hours trying to understand this papers and any…
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Gifts & cgt
Basically, my nephew will inherit £90,000 from my fathers estate. He wants to gift £30,000 to me and £30,000 to my sister. How much capital gains tax will be payable on each transaction and does he pay it as the person making the gift or will me and my sister pay as the persons receiving the gifts? My nephew and sister are…
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Tax free allowance - Why am I being taxed so much?
My tax code is 1000L which I believe means I should have a 10,000 quid personal allowance before I pay tax. I have been paying 150 + quid of tax (inc ni) a month on about 1000 earnings (before tax). Shouldn't I not be paying tax? The same happened last year too, am I due a rebate or have I got this whole personal allowance…
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Will I be charged VAT twice on Silver coins?
I want to buy 200 legal tender Austrian Philharmonic 1 ounce silver coins from Germany. The website I am using (coininvest.com) clearly charges 20% VAT per coin on the checkout page. The coins are being shipped from Germany to the UK. Can somebody please tell me if the UK tax man will try to stick on a further 20% VAT as…
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Is this CGT calculation correct?
I'll try and keep it as simple as possible! House owned by parents jointly. House bought in 1982 for £35,000 Sold in 2014 for £280,000 Cost of improvements, buying, selling is £10,000 Net gain is £235,000 They lived in the house for 8 years, let it out the rest of the time. I calculate their PPR relief at £80,781.25 (11 /…
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Higher tax bracket? Surely not!
Good morning lovelies My recent pay packet which I have been looking forward to for months has finally been paid. I earn somewhere around £29k per an and this month I received a bonus of £1000. I have a pension at 6.5% and pay back student loans each month. My recent pay totaled to £3382.50 and my net pay was £2233.48. I…
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Self Assessment Question
There is a section on the online assessment page that asks if there is any tax outstanding/due from a previous year that is part of your existing tax code. Is this figure picked up from the last tax code notification that I received? At the moment the figure on the online section is defaulted to zero but its asking me if I…
