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medical insurance - my wives or mine!?
Trying to review expenses etc. My wife is on low tax bracket i am on higher rate. My wife can get the following thru her work: single cover: £505, 0 paid by my wife single parent (i.e. her and the 2 kids):£853, 348 paid by my wife full family:£1353, 848 paid by my wife I can get: single cover: £781 single parent (i.e. her…
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Student Tax
Hi, hopefully someone can give me some advice. My son who is a student and 17, has got him self a sunday job. Its his only and first job. He has been there since June this year. He earns 177.82 per month and is taxed 35.40 per month. Could anyone tell me if this is right? i didn't think he was earning enough to be taxed…
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Council tax question
The owner of a UK property works in Germany and only spends the odd weekend at home. The son lives in the property all the time and has just graduated and gotten married. The new daughter-in-law has moved in. They don't pay any rent, but have offered to pay the bills including the council tax now that they aren't students…
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Sold company tax
Hi Nov 2013 my brother and I sold 50 per cent of our company for £25k each. We are stil directors and are currently on paye salary of £43k per year before tax working on R&D for future products. We started they company in August 2004. We are both married and both our wife's previously worked in the company. Does anyone…
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income tax on rental - beginner question
Hi All, Firstly sorry if my questions seem a little basic, this is the first time being in this situation. I left the UK in June 2014 to move abroad and decided to rent out my one and only property in the UK which I was living in. I intend on getting an accountant to file my tax return when the time comes, but currently I…
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N.I/tax
Hello I work full time and just reached state retirement age and this month as expected no N.I contribution taken, however I did expect this amount would have subject to tax. I used to pay £81 N.I and tax £200 this month no N.I but only 20p increase in tax. is this normal? thank you for reading
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Potentially Exempt Transfer
I inherited a house in 1999 we have never lived in it and it has always been rented out via an agent. The house is held under a Tenants in Common basis by my husband and I and we are considering transferring 60 or 70 per cent to our son. He wants to live there. Any pitfalls to doing this? We are in our 60s. Or is there a…
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Council Tax and moving house
I've recently moved house. In my previous property I paid monthly over 10 months. As I moved at the end of August I had paid 5 of the 10 months payments due, so 50% of the council tax due for the year. This is around £100 more than had I been paying 12 monthly payments. Question - As I was only in the property for 5…
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PAYE question
ok, I admit to never fully understanding PAYE so hoping you can help explain this scenario I find myself in. I started a new job in the second week of August. I missed the first payroll cutoff so have just been paid from that date to now (just shy of seven weeks). Using a salary calculation site I pro rated what was…
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p800 tax calcs
I've just got a letter form hmrc saying I have underpaid my tax by £4100 for year 2013/14. I started with a new employer in jan 12 who I stayed with until jan 14, I then change to a new employer in January where I am still employed the letter from hmrc says the reason for the under payment is because I had 2 employers( not…
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Paying someone elses Council Tax
Hi, my first post on the forums so sorry if this is in the wrong category etc. Anyways I have recently checked my bank statements and can see that my local authority were taking 2 payments for my council tax, upon contacting them to investigate they have revealed that I have been paying a random persons council tax for the…
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Capital Gain Tax Q - Property
How much Capital Gains would be payable if I sold? House bought for £73,000 in 1988. Lived in it until 1992 at which point it was let out. Purchase costs were £1,700 Selling costs would be approx £3,000 Improvements made were changing old wooden windows to fully UPVC windows at a cost of £4,000. House now worth £240,000.…
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Is my Self Assessment late filing penalty fair and reasonable?
I understand why I have received a penalty and I probably do not have a 'reasonable excuse' per HMRC guidelines for filing late. On this basis I would have no problem paying the penalty but what I do question is whether, given my personal tax circumstances, firstly the penalty is fair and reasonable and secondly whether on…
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vat and tax
Hi quick question I already do my own Tax and Vat but want to check if when I fill in my tax return if I would take the vat paid off the balance as an expense, or am I paying tax on the Vat I have already paid. Hope that makes sence thank you
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Is building work tax deductable
Hi, I'm self-employed/sole trader. I'm currently having some building work done on my house. The main reason for the building work is so I can continue to work from home. Part of the it won't be used for work purposes but the rest will be specifically an office/production for me. Is any of this cost tax deductible? Is it…
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How a higher rate taxpayer reports account interest and pension contributions?
I'm (just) into the higher rate tax bracket and have some small additional income from interest on current accounts and also make some payments into my SIPP. Am I correct that the current account interest should be added to my annual income (thereby attracting 40% tax), but my personal pension contributions will get an…
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Offset residential mortgage interest?
Hi there, I have a sum of money that could either pay off my mortgage or buy 3 buy to let properties (with interest only mortgages) I realise that I can offset the interest payments on the BTL properties against my tax return but could I also offset the interest that I am paying on my residential mortgage? Any…
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Which currency is it best to be paid in? dollars or RMB?
Dear Forum, I am conducting some business in China and have been offered to be paid in either RMB or Dollars. My instinct tells me to go for dollars, but then I suddenly wondered- Considering the poor exchange rate of the Dollar in this current climate, does anyone know whether it would actually be better to be paid in…
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"Dummies Guide" for Self-Employed?
In order to avoid asking endless questions about basic tax-avoidance for the self-employed, does there exist a "Dummies Guide" or similar? I understand the basic expenses (which seem very few, and don't make much of a "dent") but only recently heard that, for example I could employ a member of my family and save tax in…
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P800 underpayment - finding root cause
Hey, I received a P800 notification of underpayment. The earnings for the year on the P800 is £2,400 higher than actual fact (my P60 is correct). I managed to speak to them and they said they received notification of an additional payment (I presume under the new real time system) after my leaving date. If payroll at my…
