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Tax on medical insurance
I have private medical insurance provided through my work. The insurance will be coming into effect sometime this month. The annual value I would be taxed on is about £600. My query is regarding this first year. As I'll be getting only 7 months benefit in this tax year, will I only be taxed on £350? The hmrc website is…
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BR Tax code
I left my perm PAYE job in May and went Ltd in June. I was on 1000L tax code but yesterday received a letter saying my tax code for the Ltd company is BR. What's happened to the remainder of my personal allowance and is this normal to be put on BR after going Ltd? I'll phone HMRC on Monday to find out what's going on as…
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Tax Return - Paper vs Online
Hi there, This is the first year I need to fill in a tax return as I have Capital Gains to pay. Reading through the HMRC website, They state that the Paper tax return must be completed by 31st october and online by 31st January. It doesn't make sense to me that I would need to fill a tax return twice using two different…
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National Insurance refund
I took early retirement half-way through tax year 2012/13. For the year 2013/14 my taxable income was below the tax threshold, therefore I paid no income tax. In this tax year I received a Bonus from my ex-employer and not even this put me over the tax threshold for this year, however my ex-employer did deduct Income Tax…
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tax rebate
hi, i left my job last month, and my p45 says i earnt 9880 pounds(my pounds sign dont work on key board) so far this 2014 tax year and paid 1141 in tax. i have started a new job earning 6.50 an hour in a 35 hours week. my question is.. how much tax rebate am i due? i am getting my paye ref tomorrow so i can inform the tax…
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P60 Help Please
Hello everyone Please can some help. If I am self employed with a company since may of this year, then in November I stay with the same company in the same job role but with a higher wage and am taken on full time employed, will the p60 I get next may show my employed wages as total earnings and self employed wages as from…
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Tax on Family Rent
Hi, I'm in a position where my girlfriend's parents are buying a house for us to rent from them - no mortgage, just buying the house out right. We will be paying them market value rent. I was wondering what their (the parents) income tax position will be? Is there any relief because we are family members? How about the…
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Do I have to register for Self assesment
I am just wondering if I have to register for self assessment or if it is an automatic process. I, with 3 members of my family, started a ltd company to start selling a book. We have done well so far with it but always hoping to expand a bit. I am one of the four directors and I am not sure if I need to register for self…
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CGT with inheritance [cgt] [captial gains]
Hi, mum passed in Jul 2013 leaving behind the family home to my brother and I. My brother lives in the home and has done for a few years. I live in rented accommodation and don't own any other property. We have recently agreed a sale for the house at £385k so there should be just over a year's worth of capital gains at ~…
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Are childcare vouchers based on salary or salary+benefits?
Hello, My payroll department told me I could only claim £124 a month in childcare vouchers (Rather than £243) as my salary is £38,000 and I received benefits worth £2,800 (car and private healthcare). The benefits administrator at my work is telling me I am a higher rate tax payer, but my salary isn't anove the £41k-ish…
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National Insurance Contributions
Hi all, I'm wondering if anyone can provide definitive guidance for me on NI contributions. I've been charged these as I've earned over the weekly allowance one month but earn below the personal allowance threshold each year as I am a PhD student. Am I entitled to any sort of refund on these contributions or is it just…
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tax code 500T
Hi Started new job 2 weeks ago, first payslip said tax code was 0T, but i hadnt handed in my p45 till last week, so this (2nd) week payslip says 500T? why is it 500t? have they maybe not processed my p45 yet or is it due to my bankruptcy? Thanks
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Who gets the 45p mileage allowance, self employed or PAYE?
Ive been self employed since April and I've stacked up more than 10000 miles. So my 45p per mile allowance is used. I'm now employed through an Umbrella company and they want me to submit my mileage accounts to them and they are claiming 45p a mile. Should they only be claiming 25p as Ive already used the 45p allowance?…
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Whose fault for underpaid tax?
Can anyone make any sense of this? My mum who is a pensioner, did not pay tax on her pension for the tax year 2010/11 and consequently received a P800 tax calculation. When she checked the tax codes, HMRC had notified her that her tax code for that tax year was K38. However, when she checked her P60, her pension provider…
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SA103s & Sa100 guidance needed
I need help for my 20 year old Grandson to complete his self assessment tax returns. He worked, November 2013 through to May 2014. It now seems he was "self employed" and now needs to complete the above forms before the deadline.His situation is simple, tax was deducted from his pay and he has no expenses to claim and we…
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Child benefit, and the £50k limit - would rental income be after tax?
Hi all, My salary is £42,500, and I have a rental income of £10,200, so a total of £52,700 before tax. This obviously takes me over the child benefit limit of £50k. My question is, do they consider the gross rental income, or the rental income after deducting tax and associated expenses? Thanks
