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Inheritance tax and renting
Hi there, from a long time lurker! I have an elderly but healthy relative who is keen to work with me to avoid paying iht unfairly on their main home while continuing to live in it. They are willing to give it to me and likely to live more than 7 years so potentially exempt transfer (pet) is an option. However, they are…
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Capital Gains if separated
I separated from my wife in January 2015 and have a mortgage on my current house. Wife lives in former family home, which is fully paid for. I am aware that, should she sell the house to move somewhere smaller and give me my half of the proceeds then I am liable for CGT on that money; this may occur in 2017. Until the sale…
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Tax credits-why does the taxman want to know if our income is below £18096?
Annual review time for tax credits. Why does the taxman want to know if for the tax year 2014-15 the wife and I earned jointly below £18096 and for this tax year they want to know if we will have in income below £15596. In both cases our joint income is below these figures as I no longer work but we don't claim tax credits…
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Self Assessment - registering this week - a question
So, I haven't done any self employment work yet. If I register as a sole trader this week, do I need to complete a self assessment form for the financial year ending April 2015 ? Thanks
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Rental Income query
this post has been updated and removed
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City Car Club Hire - Possible to claim as Expense?
I am thinking of signing up to a city car club scheme, basically a car hire scheme with an annual membership fee. Will I be able to claim the price of the membership and also the useage of the car for business use at the end of each tax year? It's about £40/day hire not including petrol.
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Claiming tax relief as an employee on professional association dues?
So I've just tried to ring HMRC's helpline and wouldn't you know it they are unable to take any calls right now, so maybe you guys can help me. I started a new job in UK higher education last year and am about to join a professional association that's on HMRC's approved list of bodies. What I'd like to know is: 1) What is…
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Self Assessment/Student Loan Nightmare
Looking for some help with what should be very basic but of course doesn't appear to be. Two things to bear in mind here: 1. I'm fully employed but do a bit of freelance so need to complete an SA 2. I have an income contingent student loan that has just been paid off in May 2015. I stopped PAYE deductions to this in Oct…
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Self Assessment Help
Good afternoon, I am just filling in my first self assessment form online and just need abit of advice. I let out one property and have come to the following question after I've typed in the income from the property: "UK tax taken off total rents and other income from property: Please read the notes." The notes say: "Tax…
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When is CGT payable?
A Google search on this always finds when CGT is liable and am never able to find the answer I want i.e. I have CGT to pay on a disposal in May (2015) this year, when do I have to pay it? I have always thought that I need to show the gain on my return on my Self Assessment by end January 2017 and then payable by July 2017.…
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Self-assessment/ Expenses
I am a Vehicle Delivery Driver, and, as I believe is usual in this line of work, although I work for only one company, I am self-employed. I am doing my self-assessment tax return for the first time and would appreciate a little guidance. The company pay me for each delivery, per mile, and pay my fuel, and traveling…
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Tax back on inheritance?
I inherited a number of bonds from my late aunt, a few had matured and I received the cash. Two more were still "live" and I was advised by the building society to leave these till their maturity date as the interest rate was so good. These both matured last year and tax was paid on the interest earned. I am a non tax…
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Parents Loaning Money, Tax Implications?
Long story short my parents own a home that they will be selling to me. I currently have a charge on a property for about £20k but will need around £10k for a deposit on this property. My parents will lend me the money but I am wondering what the tax implications of doing so will be? I read that £3000 a year can be gifted,…
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Help
Hi all I wonder if anyone can help. I left the RAF last September after 27 years and I started getting a monthly pension. I started a new job in January and get paid weekly. To me I think I am paying a lot of tax ( I bet we all think we do ) on both pension and my weekly wage. Is there anyway I can find out if I am or I…
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Better Off or not?
Hi everyone, My daughter aged 20 is moving to a new job with a wage of £13,300 per anum, how much would this be after basic rate tax and Ni has come off, any help will be great, thanks.
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Tax, personal allowance, minimum wage and pension contributions
Hi My brother currently earns 14,000.00. Is it worth him making pension contributions to make his salary go under the personal allowance of 10,600.00 so he doesn't have to pay tax. Or will hmrc say he is earning below minimum wage salary of 12675.00(based 37.5 hr working week)?
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never tried to claim back tax
How do i go about claiming tax back if i think I have been over charged. Also how do i claim tax back since i started working ie 15 years ago
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Claiming tax back help!
Hi everyone, I am a nurse and I've just completed the online HMRC form for claiming tax relief for my professional subscriptions and flat rate expenses (for uniform laundry and socks/tight allowance). For the year ending April 2013 I was overseas working however I still had to pay my professional subscriptions to remain on…
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P11d
Hi, Just got my p11d and was curious about my health care. I make a contribution of £10 towards it each month. This £10 comes out of my wages before tax. Should this amount (£120) be deducted from the amount the health care cost the company to give me my p11d figure? Thanks
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bonus takes over tax threshold
Hi My daughter works part time and has an annual salary of £5200. She has discovered that her employers have been paying her on the scale below that which she undertakes and so they have agreed to backdate the amount for 26 months. The problem is that the payment that they have given her, £900, takes her above the tax…
