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PAYE and Self Employed
Looking for some advice on making the best use of losses please .I earn £14990 on my PAYE, and I started a business in September 2014, which is currently running at a loss. When I fill in my tax return for April 2014-2015 what is the best way to utilise the losses. I have already received my PAYE p60 for tax year 2014-2015…
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CGT rented property non resident landlord
Hi, Registered as a non resident landlord and have rented out my only property since Jan 2007, before this I lived in the property from the purchase time Feb 2002. I have been advised by my letting agent that due to changes in Capital Gains Tax for non UK residents I should have a valuation of my property as of April 2015,…
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Newly Weds
I have just married and am looking to do a Let To Buy. Right now, I will have 1 property that my wife and I live in and this has a mortgage. I would like to end up in a situation where I have 2 properties and 2 mortgages (1 of which will be a Buy To Let). I would like to release equity from the property I currently own so…
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mileage scheme / receipts method
Hi Asking this on behalf of a friend who is S/E. He is currently accounts for vehicle related costs via receipts, but wants to know if he can swap to the mileage ( 45ppm) scheme ? I was under impression that whichever scheme you start using, you then have to continue with that, but he thinks it might be possible to change…
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Child benefit "high earner" tax
Good afternoon. I'd be grateful for some clarification on how the child benefit tax gets paid back. I'm an employee and therefore on PAYE. Last tax year (14/15) I earned over £50k and that means I now need to do a self-assessment. How does this tax get paid back? Do i have to pay it back out of net pay? Does it have to be…
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Taxi self tax return help
HI, I need some help I have recently started part time taxi or heckney carraige service . I actually started earning money from april 2015 but all my spending in setup cost like licence fee car mots serviceing and other expenses occurs in the month of jan feb and March. My question is as uk tax year starts in april how I…
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Company Car Tax Rebate
Hi, Looking for some advice. I currently have a company Car, which is for business and personal use. For any business mileage I can claim 15p per mile, unlimited personal use. I do approx 25,000 miles per year. Am I able to claim any tax back for this at all? I know normally people who have their own car can claim 45p per…
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Tax credit self employed offset?
I have a tax credit renewal to fill in and I'm a bit stuck on the amount of loss I can offset and would appreciate any help. I am a partner of one very small business and a director in another Ltd Co. I have a small profit from the partnership in 2014-15 which I would normally have just put as my income for tax credit…
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Tax on offshore fund (self-assessment)
Hi, I think may have posted the below in wrong section (Savings & Investments) so trying my luck here: First time I've held an offshore fund outside of a tax wrapper - it's the JOHCM Japan Hedged GBP fund. The consolidated tax certificate from iWeb shows a 'gross amount of chargeable payment' of c£100, witholding tax paid…
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Benefits in Kind/tax band question
I can't see anywhere else to put this, so I'll try here. To save a lot of explaining, here is the question: A company director has basic £34,128 in salary plus £5,175 in BIK per annum. Does that add up to the £39,303 total, for tax banding? Is there £3,082 to go, before the 40% rate kicks in at £42,385? Or should the BIK…
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taxable income v salary help
Hello, Can anyone help me with tax and tax credit please as I'm all flustered. What's the difference between salary and taxable income? What figure do I give HMRC for tax credits? Should it be the total for year pay figure off the P60? If it makes any difference my OH is a teacher, I don't 'work' I look after our 2 and 3…
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Self-assesement reminder help
I recieved a self-assesment reminder today. The thing is, I ceased any self-employment on 31 Dec 2013 and also filed a tax return for 2013/2014 in Jan this year. I informed HMRC via their online form in the middle of 2014 that I had ceased trading and they ackowledged it by letter back. I'm pretty sure I also put on my…
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Redundancy Payment and Pensions
I recently accepted voluntary redundancy and have received the payout minus the 40% tax rate (for the amount over £30K). I have been reading that one option is to make a payment into a pension scheme which would attract a government top up of 40% of the amount paid in. Can I pay this into an existing pension and would that…
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Relief at Source
Hi, Wasn't sure whether to put this in the pensions forum or here, but oh well. Basically I have been requested by the HMRC to fill out a self assessment for the first time. I am employed and self employed and I have filled out as much as my tax return for 2014/2015 as I can but I am stuck on the pension section, also I am…
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child benefit charge, reclaimed through tax code..?
Hello All, I'm looking for some advice on the child benefit tax charge that it looks like I'll be unable to avoid from here on out... I know there is an option to have the amount owed clawed back through my tax code as I saw the option on last years self assessment form. My question is, if in my next SA I tick the box and…
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University funding
Our daughter starts uni in September and as we are over the threshold we have to pay her maintenance . As she is going 250 miles away we are going to give her £75 a week for the weeks she's at uni. This comes to approx £7200 over 3 years . Can we use the gift allowance to do this and if so how do we go about it ?
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Marriage Allowance
Hi! This is the discussion thread for the Marriage Allowance guide. Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide. Thanks folks :) ,
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Paying Income Tax on Savings???
Good Afternoon everybody. This might sound like a stupid question to some people, but I just wanted to clear something up. Put my mind at rest a little. I read somewhere that you have to pay income tax if you have savings that are more than 30K? I pay the basic rate of tax, because I earn an average 25k per year before…
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Expenses questions
Hi guys. Just a quick question about expenses... I am self employed, and not on a high wage so assuming I have £500-1000 tax to pay at the end of the tax year ( i am in CIS so 20% is deducted and obviously repaid back to me but I will owe some still if I earn enough) Lets say I have £500 in tax to be paid, can I have…
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partnership
Hi, My partner is registered as self employed and was running his own plastering business, he is not happy in this industry so we decided to find something we can do together. So he has bought some stock and has secured a market stall spot which we will be doing together, He's not great with admin, ordering etc so I'm…
