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Not claiming expenses to boost income
I am self employed, is it legal to bump up my profit / income for borrowing purposes by not claiming expenses so my taxable pay is higher on SA forms required by lenders? I can afford to pay the tax on the expenses.
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CGT and IHT
In 1989 my parents gifted a property then valued at £130k to myself and my two siblings. One of my sisters passed away in May 2014 and in her Will she bequeathed her one third share to myself and my other sibling. At the time of her death, the property was valued at £360k. As her Executor I ensured that £120k was included…
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new to PAYE - tax seems a lot!
I've been working freelance self employed and paying my own tax for a number of years. I have just switched to my main job being a PAYE position, and while I will still do a little freelance it won't be very much and the PAYE job is now my main income. I just got my first paycheck and I hoped somebody could help me…
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Reclaiming NI This Year
Hi All, I've started a new job a few months ago, and there was one month where I got paid by both companies, and therefore paid NI and PAYE on both. This meant that I underpaid PAYE for that month (as it gave me the tax-free\lower band allowance for both jobs) , but I also paid the higher NI for both jobs. This month, my…
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Unsure about tax position
I am currently a non tax-payer. In the tax year 15/16 I will earn approx. £10k. I know the tax free allowance is £11,100. This year, due to an inheritance which I will be putting in a savings account, my savings interest might tip me just over that £11,100 amount. Currently I receive all my savings tax-free. So, how do I…
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New to Self assessment
Due to the child benefit rules my husband needs to complete a self assessment. He also claims mileage relief or something similar for which in the last tax year I think he's done a P87. The child benefit rules didn't apply to him for the tax year 2014-2015. He's not had to do a tax return yet. I'm trying to get my head…
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Tax Free allowance, how do the IR use it?
I have a tax free allowance of £10,600 a year but i'm not really sure how the Inland Revenue (or whoever) uses this. IMO the best way to use this would be to not charge you any tax until you have earned over this amount. However to me it looks like the Inland Revenue doesn't do this and instead apply a percentage tax free…
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Paye tax error by employer
Help:( Having a nightmare with my tax. Got a p800 saying I owed over £2k for underpayment of tax last year. I got a new job and issued my p45 to my new employer. I was on emergency tax for 2 months and then got a rebate which I thought was odd but I must be owed for over paying. So I have looked into the matter and hmrc…
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Shares, cash or both in company buyout?
Just looking for other people's experience of this. My husband's business is to be taken over. The company buying, which is quoted, seemingly healthy and pays reasonable dividends, has offered us cash, shares or both. He is a (just) higher rate tax payer, and I pay no tax on low earnings. Which might be the most tax…
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Tax Relief on Training Repayment Costs
Hi, I left my company in September 2014 and was required to repay a lump sum (in the thousands) to cover training costs, as part of a scaled repayment clause in my employment contract. The training was in the form of a university degree, which was a compulsory element of the employment contract i.e. it was not a choice not…
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Non
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First Time Self Assessment Questions
Hello I am doing a self assessment for the first time. I am PAYE and am doing the SA online. When I get to the section on pension contributions it is unclear to me if I enter the value of contributions made including or excluding the matching contribution made by my employer, or just the part that relates to my own…
