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Hobby Income
Let's suppose I create something in my free time that I am able to sell for a lot of money. For arguments sake, lets say 200k. Now, consider that I am a full-time employee who earns enough that means I would need to pay 40% tax on extra "income". However, I don't necessarily need this "income" now, and would happily only…
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HMRC - how to complain?
I started a new job in July, handed in my P45 to the new employer at the time but luckily kept my own copy safe. The value on the P45 was £3040. I've been on tax code 1060 M1 since. This month my tax code has changed to 1077L which is fine. I'm on £12000 pa as I'm part time, no bonuses and minimum overtime payments as we…
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R40, reclaim interest on savings and Gift Aid amount.
I hope this makes sense. I have looked at Form R40 on line as my Pensioner Bond matures next month with tax deducted from the interest. The form is 2014-2015. Do I need to wait for the next form for 2015-2016 to become availble before completing it as I am eligible, for the first time, to pay no tax on savings interest for…
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Getting Tax Rebate
I'm currently a university student and have 5 different employers who i work for during the holidays. throughout this summer, i was getting taxed 50% from my weekly earnings because I have so many jobs (but earning no where near the £10,000 tax bracket) as i only work a few months of the year. I have called HMRC over 5…
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Help please with tax code
Please can anyone advise if my husband's tax code is correct? His State Pension became payable from 7th November this year. Up to then, he received Carers Allowance. He has an occupational pension too, but no other income. He has had a total of just over £1900 Carers Allowance, from 5 April 2015 till State Pension began on…
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Income from lodgers.
Hi, My daughter currently has 2 lodgers and has to decide if she wants to use the 'Rent a Room' allowance (which she knows is rising next year) or have tax liability based on the profit she makes. We understand the principles of the two alternatives but to assess her profit we cannot find examples of what expenditure can…
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Self Assessment Deadline
Can someone just clarify. I'm 99% certain on this but don't want a fine. Am I right in saying that my self assessment deadline for filing and paying is 31st January 2016 as I'm paying it via debit card? Just like to check as I don't do fines and I've been struck down with cold/flu and number crunching today is no good for…
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HELP!!! applied for UTR in early December
ok I know bit late, but this is my first tax return on our BTL. I applied for this UTR code thing, which ive now found out can take weeks. I thought I would just pop online register job done, but no it seems the gov wants to make this as complicated as possible. anyway our 2014-2015 year actually made a loss, as we had a…
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ETF vs Fund: the tax perspective
Tax advantages seem to a consideration in certain countries (e.g. USA) when choosing between ETF and mutual fund. I can't find such a comparison from UK (HMRC) perspective, are they treated identically? From what I understand, tax-free wrappers such as ISA and SIPP do not attract any tax on dividends or CGT. It seems both…
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Should I pay tax bill in a lump sum or over the year via tax code?
I have a tax bill for around £2,000 (for a second income, not self-employed). The letter says it will be recovered through the 2016-17 tax year using a new tax code. I reckon this will be around £167 per month, which will be quite difficult to manage as we are already on a tight budget. I can raise the money from our…
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Dealing With Huge Tax Return Fines
Hi, I have read through past threads on this but none relate to Self Employed people who have had no income but have incurred fines. My friend is a self employed musician who basically completely under estimated the importance of filing a tax return each year. He initially had an accountant when he was signed and paid tax…
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CGT advice and calculation check please :)
Hi – Thank you all for your advice on other threads regarding CGT. I have had a good read through and think I have got it (mostly?) right for my calcs! However, I would be very grateful if you could cast your experienced eyes over my calculations please and see if you agree. Its rather a minefield if never done before and…
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Reducing CGT liability on inherited property
Hi new to the forum. I wonder if someone can advise me please regarding CGT. Both my parents died in March 2011 I inherited the house as the only relative. I obtained probate and valued the house at £190k and no other assets at time of the death of the surviving parent. I spent £10K renovating it and stupidly let my son…
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Should I remain a sole trader or set up a partnership?
Hi all, hoping for some help here. Basically, I'm a self employed tradesman, set up in 2015 and done surprisingly well. My brother in law has come home from Australia with a decent sum of money in the bank but no job/prospects and in an effort to help him out, mentioned him working with me. Anyway, it's all a bit out of…
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Working a second job- dealing with NI?
If you are already doing a PAYEE job. £18,000. But you want to do a second job. How does this affect NI contributions and your final pension? PAYEE is class1 and sole trader self employed is class 2. If you earned £100 a week how much would you have to pay in NI and what would you have to do to make sure your pension…
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20k PA best way to pay
Hi, What is the best way to pay yourself as a director with £20k PA using a salary and dividends paying theleast tax and also paying NI. Thanks :T
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submitting a self assessment
i;ve just signed in to my government gateway thing to submit my tax return, but I can't see any option to file a return. Am i doing something wrong or is it currently broken? Thanks
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BR Tax code
Hello Just a quick question, I have a main job with a 1060L tax code I don't earn anywhere near my personal allowance due to my hours and 39 weeks per year contract. I took on a 2nd temporary job for 4 weeks, filled in the P46 and ticked box C which has put me on the BR tax code. So my question is due to the 2nd job only…
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Sharing personal allowance, dividends, salary
Hi Again, Another question i have is; I will be paying myself a mixture of salary and dividends of £20k per annum. I am in the process of getting back with an ex partner who i have a child with who she is claiming income support and child benefit.. As i will not be able to support us as a family on £20k and pay for 2…
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Director of property renovation business. VAT question
Hi, I have recently started a property renovation business buying houses (not new build) renovating them and then selling on. I have just completed my 1st house and will be putting it up for sale in the next few weeks. I have spent £33k on refurbing it, which possibly £20k i have paid VAT on it.. As this property will sell…
