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Keep Paying Tax On Earnings
I have an annoying problem in that i keep paying tax on my earnings even that i know i don't owe any! I've been unemployed or working part time for most of the year, and i'm in no way getting slose to the tax 'threshold' of £10600. When i rang HMRC they confirmed this i agreed that my tax code 1060 was correct! What…
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How does this sound?
Im currently in a business partnership with my wife. We do not earn alot but we were going to stick it out and try and make the business grow. Due to tax credits changing to Universal Credit we have decided that i should get a job and my wife should keep the business going on her own on a smaller scale. Im thinking though…
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Buying silver in Germany
I want to import a lot of silver/ gold into eu. I am basically turning a hobby into a part time business. What I want to know is that if I go to germany, register a business there and then import goods to that address will I be able to import precious metals from China relatively cheaply? Thanks in advance
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Form R85 or R40
Getting in a bit of a muddle with this, my husband is eligible to claim his savings interest back and has been doing this for several years by SA He is going to do this again at the start of April 2016, but will probably then send out R85's to various banks/bs, most of which are operated on-line. As his state/occupational…
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Self assessment: declaring small amount of pay for casual work
Hi, If anyone could assist me I would be grateful. I'm filling out my self assessment and have a problem. I have added a small payment of GBP160 for some freelance work to my assessment form on top of my earnings (25K) plus profits from my rental property (5k). Adding this casual work under self-employed boosts my tax bill…
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Tax on house sale
Short story - Husband had a 50% house gifted to him. Value at time £90k. Sold it last week at auction for £70k. Has never lived in it. Does he have to pay any income tax on it? I know there is no CGT to pay
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The Scottish Rate of Income Tax
I've received a letter about tax from 2016. It sounds as if Scottish Income Tax is changing and I wonder if this means an increase in income tax for Scottish tax payers - ? more than the standard UK rate of 20% at present. Does anyone know the details about this and what the proposed new tax code beginning with 'S' is…
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Are tax returns really that scary??
Hi, I have seen on the Inland Revenue site that there are two types of return, one of which is for small businesses or individuals. So this is the one I'd be filling in. It doesn't look all that complicated but I've heard so much about filling in tax returns that I'm very wary of registering as self employed. I bought a…
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Personal Car / Company Car & Fuel Card inc Personal Fuel
Hi Any help gratefully received on the questions below: Firstly, I have the option of a company car - but I choose to use my personal car and take the cash allowance (taxed at 40% rate), as I believe that works out better for me - I typically buy a 1 year old mid range family car with cash and keep it for 6 to 8 years with…
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SDLT payable when adding spouse to a property
Situation is that a friend has a house worth £1.5m or maybe a bit more. Mortgage about £600k. The house and mortgage is in his sole name, but it is their marital home and principal primary residence What are the stamp duty implications of adding the wife as a joint tenant? How can he mitigate any tax (short of not adding…
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Tax statement always fishy
hi all, I received my annual tax statement and this year, again, it seems to contain a substantial amount at "tax underpaid last year". I remember last year that figure was something like £800 and this year it's £550. I am employed by a company and I pay my tax with PAYE with a tax code that appears to be correct, but…
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Deleted - found answer elsewhere.
Deleted - found answer elsewhere.
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Is this tax evasion?
My second job employer does not keep my tax, they only keep the NI. Is this tax evasion? I told them that I am 1060L, but they still give me the full gross amount minus the NI. Any advice?
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P800 Tax underpayment enquiry
Hi folks, Wondering if anyone can advise. I have always been a permanent employee through several companies and thus paid tax via PAYE and NI automated route through my monthly payslips. On 31st March 2014, I officially ended my employment with Company X and so I had received my final salary etc.. I joined Company Y around…
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second job...will i lose anything more than the basic tax rate?
So my main job is about 32k. Took a second temp job to try to clear some debts. This job is 7 pound fifty an hour and 9 pound for sundays. Did saturday and sunday this week and last so my income is maybe 125 over the weekend where i will be paying 20% tax on it i think. Thats fine but pver xmas i will do some extra shifts…
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They want your tax - and they want it now
www.gov.uk/government/publications/making-tax-digital HMRC's latest thoughts on how to put everyone on a PAYE basis for all sorts of income. :(
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self assessment tax return expenses, light heat and Internet
Hi all, I am currently completing my first return for submission by the end of Jan 16. My background is that I am a full time employee for a company and am paid using their paye payroll system. I also do contact work for another company out of hours that I invoice for as and when work is undertaken. I have been meticulous…
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Tax on backpay in one month and thresholds
Hi folks - I have a tax question for my aunt - Usually salary is £2065 gross and £1500ish after tax and pension etc. She earns an extra amount now for teaching and this was due to start being paid in Oct for 9 months but was delayed, so in Dec the pay will have an additional £1245 (3 mos backpay plus additional pay for…
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Capital Gains Tax and Personal Allowance
I am retiring from work in March 2016. I also have a buy to let property that I want to sell in the next tax year 16/17. I do not intend to have much other income in the 16/17 tax year (as long as the tenants move out) - my private pension will kick in in the 17/18 tax year and other income is now covered by the new…
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Self Assessment Tax Return - Late Delivery Penalty
Just received my Self Assessment: Tax Calculation form from the Inland Revenue. It states "We received your paper Tax Return after 31st October deadline so you will be liable to a penalty of £100". However, I hand delivered the Tax Return to Nottingham tax office on Friday the 30th October - I was asked by the security…
