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Can't pay tax on time
I'm gonna struggle to pay my tax on time by the 31st Jan due to circumstances which were out of my control. I owe 2000 and ill only have about half of it. I was wondering if I asked for an extra 5 months to pay it off would they let me amd also woukd it affect my credit rating because in April I will be applying for a…
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Rebate uniform
Hiya Online form here: https://public-online.hmrc.gov.uk/lc/content/xfaforms/profiles/forms.html?contentRoot=repository:///Applications/PersonalTax_iForms/1.0/P87&template=P87_en_1.2.3.xdp What year do I put in? I been wearing uniform for the last 6 years.
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Tax on selling inherited property
A friend of mine inherited his mother's buy-to-let house about 2 years ago, at the time it was being rented out to a tenant who stayed there for a little while after she died, my friend took over ownership/landlord responsibilities. He decided a little while later that he wanted to cash-in so gave the tenants notice and…
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Tax on trust fund - is this correct
Hi, I wonder if anyone can confirm that my understanding of the following is correct. My maiden aunt gifted myself, my brother and cousins some money in trust 7.5 years ago. As I understand to reduce inheritance tax burden. This year, after the 7 years the trusts matured and the money was given to us. As I understand it…
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Tax - New Home
Hello, I am pretty new to this forum, I hope I have published this in the correct place Any help on our dilemma is much appreciated! My dad owns a building company, his dream has always been to build me my first house. 21 years later and his dream has come true. However we are unsure as to how we can get around this. He…
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Paying Back Some Child Benefit
Dear All Hopefully some tax wizard can help me with this: I have just received my annual tax summary for year 14/15 which shows the following: Taxable income of £51,854.61 Tax Free Amount of £10,000.00 Your Tax and NIC of £14,640.57 Your income after tax and NICs £37,214.04 I'm completely PAYE and have never done a tax…
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higher rate tax threshold
I know that the higher rate tax threshold this year is £42,385. Is this just salary, or does it include savings interest? For example, suppose someone has a salary of £42,000 and savings (gross) interest of £1,000. Is this person a standard rate or higher rate taxpayer?
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CGT or Income?
As I understand it, if one buys a house to renovate and sell, then any profits would be seen as income for tax purposes, not CGT. Can anyone tell me what would count as 'taxable profit' in this case? I assume that you can remove the costs of refurbishment?
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New Job tax code / Emergency tax
Hi guys. I recently started a new job.after leaving my last position. Upon starting my new job I had not received my p45 so was unable to hand it to the new employer on my 23rd Nov start date. I actually handed it in after eventually receiving it last week. (2nd Dec) When I received my 1st pay slip (weekly paid) my tax…
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Transferring Inheritance Tax
Hi, My mum passed away in 1996,sadly she never made a will. She had nothing to leave,other than the house she owned with my dad, so didn't think it necessary. My dad simply continued to live in the house,he had the deeds transferred to his name just recently.I don't think he had any probate done. My question is will I be…
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Only working in the UK since December - should I still be paying income tax and NI?
I've been working overseas for a few years and came back recently.I just started a new job (beginning of December 2015) paying approximately £350 a week. I just got my first weekly payslip, and it shows that I am paying Income Tax and Employees National Insurance on my weekly salary, to the combined total of about £50 a…
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Marriage Allowance Application Successful but...
My wife applied for Marraige allowance very early on in the year and it was granted. Her tax code changed in June so that she could earn less but my tax code has never changed so that I can earn more,therefore we havnt recieved any marriage allowance tax rebate as yet. I have braved the HMRC phone lines twice to speek to…
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Redundancy payment structure help
I just wanted to ask if there is any way I can try and ask for the settlement payment to be structured to help reduce tax paid on it? Already close to £80k earned this year. Offer is my 3 months notice to be paid as 1 lump sum December 31st, along with bonus owed. So around £50k. I tried for garden leave to spread it but…
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PAYE Self Assessment - Possible Tax Relief?
Good evening all, I joined MSE 2 years ago and other than the occasional browse have never felt compelled to post until now. I have almost finalised a self assessment for 2014/15 tax year and before pushing the button I wanted to seek a little guidance from people more 'in the know' than me. My question is under PAYE, just…
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Tax on Partnership Shares
Hi, I've just started a new job where I've been given the opportunity to buy shares in my company (max £150 worth a month), which then comes out of my pre-tax salary, meaning the shares which cost £150 are actually only reducing my salary by around £87 due to the PAYE and NI savings. I know that if I hold the shares for 5…
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ISA and turnover on self assessment confusion
I am currently filling out my Self Assessment tax return and am confused as to what to do with my ISA. I have calculated my income and put it in but I took out money from that income and put it in an ISA. Do I declare the full amount that I earned or do I subtract the money that I put into my ISA? If I don't subtract it,…
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Car vs allowance
I've always taken the car but as I now have no debts at all as paid house off this year and the way we company cars are taken has got me thinking I have 11 months left on current car so plenty of planning time I'm a basic rate tax payer at the moment 360 is paid into my wages which I use to pay the lease on a car at 400 pm…
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Medical insurance in self-assessment
Hi all I am doing self-assessment for the first time this year and a bit confused about what to put into "Pay from <Employer> - total from your P45 or P60. Enter the amount before tax taken off" field. I believe this is supposed to be a gross number from "In this employment" from my P60, however, I've noticed this comment…
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Unsure of how to proceed with additional earnings
Earlier this year, I started dabbling with Amazon to earn a bit of extra money alongside my day job. At first, it started out as the odd £40 a month or so which wasn't anything crazy and would be banked and taxed personally. I was expecting that my additional earnings would still keep me out of the 40% tax bracket. Last…
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Capital gains on home
UK citizen has owned 1 house in UK since 1979 worked as ex pat abroad for most of the time, however been living in said property as retired in UK since about 2000. Has bought another residence property in UK in April 2015 and has moved out of original property in October 2015 into second property. How long to sell the…
