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Adjusting shares between wife prior to liquidation
Hi all My parents are about to liquidate their Ltd company. As a minor shareholder I am going to perform a share transfer to move 50% of my shares to my wife to lessen the CGT charge. My parents share proportion is uneven, with her husband holding more shares then her. She seems to think that they cannot perform a share…
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NI Contributions made - but earning £1-3k
Can any of you shed any light on this issue for me please? I became self employed in Autumn 2011 and worked though til Feb, had a baby in March, claimed maternity pay (basic one, sorry I can't remember the name of it) and did a bit of work until November 2013 when I ramped up and did more (SE) work. So the whole time I've…
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Defining 'place of work' claiming travel costs SA
Hello I'd be grateful for some advice. I work as a freelance groom caring for people's horses. I work for individual horse owners who are billed separately but one yard I travel to twice daily but to care for several different horses. The horses I care for can change daily but are still on same premises. I have no…
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Anything to do now for first time SA in April?
I will need to do an SA this year (for 15-16) for the first time having opened a SIPP in November. I am HRT on PAYE and apart from some interest earnings which I had previously settled over the phone my SA should be easy to complete but I would still like to do it early around May-June and get it out of the way. Is there…
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Looking to overpay Class 1 NI by £400 in 15/16
I started work in September last year, and although paying no tax I have been paying £75 Class 1 NI contributions per month since. For the tax year 15/16 my earnings will be around £8500. On the online tax calculators it states I should be payng around £65 NI for the whole year. So if I continue at this rate (£75 p/m) will…
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Espp, rsu, so
I was granted RSUs this year. 25% was vested immediately. As I understand, I would be liable for income tax for share that I haven't even sold. Now what I am trying to understand is when I fill in on tax return the amount goes up to 5k GBP. That is too much. Plus I have already paid the tax via my payroll. Do I really need…
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Taxation on renovate property
I hope this is the right forum for such a question. I have owned my present property for many years. I am currently renovating it with a new kitchen and windows. In the event I decide to rent it out over what period might HMRC see as 'reasonable' to reclaim such expense, in the event I went on to sell it in a few years?…
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Tax relief, what can I claim?
Hey guys! Few questions on tax relief. From what I read I can only claim the tax back (rather than the total amount) on my professional subscriptions, is that correct? The professional registration is only for my work, and not used outside of that. Also, if I only worked in a role for 6 months of the tax year, should I…
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HMRC have sent me another UTR
I've been doing on line self assessment (SA) for years now, but in December I got a letter saying HMRC had set up a self assessment record for me because I'll need to pay National Insurance Contributions using SA. Then they wrote to me with a new UTR, which bears no resemblance to the one I've been using. It says this UTR…
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SA and claiming tax on professional subscriptions
I am registered to complete Self Assessment, although I did not do any self employed work in 14/15, but would like to claim back tax on professional subscriptions. However I can't seem to see any section to input these details on the online Self Assessment form! Can anyone advise where I can find the relevant section?…
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Tax refund on savings query
A couple of months ago one of my bonds was about to mature and I was asked if I wished to "have another go" or cash it in. I decided to withdraw the funds and I enclosed a completed R85 with my instructions. When I received the funds a few weeks later I noticed the interest had been paid net. I queried this and was told…
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SA - declaring interest on NS&I Over 65 bonds
I'm just wrapping up the bits for yr ending 5apr15. I purchased £10k of NS&I Over 65 3-year bond on 15jan15. Do I declare the interest from Jan to Apr, or do I wait until I actually receive it in Jan 2018? TIA.
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POC Tax
Hi guys, So I work my regular job and pay the usual PAYE and things on there, all that is fine. Me and my boss have a little side job dealing with gambling affiliates. He pays me a cut of those profits and puts it through as a bonus, so I then pay PAYE on that too. I was wondering if that is correct? The profits from this…
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Fuel Allowance
Good Morning Everyone I will try to make this as clear as possible....I returned to work January 2015 after Maternity Leave and was advised that my office had moved 20 miles away. I'm fine with the travel and work currently provides an allowance. In year 1 they will give 100%, year 2 is 50% and then year 3 is 0% what I…
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Tax Bill
Hi My partner is self employed and this year we've had to submit a tax return for the first time. We've been totally naive and didn't realise just how much it would come to as we thought his expenses would off set a lot of it. We also had no idea about the payment on account side of things so that added an extra £700 to…
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Overpaid on Payments on Account
Hello, Apologies if this has been asked before but I can't find a thread dealing with my particular question. I took on a full-time job in April 2014, having previously been a sole trader for many years. I wound up my sole trader business in July 2014, plus I had a small casual income from DJing which I expected to carry…
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Am I missing something.
Currently submitting self assesment as I do every year. Usually I'm near enough bang on with my guesses as to what I owe, need repaying. This year I'm way out. Any of you guys help? Figures rounded for ease and are therefore not tallying up. Total takings. £43k Total allowable expenditure £6k AIA. £10k Total profit £27k…
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Vehicle expenses method
I wonder if someone can help. My husband bought his van as a sole trader and claims for the fuel, insurance, tax etc through his SA as it's solely used for business. Later this year, the intention is to get a new van which will then be used for dual purposes (we are selling our private vehicle too). Is it possible to…
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Using Pension contributions to offset upper income tax?
Hi I'm likely to earn £63,000 in FY 2016/17 and 17/18 As I understand it, the upper rate of tax in 2016-17 is £32000 and the following year likely to be slightly higher, which added to the income tax allowance of £10,600 gives me a total of £42,600 below the upper tax bracket and £20,400 above it. I work out 40% of £20,400…
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Can you do SA without a UTR?
Question on behalf of a relative. Needs to do SA (their circumstances changed). Online you need a UTR however that takes time which they've run out of I'd guess. The online SA process requires a UTR but If they send it in the post without one is that acceptable ?
