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Tax code
I had to get my tax code amended because I had 0 personal allowance. Today I got a notice from the HMRC saying I have an outstanding debt restriction of £4441. "This is the outstanding debt you owe HMRC from a previous year. You owe £888. This is due to individual debt(s) as follows: NTC: £888.35 To collect this we divide…
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Tax on savings 2016-2017 I.T.Y
Been a long time since I've posted but I have a query on the new allowance on tax on savings in the forthcoming tax year. I've posted an example that pretty well relates to my situation and how I see it in the new tax year. It looks to me that despite many savers not paying tax on their savings interest I am actually going…
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Capital Gains newbe help pls
I am sorry to ask as must have been asked before, just can't find it. My father recently passed away and left a house behind. This was jointly owned by my parents although they were separated for many years prior to his death and my mother has her own separate house (mortgage free as was dad's house). The house has now…
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Best time for redundancy
Hi can anyone tell me when the best time to take a redundancy package after working for 30 years the factory I work in is closing we can take our redundancy any time Is the best time after 5th April just when the next tax year begins so not to have any salary already earned and not pay too much at the 40% rate Hope someone…
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Landlord Self Asessment Question
Hello all, Can someone please advise me if as a "landlord" (my partner and i rent out my old flat whilst living in hers) I am able to claim as expenses the repairs to the rental property i do myself? I used to work in the building trade before injury sidelined me to a desk job, however, as i live 2 streets away, when…
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CGT allowance for 2016/17
Can anyone tell me what the CGT allowance is for 2017/17. I cant find it anywhere.
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Tax on payment in lieu of notice.
I am in the process of facing redundancy. On top of my statutory redundancy pay I am also owed 3 months of my notice period which will be paid in lieu of notice but will be taxed. I am concerned that receiving 3 months pay in one go is going to incur a higher rate of tax than ususal. Someone said just take of 40% and thats…
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newbie about tax return
My partner and I (not married) own two properties (in both names) that we rent out. I am unemployed but he is. Do we need to split the income of the property in half and each do a tax return? or can I do it only on my name? Many thanks
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employed 40% tax bracket 7
I am an employee working for a company and contributing 10% of my monthly salary to the private company pension-they contribute 5%. I get 48k p.a. My understanding is that its tax efficient for me to pay more into the pension as it has a better advantage becausebi am well into that 40% tax bracket. Do i need to let HMRC…
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Where to put 'services' expenses on tax form
Hi all, does anyone know- if I have to pay a freelancer who has provided me with a service as part of my business where I put this sum on a self assessment form, do I bundle it in with all the other 'allowable expenses'?. Many thanks for any light you can shed, Jonf
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MSE News: Have you filed your self-assessment tax return?
Have you filed your self-assessment tax return? If you don't do so by the end of this month, you'll get a hefty £100 fine and pay interest on any tax owed...Read the full story: 'Have you filed your self-assessment tax return? Don't miss the looming 31 January deadline' Click reply below to discuss. If you haven’t already,…
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Loss relief earlier years online assessment
Anyone know how to fill in the online assesment when wishing to claim against tax paid in previous years? It's a new business prepared on the accruals basis. Is online only for returns using the cash basis?
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Expenses Question
I have roughly £2000 in expenses to claim for repairs to a property I rented out during the year 2014 - 2015. The work was physically carried out during the tax year, but the company that carried out the work took a while to send me the invoice for payment. I made the payment on the 23/04/2015 so technically in the 2015 -…
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CGT on (rather large) gift?
My father sold his business a while back and invested in a property for me, fully paid off. However, he has since passed away and the gift (gift of cash, bought the property in my name basically) was made 6 and a half years ago. I understand the full amount of this gift will need to be included in his IHT calculations…
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Self Assessment Return & CIS payment -Help (please)
Hi my questions are...... My OH started working for his current employer in Nov 2014 he has an amount deducted each month for CIS. Now my understanding is that he will need to do a SA return is this correct? Also I am slightly confused regarding dates as he started Nov 14 should he do his return for this tax year now? -…
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HMRC Penalty Warning
I posted my Tax Return on 7/10/15 by recorded delivery. It was signed on delivery on 10/10/15. In late December I received a £100.00 late penalty from HMRC. I posted proof of posting and delivery but hearing nothing from the Revenue I rang the Self Assessment unit yesterday. I was told that due to a change in logging…
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Self Assessment help
Hello I'm completing my self assessment for first time but a lot of my paperwork has been destroyed. Do I need to put individual income figures for the 3 PAYE jobs I had? (they aren't starred) I have my tax calculation for 2014/2015 which shows my; PAYE BIK Benefits but not broken down by job. I received a tax refund. I…
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Honesty has led to my pensioner father receiving a tax bill for many thousands
My dad is painfully honest. This year, he realised he'd been making a very easy to make mistake on a form to do with tax(please don't ask for further details, I don't have them). So, because he is so honest, he wrote to HMRC and told them he'd been making the mistake. They simply sent back a huge bill. My parents are…
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Can't find P45 for tax return
Hello all Have always been able to find all paperwork for tax return in the past however it seems we're unable to locate husband's P45 (he moved to a new NHS Trust 1 March 2015). He does have his final pay slip from his old employer though. As we're usually very organised with the paperwork I'm wondering if his new Trust…
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Live In Landlord Tax Expenses
Hello In a 4 bedroom house with a live in landlord: my question is whether the council tax, electricity and water is counted as expenses in the tax form. The reason is that the Landlord is consuming that, so how is that calcuated? 2nd question: the kitchen has been renovated, do the costs of that work count as expenses,…
