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Tax on bonuses above £120k
A year or two ago, I was fortunate enough to land a sales job with a base salary of £120k and commission on top. I naively assumed that the deductions that the company made from my monthly income would cover my tax obligations, but it seems that I was mistaken. In fact, because the '£1 for every £2' taper had effectively…
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Corporation Tax return
My accounts are so very simple. I normally submit every year without an issue. But doing my online corporation tax return I just cant get past the P&L Account notes and getting the values to match. Sorry this is generic - I dont want to get accountants involved just to sort a couple of fields (or dont want to pay ideally!)…
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Newly Self Employed Q's
Hi, I have just become self employed on 06/12/15 I have registered with Hmrc on the website and have my online gateway number and im still waiting for them to process the application. I have a few questions that i hope you can answer for me about being self employed. When is my self assessment due do i wait for a whole…
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HMRC Payment on account
Help please..we have just logged into our tax account to find several emails which tell us we seem to owe £3k plus mainly down to on account payments and then £83 late fees fines. We don't understand why we have this on account payment. We left UK Aug 2013 did a SA tax return - still own a house and have a uk pension but…
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Double Taxation help on pension
My Hubby and I moved to the Channel Islands for work in Aug, 2013. We have a house which we have let and a letting agent running it. Trouble is my husband has a UK pension that is paid direct to us here and under the tax rules we don't pay in the uk but all taxation is taken here. My question is do we still need to declare…
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Should I get a car on my company books or not?
I have a limited company between myself and wife Turnover 80k Thinking of leasing a hybrid car as a business lease List price - £34,235 (BMW 330e 248bhp PHEV) emissions 44 g/km CO2 (Hybrid vehicle petrol+electric) What would be my Benefit in Kind tax outgoing How much of my lease costs would I be able to offset against…
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Income tax relief on non-charitable gifts as giver?
Hi, I understand that I can give my kids up to £3,000 in this tax year without being impacted by inheritance tax and capital gains tax issues (as long as I survive for another 7 years). And similarly the kids are not going to be impacted by income tax issues. What I wondered though is - will a personal gift of this nature…
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Tax on Joint Bank Account Interest
I am a higher rate tax payer. My husband is self employed part time and his income doesn't reach the personal allowance. Is there anyway to write all interest earned on our joint account over to him in order to reduced the tax burden?
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Car costs
I'm currently doing my partner's accounts and tax return. He runs a small cash only music business. In the past I have declared 30% of the car running costs as a business expense however this year he has bought another car, old banger £1200 Though we know anything that can be claimed will be small it all helps! I haven't a…
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Ltd company to avoid SDLT?
Scenario: - own outright a 195k flat - want to buy a house with my partner to live in and rent the flat out - won't get it done by 31/3/16 so looking at other options Set up ltd co, gift the flat to the company and use it to rent it out. What are the tax implications?
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SEIS Tax Relief
I've made some small investments in companies on Crowdcube (£10-£100 per company). Many of these are SEIS and EIS eligible. I won't be paying any income tax this tax year as I don't currently have a job. I'll probably receive a tax refund circa £250 from investment income. I've been reading up on SEIS tax relief and I'm…
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How do I calculate my tax reduction?
As a self employed sole trader I have to pay my first installment for the financial year 2015-16 by the 31/01/2016. This has been estimated by HMRC taking my annual earnings 2014/15 into account and just dividing last years tax bill in half. My circumstances have however greatly changed and I have just started maternity…
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Reducing Inheritance tax
To offset some of my capital that I have saved I would like to pay for new windows to be installed on my son's property (which I don't live in) which may cost up to £10,000. In the event of my passing within the next 7 years would this payment (direct to the window company) be seen as a gift and therefore included in a sum…
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Buy To Let Tax Self Assessment Query
The other half and I let out our flat which is a joint buy to let mortgage and have a small income per month. Come self assessment time, does my other half need to declare this too or would we be able to declare it on mine only?
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P87 claim time frame
Hi, last year, April time. I sent in my P87 for claiming tax back on business mileage. How long should it be, before i get a response? Thanks, Stuart
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Mum gifting £180K
My mum has sold her house and moved into a retirement flat. She, very kindly, wants to give us the remaining £180K proceeds towards our house move. She'll be left with ~£42K savings and her flat cost £41.5K. Obviously she is not planning on popping her clogs just yet, but if she did within 7 years would we have to pay…
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Second Job Emergency Tax
Hello, I have recently started a second job and am being taxed on it at basic rate. I filled in a new starter form and ticked the box stating this wasn't my main job. In my main job I work 8hrs a week after dropping from full time after maternity leave. My new job is only 7.5hrs a week but with the potential for overtime.…
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worth paying tax on £100 a week?
If you only earn £100 a week, is it worth declaring this to the taxman what I mean is for such a little amount is it worth hassle? Isnt nice hiding your work though!
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Self assessment child benefit charge
Hi All, I have a query about collection the child tax code via PAYE. Situation as follows: 2013-2014 - no repayment due 2014-2015 - £1200 repayment due (self assessment) 2015-2016 - £925 being collected via a tax code. As I see it, I am paying £925 in advance for the tax year ending 2016 and also have to pay the £1200 for…
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Claiming back for an asset
Hello you clever folk. I'm trying to help a friend do his self employed tax assessment but have a mental block. He pays 20% tax on most of his earnings as in construction and then has to claim it back. In the latest tax year he purchased a van for more money than he has paid tax so can someone tell me how we claim for the…
