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Leaving work and tax payments
Hello - I am leaving my place of work shortly with 3 months' pay in hand on which I will be taxed. (I am being made redundant). I am already close to 40% tax bracket so suspect this might drag it above so that I do pay 40% ?? After January my only income will be my SP and I have yet to draw a small annuity of approx 1400…
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Cash Basis & Pre-trade set up costs from previous year
Hi Can you claim for pre-trading set up costs from before April on Cash Basis self assessment? Example materials/equipment were purchased in 2013/14 ready for new venture that started Apr 2014.
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Student Loan and Self Assessment
Hello - hoping someone can kindly help. I'll try to summarise: My wife has registered Self Employed as she sells part-time on Etsy. We are finalising her self-assessment for Tax Year 2014-2015. As a sole trader she made a loss of £184 on a turnover of£654. The complication has arisen from payments to her student loan. On…
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Bodyshop at home where to put free gifts on self assessment form
i am just finishing my self assessment but am unsure as to where to declare the free gifts (incentives) I received on my self assessment. Any help would be appreciated please.
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Haven't received a SA letter
I was planning on completing my SA this week, and realised I haven't received a letter from HMRC. Does this indicate I don't need to do a SA form this year? Or have they stopped sending the letters out anyway? My circumstances changed on my last SA form - I was renting out a property and declared that I had sold the…
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Confused about when to file for SA
Hi guys, I'm a little confused on when I have to file for SA :( I registered with HMRC in August 2015 and have been trading since then, unless I'm wrong I don't need to do anything until April? Or do I need to do something now? It's a part-time business whilst I look for work. Appreciate the help, thanks
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No UTR for first time self assessment
I work & pay tax PAYE via my employer - all with this is up to date & correct . I undertook some freelance/ self employed work during 2014/15 which paid a small amount -£400. My expenses related to this work are around £420, so a small loss. Stupidly I left registering for self assessment till yesterday, I had misread…
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An issue with my wife...
Hi there, I am a full time teacher earning around £40,000 a year. In my spare time I make furniture out of reclaimed pallet wood. Up until recently I only sold the occasional item to family and friends. My wife is a full time mum and a self-employed artist. She also upcycles furniture and occasionally sells the odd item.…
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Claiming part of mortgage interest on self-assessment
Getting there slowly, thanks for previous help, I found these hugely helpful links in another thread: So I can work out how much of our home is used for his office (not exclusively, it's also DS1's bedroom when he's home!), let's say it's a fifth. We have an interest only mortgage. Let's say our monthly interest payments…
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Bought brand new van this year Self assesment help please.
Hi, I have always done my own taxes however never have I bought a new van, which I did last year. I'm wondering if any of you can advise me what to put down in self assessment please. I'm a sole trader. I paid £12k for brand new van. 2k deposit. £380 first payment. £170 per month thereafter. Usually I literally count up…
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Court summons for council tax I'm not liable for!
Hi all, (This is my first post ever - please be nice to me! I tried searching similar threads in the past, but didn't quite find the answer I was looking for...) I'm a full-time student (living in an HMO consisting entirely of full-time students) - so not liable for council tax. I got a rather threatening-sounding letter…
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Self Assessment help
Hi, I'm due to my first ever SA this month. My fiance and I rent a flat out and have registered as a partnership. I have a friend who has just graduated as an accountant who helped me initially register partnership etc. however he is on holiday for the next 10 days and I am having a meltdown now! My fiance has a login…
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hmrc slow replying
sent self assessment in last oct still waiting for tax statement to see how much i owe as the deadline is nearing anybody else still waiting thanks
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'relief at source' query!
Any tax experts out there? I want to know if I filled in my self-assessment tax return properly for the 2014-2015 tax year in relation to a specific question concerning tax relief. On the form it states 'Payments to registered pension schemes where basic rate tax relief will be claimed by your pension provider (called…
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Budget 2015 IHT changes and parent in nursing home
Hi - apologies if this has been answered before on the forum but couldn't find it. My parents completed sale of their main residence to move into a nursing home on the 2nd July 2015. The IHT changes brought in "downsizing" rules from 8th July so the timing was not good! If they buy a house now will it be counted as a main…
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Leaving a paye job can I offset the cost of new laptop against paye earnings
I've left my paye job and will be starting a few projects that hopefully will make a profit, but not this tax year. Can I offset the cost of buying a new laptop with the income tax I've already paid this year?
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vat free diamonds
Hi, I wondering how I can save the vat on a diamond ring in the uk. It's money I could spend on a better diamond. Can the company I buy from ship it to a country with lower or no tax and I pick it up from there? For example can they ship to a friend in Switzerland where vat is only 8% and flights are only £30. So on a £5k…
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Small business rate relief -help!
Hi - Please could any business rate "expert" advise. I understand to qualify for small business rate relief you can not have more than one property - in our situation my wife has a shop at one end of the town selling gifts - we are business partners but it is my wife's shop - I have a shop about 1/2 a mile away selling…
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How to claim tax back on business mileage?
I am an employee (PAYE) and use my personal car for my employer's business. As per HMRC rule, I am entitled 45p/mile. But my employer reimburses me at rate of 13p/mile. Can I claim back tax on (45p - 13p) * Total Miles ( = say £x)? What exactly I shall get back from HMRC? Assuming I'm higher rate tax payer, shall I get…
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Chargeable events / Inheritance tax?
When i was 18 I got my moms life insurance however because it was with AXA isle of man I got a chargeable event which means i owed tax on the money I didn't understand this at the time. Long story short the money is now gone and HMRC are wanting their tax money. I've had a letter recently to say as of April they will be…
