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tax on BTL and investments
Hiya, If I rent my house out for £525 a month (it is worth £110k with a mortgage of 45k) how much tax would I pay each month? The new rules are confusing! If I invest elsewhere, which is the most tax efficient way? Thanks.
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having a company + part time job
Hi all, I have a start-up registered as Ltd company and at this point I need to get a part time job until the business develops enough. Could you please help me with: am I allowed to work part time (in a pub i.e.) while I'm registered as one of the directors ? if yes, is it better to be on their payroll or to invoice them…
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The Starting Savings Rate, Personal Savings Allowance & Marriage Allowance poser.
Hi, I have just finished reading 2 MSE articles http://www.moneysavingexpert.com/savings/tax-free-savings by Helen S and http://www.moneysavingexpert.com/family/marriage-tax-allowance by Sam edited by Martin. They are both really interesting and useful articles in their own right, but they were written in isolation and I…
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Salary Sacrifice Car
A colleague of mine applied for a lease car through the NHS Salary Sacrifice Scheme in 2014. She received a break-down of how much the car would cost, this included total cost and cost after savings (deductions in tax & NI). On checking her pay-slip a few months ago she realized that her tax code was drastically low,…
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Rent a room clarification
Hi I am going round in circles with HMRC During 2014/2015 I rented a furnished room out in my house - that I live in which I gained £3380 gross income from. I declared this and they have lumped this in with my fairly meagre salary income and they say that I owe £509.80 tax on that figure of £3380. My understanding is that…
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Capital gains on gifted shares from private Ltd co
Good Morning I am in the process of completing my tax return and have the following question: I was gifted some shares in a family owned Ltd company approx. 10 years ago. This company was voluntarily wound up by its members and I was paid for my portion of shares (approx. 60k). In calculating the capital gain what value do…
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Is this VAT fraud?
Hi all, We have recently started a car share in work (I work in a local factory), the person who I'm paired with has offered to claim back any VAT that I've paid to builders for an extension for a 'cut' of what's been paid as he's VAT registered, I have declined his offer but can't understand how he is VAT registered as he…
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Can my elderly parents give our children spare cash, tax-free?
I feel sure this would have been asked before but can't find it here... My parents (92 and 86) are downsizing so they'll have 100K or so sitting in their bank account. When they finally pass, their joint estate will be worth well under the £625K tax-free threshold for Inheritance Tax (probably £400K, even if they keep…
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HMRC don't want tax return - what about casual earnings?
Until a few years ago, my wife always completed a tax return. It included her employment plus a few hundred pounds of casual earnings. Then HMRC informed her that they would not be requiring a tax return any more. Obviously, she ought to pay tax on her casual earnings but what should she do when HMRC have officially said…
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Use of own car working with someone with special needs
Hi Trying to work out of this is would allow for fuel and mileage rates tax allowance. I pick someone up from his regular home who has special needs, we then spend 3 days together each week, to give some respite for his Mum back home. I appreciate mileage couldnt be claimed on the journey from my house to his to collect…
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Another company car tax question
Hi, new to these forums so hopefully I am doing this right. I work as a sales rep, working from home and travel 30,000 business miles a year and have a company car. I have use of the car for private use but use it very little as i have my own personal car and motorbike that i use instead of my company car as my own car and…
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£26k pension liberation unauthorised payments charge
Fortunately not me but if anyone is familiar with how HMRC is likely to handle arrangements and enforcement with a pension liberation unauthorised payments charge would you be kind enough to post some guidance in the pensions section topic Tax request after selling pension?
