-
Hrmc sa reporting - mortgage paid off
Hi, hope this is the right place to post this. Long story short I am planning to pay off my mortgage with a loan from my partner. I am going to repay him monthly. This will all be legal and above board with solicitors and signed undertakings. My issue is that when this is done I will not have a mortgage but I'll still have…
-
Tax calculator: PAYE + Self Employed
Hi All Would anyone know if there is a tax calculator that can handle PAYE and self employed in one go? Want to know how much I need to put aside for NI and tax now, rather than get a painful number next year. Until November, I was part time with additional freelance earnings. From November I've been full freelance. I've…
-
Ex Employer paid me an extra month (which i repaid) and now i owe income tax
Hello I received a letter from HMRC yesterday saying i owe income tax. Having worked out what i should be taking home after deductions i was confused by this as i was taking home the correct amount each month. in the 2016/2016 tax year which this refers to i did change employers whilst remaining on the same salary. The…
-
Underpayment again - ESC A19?
I left my previous job in May 2014. My final pay included extra for unused holiday, which was not taxed correctly. HMRC informed me of this last year, and issued an adjusted tax code for the current 2016/17 year to correct the underpayment. Fine. Now they have sent me a P800 claiming I have underpaid by £302 in 2015/16 and…
-
Housemates "forgot" to report my presence to the council
Hello, I am terrified and need some advice. I moved into a new home about a year and a half ago. I have an e-mail from my housemate stating that my rent includes council tax and that this is something they look after. In hindsight, should I have double checked that they are looking after it properly? Yes, I should have.…
-
Marriage Allowance - PhD student with stipend
Hello, I have been reading about the marriage tax allowance. I am a PhD student who is given a stipend of ~£14k annually, and by EU law, none of this is taxable. My wife earns ~£17-18k before tax. Are we still eligible to the allowance, as I do not technically pay taxable income? Cheers!
-
Question about a tax rebate
Hi guys I wot pretend I know what im talking about this year I have had a couple of jobs temp ones and a period of unemployment im guessing that my income for the year will be around 12-13k pretty shocking that I dont know this. So I got a paycheck from my last employers for 1763.77 and paid 352.60 in tax this was just a…
-
Tax the rich!
Put to those who chant the above, that that includes them, and the response is usually "Me? I'm not rich!". Credit Suisse has just clarified the issue: If your assets less your liabilities exceed: £1,775 you are part of the richer half of world society £57,250 you are part of the richest 10% £595,500 you are part of the…
-
VAT Detegistration
Hello, When you voluntary de register from VAT Flat Rate scheme, do you have to repay any vat you have claimed back on purchases over £2,000?? Thanks Dave
-
Tax Investigation Insurance
I am a UK expat with a house in UK that I let. No other UK income. My accountant of twenty years recently retired and new accountant asked if I want Tax Investigation Insurance. I've never been offered it before. What are people's opinions on this please?
-
Interest Rolling Up - Advice Needed
My wife and I are thinking of helping out my MIL by effectively doing an equity release for her so she can stay in a nicer property. We would charge interest but not at the high rates that Equity Release providers charge. Interest would roll up (as she wouldn't be able to pay it otherwise) until she sells the house either…
-
Buy to Let - Allowable expenses?
Hello I hope someone can help my confusion with what is allowable and not for expenses for the 2015/16 tax year on a buy to let property. HMRC has apparently changed the rules, but I can't find these online. I have sent my note of all income and expenditure to my accountant to prepare my tax return for 2015/16. As usual…
-
Change of circumstances
Can I ask the advice of any recent retirees on this forum? My husband retired at end of October. His tax code up until then reflected the fact he had an expensive company car on which he paid tax and was a higher rate tax payer. The company car has now been returned and he has moved over to pension which means that his…
-
Salary Sacrifice Scheme
Hi there, Hope I have posted this in the right thread. I have just read about the changes to the salary sacrifice schemes. I have a car, Mazda CX-5, through my salary sacrifice scheme. Google has overwhelmed me with articles about what classes as ultra low emission cars. I can imagine my current car wouldn't be one but is…
-
Autumn Statement 2016: What this means for your income tax
Chancellor Philip Hammond pledged to keep the tax-free personal allowance on track to reach £12,500 by 2020...Read the full story: 'Autumn Statement 2016: What this means for your income tax' Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to…
-
Bonus tax calculator
Hi I'm trying to find somewhere that can calculate my net income for a single month that contains a bonus. The online calculators I've found seem wrong/useless Gross annual: 110k Pension deduction: 5% salary sacrifice Childcare vouchers: £124 pcm salary sacrifice Bonus amount: £20k By my calculation I should have a monthly…
-
Stanp Duty
Hi, My other half has a property rented out which is just in her name. The property has no mortgage on it. We would like to remortgage the property which will be in joint names. By doing this will there be stamp duty payable? Thanks MS
-
Question about Buy to Let taxes
Hi everyone, Just looking for a bit of advice really. I bought a 2nd property last year for Buy to Let Purposes (I still have a full time job and earn 24k per year) and I'm figuring out my tax returns. I do this through an accountant but I'm just looking to understand it a bit better My rental income on the property per…
-
Tax Underpayment
Hi My wife today received a P800 today stating she had underpaid her PAYE to the tune of £810. Looking at their calculation it seems to be correct and if it's the case she is more than happy to pay the tax. However I just want to check we are not missing anything as I am slightly puzzled as to why after her working for the…
-
Tax Calculation - Earned/Unearned Income
I'm hoping someone will be able to comment on the following scenarios. Scenario 1: Mrs White has a salary of £25,000 plus rental income of £13,000 plus untaxed interest of £11,400, giving a taxable income of £49,400. She therefore pays £8,960 in income tax. (£11,000 x 0% + £32,000 x 20% + £6,400 x 40%) She pays £8,000 into…