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What can i claim for renting 3 rooms in my house
Hi, hope you can help with a few questions on what i can claim for on my tax return. I live in a bungalow that is all paid for & i have no income except a £53 a month pension & some savings. So, i am lucky enough to have 3 spare bedrooms to let, & let them on an all bills inc rent. This adds up to around £17.5K gross a…
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LTD Company Tax Calculator?
Does anyone know where I can find an online calculator that can give me an estimate of how much tax I'm supposed to pay? I have an accountant but am in the process of filing my reports and would like a rough heads up. I've googled but only see them for contractors. I'd like one that will work out how much I will have to…
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Dealing with PayPal Fees and Exchange Rates?
Good evening. I'm self-employed and get paid in USD into my PayPal account. I then withdraw that money into my UK bank account, with PayPal handling the exchange from USD into GBP. PayPal exchange rates are always a little lower than the 'real' exchange rate. Plus they take a fee on each payment I receive . I'm wondering…
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Capital Gains Tax
Scenario- Investment Trusts purchased in first instance within a Bare Trust 10 years ago,since when value has appreciated to original purchase price plus a price that would exceed Cgains tax if sold today! If the whole investment has recently been transferred to beneficiary having attained age of 18,and the benificiary was…
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P800 owing tax.
Good morning! Firstly I hope this is the right place for this and secondly I apologise for the length of this. This all started last year when I received a p800 stating owed £500 tax from £3000 of JSA even though I only claimed £170 and it took me 6 months to sort out. During that time I'd finished a job. Gone to an agency…
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Late wife's tax demand
My wife passed away from cancer 9th April 2015 aged 45. I've just had a tax demand for underpayment from her from 6th April 2015 to 6th April 2016 for just over £600. Apparently her pension companies did not take her tax out of her payments at the time and now they want me to pay it. Do I have to and if not how can I tell…
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Tax return/ payments on account - how does this work?
Apologies for the very stupid question but I can't seem to find this info via HMRC or a good old google search (I am probably searching for the wrong thing). My husband has been self employed for the last 6 months and now has secured employment from 5 December where he will be paid through PAYE again. He is registered as a…
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MSE News: 10,000s of NHS staff facing tax reclaim chaos
More than 16,000 NHS workers who overpaid tax and national insurance while training have applied for a refund...Read the full story: '10,000s of NHS staff facing tax reclaim chaos' 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 Forum?…
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VAT Questions
Hello, My main contract is about to finish and being on the flat rate scheme I feel it's best to de register as I work for clients who aren't VAT registered (also my expected earnings will now be less than VAT threshold.) I'm trying to determine if you have to wait for a set amount of time before re registering for VAT…
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LTD Company Tax Dates
Hello I've just finished my first tax year (up to October 2015) as a LTD company. My accountant is handling my details but I can't seem to find online when the payment is due for the tax from that year? Also, how long do you get to pay, and what happens if you haven't got enough money to pay? Thank you.
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Reducing Higher Rate Tax
Hi all. I currently earn the below annually:- Salary: £58,000 Car Allowance: £4,272 Corporate Scheme Allowance: £203.04 This brings my total annual income to £62,475.04. I pay roughly 10% (£520) of salary sacrifice into my pension which results in a takehome pay of roughly £3,339 each month. Given I have two children, I…
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Marriage Allowance
Hi, I understand that anyone earning under £43K per annum can benefit from a transfer of £1100 personal allowance from their spouse. My question - is the £43K based on what's on your P60 or is it the adjusted net income. So for example P60 - £46K Gross Personal Pension contribution £4K Total adjusted net Income = £42K So…
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Self Assessment Demand.
I am on PAYE and have been asked to repay £1,500 in unpaid tax. I do not have the means to pay in full and would like to know whether HMRC will accept a payment plan and whether this impacts my credit-rating?
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Gifting house - tax implication?
What is the tax implication under following circumstances? Someone willing to transfer ownership of a BTL property from personal ownership to Limited Company/SPV (where same person is director). Assume no mortgage on the property. Can the property be gifted from a person to a company?
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IHT question - Are rebates possible in this scenario?
As background, a family friend's brother died last year and she was set to inherit his house. The executor was a local solicitors who were dragging their heels. For whatever reason, she decided to ask to inherit the house rather than have the solicitor sell on her behalf. Luckily there were enough cash funds in the estate…
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car benefit tax deduction
Hello, I've got a company car since May 2013 and I didn't know that I have to let HMRC know about that. However, my employer knew and as a result, my tax allowance has been adjusted. However, something doesn't make sense. On my P11D, I can see "Cash Equivalent of each car" as £3075, would that be the same amount as HMRC…
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Declaring earning from renting our property
I've been renting out my flat since moving in with my boyfriend in September 2015. I don't make a great deal of profit but I think I need to declare it and pay tax on it. I've made an account on gov.co.uk which lets me see my tax code, etc but it doesn't seem to let me declare my earning on my flat. How do I go about…
