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Struggling to pay self assessment tax, finding alternatives
I am self employed and my income has dropped significantly this current tax year, and as of around April I've been earning around half of what I did the previous year. I can no longer afford to live and am moving back in with my parents and looking for a full-time job As well as that, I got a really mixed up with the dates…
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Random compliance check
I received a letter from HMRC today advising me that are starting a compliance check. Are these generally random or do they indicate something is wrong. Almost all my income is PAYE apart from last year about 500 in dividend income offset by about 100 of charity donations.... When all in said and done, I had to pay them…
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HMRC incorrect calculation
You know the rule whereby the first £5000 of investment income is taxed at 0% for 2015/16? Well this works fine with HMRC generally, but they have a software problem for any of us who have transferred out our marriage allowance to our partner. They confess to having a "system problem" that fails to take this 0% rate into…
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Excuses for late tax returns
http://www.bbc.com/news/business-38389969 Ha, bloody ha. HMRC you are so funny and thank you for that hilarious list. We already get it from TV licensing, the police (999 calls, speeding etc), insurance companies and various other parasites, so it's not surprising you've got on the 'poke fun at Joe Public' bandwagon. Well…
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Can I claim back tax on a laptop bought for work as an employee?
Hi, I need to buy a laptop so I can work when on business travel. I feel I should fairly be able to claim the tax back on this as it will only get used for business but there is nothing online about how to get the tax back. Only for self-employed people but I am an employee. Thanks.
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No tax paid this month!
A bit of background; my husband was made redundant at the end of January and claimed jsa. In July he started contracting and became self employed and at the beginning of December he started a new permanent role for a company back on PAYE. Whilst he was contracting we've put aside money for tax and in for when he does his…
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How are the numbers on a P60 calculated
I am interested in how the numbers that appear on a P60 are calculated please. I am interested in the 2015/2016 year. Are there any usable on-line calculators? I cannot seem to find any. Kind regards, Andy
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Potentially excempt gifts and Inheritance Tax
Afternoon all.. So I think it is commonly known that there is a 7 year rule for potentially exempt gifts. Simple example, £50k gift given to child, parent survives for over 7 years : no IHT payable Now, there is also a 14 year rule, where if another gift is given within the above 7 year period, then the time is reset.…
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Can anyone help with this? Tax & Bonus
Would anyone be able to advise if this is correct? Because of all the various deductions I can't seem to work it out correctly on the online sites. Tax code 332L w1m1 Salary 31500 Bonus 7500 Month 9 Payslip: Monthly Pay 2625 Bonus 7250 Total: 9875.00 Tax 3208.26 National Insurance 1155.84 Student Loan (Type 1) 735.00…
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My Tax Code has changed Mid-year will I get money back off the tax man and when?
Hi all I have received a letter from HMRC dated 12/12/2016. The letter states that my tax code(s) for 6 April 2016 - 5 April 2017 has been changed. My tax code has changed from 1100L to 1184L. My initial understanding was that my tax free allowance has now increased from 11,000 to 11,846. This is because I completed a P87…
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buying other half of inherited house
My sister & I have inherited our late parents house, valued for probate at £260,000.Probate granted all ok. A recent valuation has increased the value to £290,000. as my wife & I already own our home, second home tax will need to be taken into account, so as I already own half' of the inherited house do I pay tax on the…
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Tax return form no longer required?
Hi. I'm a higher rate tax payer and I've had to fill in my tax return each year. I've just filled it in for the past year and I've received a message from HMRC saying that I no longer need to fill in the return unless I'm asked to unless there's a change of circumstances. However, unless I fill in the tax return, how do…
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Who is liable for Tax
Hi. I have a BTL property and mortgage on it. If I transfer the tenancy agreement to my brothers name and tenant pays the rent directly into his account. Who will be liable for the tax? Thanks
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Have I understood dividend tax correctly?
I do not fully understand the new dividend tax in the context for a sole director/shareholder. It seems like your PAYE income PLUS dividend income dictates the amount of tax, and that for income below £32,001, the the sensible option is to exhaust allowances, then pay it as dividends. Above £32,000, the sensible option for…
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Payment On Account
When filing my 2014-15 return I was asked to pay a sum on account; I assumed this applied to self-employed only (I have just pension and savings/investment interest) and declined. I now realise that this was because my outstanding tax was more than £1000 for the first time (although I have still not seen this stated…
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Tax due on compensation?
My father died a few years ago and I'm his sole beneficiary and was executor. I had a letter from Halifax yesterday (addressed to the executor of the estate) saying he was misadvised about an old investment (a PIP ; personal investment plan). They said they are offering the estate £20k in compensation. This came as a big…
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Desperately need some help regarding council tax.
Hi all. This is the first post I've done on here but I really need some advice. My girlfriend is in serious trouble regarding council tax. She's living in a student house with 2 students although she left university this year. When she got her first bill for council tax it included the bill for the 2 students who never had…
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Additional SDLC
Hi there I currently own, but do not live in (and have not lived in for 5+ years) a property, which is unfurnished, not rented out or anything. I got married last year, and my wife already owned the home. I've lived there for 3 years now. Before this I lived with my ex-GF in another house (not the one above) for 18 months.…
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Tax change on retirement
I retired in September this year from a role that put me in the 40% tax band. I was also receiving a couple of pensions that kicked in at age 60 and so was also paying tax on them at 40%. Should the tax on my pensions have dropped to 20% as my income has dropped to below the 40% threshold now or do I have to wait until the…
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Self Assessment - Medical Insurance Benefit
Completing tax return and during the assessment period I have had 2 employments and therefore 2 x P11D, 2 x medical insurance values. I left one employer end 29 May 2015 and started with another 1 Jun 2016 and just need to confirm how medical insurance benefit should be reported on self assessment return. I stopped the…