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Paying tax on BTL Property going back a few years
[FONT="]Hoping for advice on providing some pointers to the new guy(DH) I'm seeing.[/FONT] [FONT="]So far this is what I know.[/FONT] [FONT="]He's never declared income on his 2 BTL properties.[/FONT] [FONT="]Owned both for 7 years but moved out of one last year to live in current place co-owned with family…
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0% tax payer query on allowances on savings.
Afternoon, I would be grateful if someone could confirm whether my understanding on allowances for a 0% tax payer are correct please?. I gave up work in September 2012 to care for my wife.I am 58 and she is 80. We live off my wife's state and private pension.She is a basic rate tax payer.We have no debts,no mortgage.We…
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MSE News: Households facing sharp rise in council tax bills over next two years
Local authorities in England will be given the go-ahead to plug the gap in social care funding by raising council tax...Read the full story: 'Households facing sharp rise in council tax bills over next two years – do you qualify for a discount?' Click reply below to discuss. If you haven’t already, join the forum to reply.…
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Cutting IHT as a Power of attorney
Hi, My sister and myself have POA over my 94 year old father who has dementia. His estate is currently worth 750k. We have been told upon his demise that my late mothers share if IHT can be added to dads making a total of 650k tax free. A friend has suggested we gift 6k to each of use each year as this would be tax free…
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Wrong tax code
Hi all, This is my first post here, so hello! I wonder if anyone can offer any advice. I am on the wrong tax code and so paying much more tax (PAYE) than I should. I have phoned HMRC twice to tell them that I am on the wrong tax code. Each time they tell me they have corrected the problem and will send me the correct code,…
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Help : New Employment while getting paid from the previous employer
Hello Everyone, I have taken the leap onto online forums for the first time. I have been reading them for a while but i never took the time to ask questions myself. I thank you all for the information you have provided and the help you have offered. A bit of background story Right, to the main subject. I have recently been…
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17 year old paying tax - how to get back
My DD has a wee 9 hour post and the last two weeks they have taken tax off her using tax code BR . She is only earning 40-50 pounds a week so will never come anywhere near having to pay tax ! How does she get this back - told her to speak to her work (largish chainstore) - but she is a bit shy so checking here first with…
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When do I need to file my tax return?
I really don't know much, if anything, about tax. I registered as self-employed in October. I've looked online and I see that the deadline to file your tax returns is in January but that says for the tax year April 2015-April 2016. So, when would I need to file my tax return as I only registered as self employed in October…
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Fuel Tax Relief
Hi, I am an employee for a company and have allowance which I use to pay for a company car. When I go on trips with work I claim the 9p/10p etc mile for expenses. But, can I claim the tax relief as per the gov.uk website which it refers to (sorry, cannot add link under my new account) for the difference? If so, what is the…
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Is VAT payable when buying vitamins from USA website ???
I would like to know if VAT is payable by UK consumers vitamins and food bought on US websites? I have been told there is a threshold below which NO VAT is payable by the consumer, and above which VAT becomes payable.
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bonus tax
Hi I'm getting a bonus this month on top of my regular salary pro-rated through to the end of the tax year, assuming I don't get sacked, I'll fall foul of the regulations on taper personal allowance I'm sacrificing a lot of my salary to pension as it is to get below the 100k, but would like the cash. YTD I have accrued 70k…
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Class 3 NI contributions
I went online to see my State pension forecast. In a few of the years I am missing contributions. I am wondering how exactly do I make these up? Is there a specific form that I can fill out online and give references on that form pertaining to specific years I want to make up, and then pay online? Any advice would be…
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Self Assesment tax rebate question?
For my self assesment, i will be completing it myself. However i have a couple of questions: i my milage alone accumulates to £7,418.40... is it just a certain percentage of that i can claim? Ive worked it out for the first 10,000 miles being 45p and any milage after 25p. Also, how much can i earn before paying tax? Is it…
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Mortgage interest deductions
Hi all, recently started renting out a property I already owned with a buy to let mortgage. On the tax return can I deduct the full years mortgage interest even though the property only went up for rent half way through the year? Thanks
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0T Tax Code
Hi, Just got access to my HMRC Tax Account online and it is pretty funny reading. Their income tax estimate for me in 2016/2017 is on there as £209,000......which I'm certainly not going to earn this year! They also have me on a 0T tax code which I think is wrong as I won't be making more that 100k this year in salary and…
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Self Assessment / PAYE Mix Up
Hi all, Just come home to quite a concerning letter from HMRC saying that under their self-assessment I owe almost £4.5k additional tax for the 15/16 tax year....despite being on PAYE via my employer! My daughter was born in August 16, and when I claimed child benefit I believe I was enrolled on self-assessment. I received…
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Stamp duty on BTL
Hi, Is additional stamp duty payable on 1st BTL property? Or is it on only on additional property? I have looked at stamp duty calculator. It just mentions about owing 2 or more properties. Thanks
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Switching from sole trader to limitied company
I've been working as a contractor for the last 2 years. It's my first time being self-employed and was told by the accountant doing my tax return that sole trader was the way to go. Now I have my first full-year tax return, and have spoken to a former colleague who now works at the revenue, it sounds like a limited company…
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TaxRebateServices.co.uk
I Clicked on a banner on FB , Is this company legit? , what's the catch ?, UK Born and bred , started employment '82 last UK employment 2005 (though NI contributions paid till 2007 ), Then moved to a non EU Country Is there a catch ? Thanks
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Tax figures from final payslips
Hi, Doing my self-assessment for 2015-16, and I need to enter my figures for my job which I left in 2015. I did not receive a P45, so I only have my last two payslips to go on. Figures for second last payslip are: Taxbl Pay YTD: 8532.68 Tax Paid YTD: 115.00 Figures for final payslip are: Taxbl Pay YTD: 8532.68 Tax Paid…
