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RBS Compensation
In the event that RBS have to payout compensation in the ongoing court case about the 2008 rights issue - how would that income be declared to HMRC, it was mine originally and RBS took it fraudulently - IMHO!
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BTL Interest changes
Hi, I am ware from next April there will be changes to mortgage interest to be taken account as allowable expense when completed SA tax returns. I think it will start of 25% and then increase every year. I have been searching online and found it will effect people on higher rate tax - basically who 40%. I am basic rate 20%…
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cgt on 2nd home.
I currently own a 2nd house always been rented out, some 7 yrs, on a btl mortgage. Tenant is behind with rent and is moving out. I want to move into the property whilst I renovate my main residence. Then sell the formally rented property, if I change all relevant paperwork to 2nd house , council tax, gas, electric all mail…
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received letter from tax compliance check
I have a stall occasionally at vintage sales where i buy and sell items at weekends when i am free. I normally cover my cost of my stall and make a little extra to buy a few more items from a carboot etc. I enjoy doing it and it has grown from a hobby and a real interest for me which gets me out of the house having…
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Tax on probate income
I have an inheritance that is currently going through probate but unlikely to be completed in this financial year. The estate is earning dividend income above the sum allowable for 0% tax. My understanding is that my share of this will be treated as if it was my dividend income with tax calculated and charged against the…
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Underpaid Income Tax - Every Year!
Hi all I have attempted to contact HMRC about this previously, but to no avail! For the past 3 tax years, I have had an amended tax code, as I have allegedly underpaid income tax. I have been fortunate, in that during each tax year, my salary has been increased, however, as this is my only income, surely the % they take…
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Ctax band increase
If a ctax band of a property is shown by VOA to be wrong since 1991. However the VOA only has acknowledged and realized the increase due to wrong banding as of today. Would the ctax increase be charged for tenants who have lived there since 1991? ie: do councils backdate the council tax to increase them due to band change,…
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Tax Refund email???
Have had an email which is from HMRC, and email address is: HM Revenue & Customs [ko2dek@virginmedia.com It says: HM Revenue & CustomsAnnual Tax Return As you may be aware we have been trying to send yоur email regarding the оutstanding tax returns with value of £***.** from the last annual calculation of your fiscal…
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Which option for registering as selfemployed subcontractor in construction Electricia
Previously employed by a company so have never been required to send tax returns in the past Need to register as Self Employed to get a Unique Tax Reference Number (UTR)to give to employer to ensure 20% tax is taken from salary otherwise pay 30%. The UTR takes 2 weeks to arrive by post. Then when UTR arrives Register with…
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Please help- Regester self employed subcontractor in construction (Electrician)
Hi, My child is wanting to Register as a self-employed subcontractor in construction in the near future. Previously employed so never been required to send tax returns in the past. Firstly, we know to register as Self Employed to get a Unique Tax Reference Number (UTR) to give to his employer to ensure 20% tax is taken…
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Annual pensions limit?
Hello I am getting close to maxing out my £1m lifetime allowance on my pension, but have about 12 years to go until I hit 55. My current income is just over £150k, probably about another £10k in the form of rental income, and my employer contributes another £25k to my pension in the form of salary sacrifice. I’ve been…
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Tax Refund Question
Straight out of university, I'm new to this whole paying tax business so I have a few questions about this and if my calculations are correct. If I worked at a job that pays £280 a week for 35 weeks, I'll have earned £9800 before tax. Every week £59.33 would be deducted, which means in total I'd have to pay £2,076.55…
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Ceasing self employment and becoming employee
My son has been working as a freelance sports coach but has now started work for a company and will be salaried. He now needs to be switched from self assessment to PAYE , I have been helping him with his tax affairs and as far as I can see all that needs to be done is to send in a form to declare this and to submit his…
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Payments on account - how are they offset?
Hi all, Last year I had a tax bill over £1,000 and therefore had to pay that amount plus the two payments on account in Jan and July. This year my tax bill is also over £1,000. When I view my calculation it states that the amount will be added to my SA statement of account but that it doesn't include any payments on…
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choice self employed or company employed
I may get a job offer soon, I have been told that If I get the job I have the choice to be self employed or employed by the company, either way it will be 12 month contract. I am unemployed at present receiving my pensions which are enough to pay tax on, the job would mean living in another city through the week but I…
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Just received my vehicle tax reminder, when do i need to pay?
I just received my vehicle tax reminder (V11) through the post. Do I need to pay the Driver & Vehicle Licencing Agency right away, or can i wait until next month when my current vehicle tax expires? Will I get a penalty charge notice if i pay next month? whats the very latest i can pay?? Anyone got any information on tax…
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Tax bill
Hi all. My wife has been sent a letter from hmrc asking for £1200 for underpaid tax from employment she had in 2013 2014 tax year. She knew nothing of this til the letter and when she rang hmrc they said that the employers had put her on the wrong code and not paid enough tax. After a bit of research on google i understand…
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how do i work out how much i pay tax on 100 pounds
on payroll? for one days work? thanks everso for any help!
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Investment Property- Capital & Revenue costs?
Hi everyone, I've recently bought, renovated and rented out a second property. Over the past 10 years I have rented out a flat and I have always done my own HMRC returns online and I think I've been pretty certain on what I can class as expenses such as ground rent, building insurance, fixing taps, fences, heating etc. I…
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Close to higher rate already and interest over £1000
Hi all. I was earning less than 39k per year until August, but a rise in pay has taken me to just over the higher rate of 43k per year. I had long-held savings accounts which were paying above the normal rates and so I estimate I will receive approx £2300 in gross interest up until April (e.g. Santander 123, 4-year…
