-
Extra income every month
Hello, I have a full-time job with a company but now I am going to help another one to get extra money. I am going to be paid monthly but I don't have a contract with them. It is only 16h a month, around £700. They have told me to send them an invoice but at the moment I am not registered as self-employed. Could I invoice…
-
Tax and Trust for Children
After some advice about a Will trust that has been created by my parents' Wills... I (stupidly) thought that as a child pays no tax, then a Trust funds set up for them would not either. But I am wrong! Is there any way around this? If, for example, I choose funds (Unit Trusts) that are accumulative rather than income…
-
Tax On Shared Business (Self Employed)
I'm new here, sorry if this is in the incorrect area. I started an online business with my mum over a year ago, it never made much for the first few months and I was working at the time, but as it was shared we registered it to my bank. So money withdrawals went to me, I'd then transfer half to her bank. I left work in…
-
Income tax demand from HMRC - Employer's fault & won't help
Hello Long story short. I worked for a pub in the summer of 2015 working part-time no more than 6 hours per week at £5 per hour (I was under 21) for 6 weeks exactly I was paid cash in hand and received 1 wage slip only recently which stated I worked over 80 hours which is wrong At the end of 2016 I received a letter from…
-
Self-employed tax deduction on laptop bought on interest free credit
Hi there - I'm self-employed and as a sole trader do my accounting on a cash basis. I need a new computer so I thought it would be a good idea to buy it before the end of the financial year to help reduce this year's tax bill. If I buy it on interest-free credit can I still deduct the full value of the laptop in this…
-
Tax on sale of US shares
I am selling some restricted Stock units that have vested (they were gifted to my by my company). I was surprised to see 47% of the vested units have been withheld to cover for foreign tax (it's a US company but I am a British resident and have filed the W8BEN to be exempt from US taxes). Why is it 47% that has been…
-
Milage Claims in Company Owned Car
Hi all My Girlfriend works in domiciliary (basically a travelling optician for various old peoples homes). She drives a company owned/leased car and has to pay for fuel out of her pocket, which she can claim 11p per mile back from the company, which doesn't actually cover all of the fuel expense. Could she claim tax relief…
-
PAYE tax question
Hi - a quick question. Apologies if this is a 'numpty' question. On my payslip there are two gross figures: 1. Total gross Pay TD 2. Gross pay for tax I am going to complete a return this year - which figure do I use for my Gross Pay??? TIA
-
Put on non-cumulative tax basis - tax rebate
I have just received my payslip for March when I get my end of year bonus and have paid about £700 more tax than I should have. After the initial shock I can see that I am on a non-cumulative tax basis and was switched to this last Sept for no reason...I've been with this company for 20 years and my tax code is 979L.…
-
Very slightly wrong tax code
Hi - first post so excuse any etiquette errors! Checking my tax code today I found I've been being taxed under 1095L when I should be 1100L, and at a similarly wrong rate every year since forever. I rang HMRC and they asked if I have medical insurance/benefits through work - when I said no, they changed my code going back…
-
Dividend Classes
Hi all. I run a LTD company as well as working full time for another company. Have done this for 3 years now. The LTD company is small and has no employees. Just my wife and I as shareholders. I own 51% my wife 49%. Up till now I have paid myself a dividend which pushes my up to the higher rate tax bracket and my wife then…
-
Capital Gains Tax Liability
Hello…wondered if anyone could help shed some light on this situation and the CGT implications…. About 15 years ago I bought a garage around the corner from my house for £15k. For 13 years, I used the garage for storing my car and unused furniture etc. I then sold my house only, and then was granted planning permission to…
-
Reclaiming Tax on dividends.
I have a P2P investment trust sitting outside of my ISA, it pays a dividend in the form of interest, they took 20% Tax from source. I know you get a £1000 tax free allowance, can I claim this back from the tax man under the tax free allowance. Also I hold a REIT in the UK also outside a tax wrapper, this pays a PID, which…
-
Charity Donations for Partnership
Hi all.... Hope one of you experts can help clear something up for me. As a partnership if we donate 10% of the total partnership income to charity can we claim tax relief on it. From what I have read we have to declare the donation as drawings rather than direct expenses, which mean we pay the tax on it. So are we out of…
-
Hmrc messed up tax
Hi all So I completed my self assessment in April last year and it turned out I owed the tax man just over £400. As I work both self employed and paye I asked for it to be taken from my tax code. Last week I received a letter asking for the £416 in full. When I spoke to Hmrc they admitted a mistake was made by them, a rare…
-
Another tax rebate question
Hi All I'm not sure whether to apply for another tax rebate in the same year (2016/2017)? In November 2016 I was made redundant (no settlement due to limited service) and in the period April 2016 to November 2016 my gross earnings were just over £8,000. I received Universal Credit (UC) for 2 months which equated to £634. I…
-
simple question
My current tax code for the previous year was 1100L which means I can earn 11k without paying tax April to April yes? If that's right I was working for a month or two in April and was taxed £350 and my Tax code showed as OT. Ive not earned over 11k this year as had a few issues wuld I be able to claim this back?
-
Limited Company Questions
Hello i wonder if someone can just take the time to quickly breakdown the costs regarding overheads for a small limited company, i mean as far as the goverment is concerned? i.e corporation tax 20%, PAYE self assesment etc... from start to finish what comes from my profits to the goverment?.... i am a small limited company…
-
Does anyone know?
What tax will be paid, for a 22 yr old single person, starting work on 1st Feb, til end of 2017? I'm getting myself all muddled. Does it go Feb to April for tax year? Or does it go for the whole year? So sorry lol.
-
Tax rebate
My daughter applied for a tax rebate some 5 weeks ago.she phoned hmrc today and was told she would have to wait until 6th April. Is this the norm? The gov.uk website says a rebate will be paid within 5 weeks of applying. Thanks in advance
