-
Residence Nil-Rate Band for Inheritance Tax
I've read that the Residence Nil-Rate Band coming in on April 5th (which increases the tax-free IHT by £100,000) does not apply to wills where property is put into a Discretionary Trust. My dad passed away in 2014, and his half of the estate was put into trust - to be distributed to me upon my mother's death. I have no…
-
Tax avoidance shouldnt be prosecuted
Tax avoidance, as against evasion, is down to government policy, whether they were trying to achieve something (eg pension saving) or stimulate an industry or if current rules just aren't tight enough. Basically, it's the lawmakers fault if the law is insufficient. Some forms, I.e. ISAs, are far more accepted if there's…
-
Changes to VAT flat rate scheme.
Have been on FRS for few years now, i am a self-employed courier. When i saw the planned changes - i initially thought that i would be classed as a " limited cost trader" and hence my rate would increase from 10% to 16.5% and it would be pointless remaining on FRS. However i noticed that although vehicle costs / fuel are…
-
Will the tax free dividend allowance change affect how P2P income is taxed?
I hear the tax free dividend allowance will be slashed from £5000 to £2000 from April 2018. Would this apply to P2P savings income from the first £5000 as illustrated below in the example shown.…
-
UK Personal Tax Allowance for EU Citizens
Currently I'm entitled for a UK Personal Tax Allowance even if I live abroad as stated in Gov.uk website: https://www.gov.uk/tax-uk-income-live-abroad/personal-allowance You’ll get a Personal Allowance of tax-free UK income each year if either: * you’re a citizen of a European Economic Area (EEA) country - including…
-
IHT Query
If a Will states Surviving spouse inherits deceased estate,then no inheritance tax to pay regardless of estate value,however if a Will states that surviving spouse inherits estate as Trustee,will IHT be due on estate value in excess of NRB?
-
What PAYE Amount Should I Use From April 2017? Thank You
Hey guys, and let me say thank you upfront for any advice you can give. I incorporated in 2011. I used to have my accountant do pretty much everything. (I am the sole employee and MD). These days I am paying him less for a smaller service, and taking care of my own PAYE. For this past year (16/17) I was inputting…
-
Married tax allowance?
I followed the instructions on MSE and my wife applied for the married tax allowance. My tax has been adjusted, i'm on the tax code 1100L i am now £29 a week WORSE off..... how can that be? :(
-
Tax on pension lump sum?
I have a small pension from years ago which I have been told I can draw 25% of. A friend of mine has said that I would be charged 40% tax on this, is that true if by adding that amount to my income it is still below the personal tax allowance. It seems an awfully high amount of tax to be paid.
-
Unfiled tax returns from 2006
Hi, I was going through a bad patch heathwise a few years back and didn't file my SA tax returns from 2006 -2007 to 2010-2011. I was paying PAYE on some of the income during that period. My earnings would not have been enough to pay tax on as I would have been under the personal allowance. I built up a credit of over paid…
-
How is tax on benefit in kind calculated?
Let's suppose I'm PAYE and I earn exactly £43K this year. (personal allowance is £11K and basic rate band £32K). If I then get a benefit in kind am I taxed on that at 40% or 20%. Thankyou
-
HMRC Penalty for Late Filing
Just received notification from HMRC that an appeal I made in 2014 against a late filing penalty has been rejected. I appealed based on the Morgan and Donaldson case, however this has finally come to a conclusion through the Court of Appeal and now HMRC want payment of £984 in 3 weeks time. My original appeal was limited…
-
Trivial Benefits in Kind ?
I have seen on-line that the government is changing the rules on taxable benefits – in particular “cash plan / health insurance” – at the moment, because I earn (considerably) less than £8500 pa from my employer (part time) - I am covered under a P9D rather than a P11D – I am not taxed on this benefit - which pays out…
-
Paying Tax In Installments?
If you're self employed and owe tax that you can't pay, is the maximum they give you to repay 12 months? thanks
-
Will I get taxed at 40% on company car?
Hello All I have a salary at the moment of 30k basic, with also 4K on call allowance per year plus I have a company car which cash value of benefit in kind is worth 5.2k. I am hopefully getting a 3k payrise so I'm wondering if I will have to start paying 40% tax on my company car? Any advice or help would be appreciated…
-
Help pls newbie landlord-FORM 17 tax return & query PLS
Hi, would love any help please :) in relation to being a new landlord and tax return:eek: etc. I've read a lot of the stuff on here & various but I'm still confused :( Basically me & hubby purchased house to let in June 16. Hubby works full time (pays basic tax) & I'm currently not working at all. Income from rental so far…
-
Tax code change question
Hi I am sorry if this is a really stupid question - but I can't get my head around it! Tax code of 997L from April - November December it drops to 548L and the same for Jan and Feb. Phoned HMRC it was their error resulting in me having paid approx £447 too much tax. Advisor said code for the final month of the tax year…
-
IR35 & Contractor Loan Schemes
Evening, I'm reading conflicting advise online on the new rules re IR35 for contractors working within the public sector and whether Contractor Loan Schemes is a legit option? After seeking some quotes, the 100% legit ways of operating as a contractor for a public sector organisation seems to indicate that the take home…
-
Late tax return penalty & working abroad
Right so here goes. Brief summary I have mismanaged my tax affairs, i'm a total novice. The last payment or communication I had with HMRC was in Jan 31st 2016 when I paid them for 2014/2015 as a sole trader whilst I was in New Zealand. I have to had a comunciation nor submitted any documents since then until I received a…
-
Marriage Allowance
I was on maternity leave most of this tax year so am below the tax threshold but I will be a tax payer again next year. Do I understand correctly that I need to apply for the marriage allowance now so it can be backdated to 6 April 2016 and then immediately cancel so it runs only until 5 April 2017? HMRC website says "If…
