-
Capital Gains Tax - Can anyone advise please?
I inherited 50% of my parents property in 2005 we have rented the property to date. Can anyone advise what the CGT liability would be please, as we are in the process of deciding if we continue to rent it out or sell? Thank you
-
How to calculate net gain from tax deduction
Hi! I'm a higher rate taxpayer, and have some tax deductible expenses. Not sure how to calculate net gain from tax deduction though - Let's say I have something that costs £100 that is tax deductible. This means that I don't pay tax on that amount. Is it correct to say that that will mean a nett gain of £40 because 40%…
-
Reducing tax through a partnership with spouse
Hi, I'm currently a higher rate tax employee and my wife is not currently in employment but as the kids are all in school we've decided to set up a business (as a partnership) which she will mainly run but which I will help out with at weekends. Because we likely to miss the peak period of business for the current tax year…
-
Car dealership overcharging me tax?
A Jeep dealership in Oxford purchased an ECU for my car from the US via ebay (with my permission .. if was a cost/affordability thing). The invoice for ebay included 1) cost for part 2) delivery charges and 3) import tax. The dealership paid for the ebay purchase and subsequently fitted it to my car. I've now been invoiced…
-
Ebay
I am thinking about starting selling lots of stuff on ebay. Do i need to fill out tax forms if im selling alot. And also will it affect my tax credits?
-
Fake HMRC text message being circulated
There's a fake text message going around saying to go to hm-revenue-customs.com to claim your tax refund. That domain does not belong to HMRC so if you get the message just delete it.
-
Underpayment of Tax
Hi all, Just looking for a bit of clarification around how I've underpaid some tax. During the 15/16 tax year, I worked at three different employers - all separate with no overlap of work. However, when I checked my pay slip today, my tax code has gone down to 972L. When I queried this, the HMRC adviser explained that I…
-
online working expenses
I have done ad hoc online work (e.g. surveys and web site reviewing) for a few years (earning only about £150 each year). HMRC told me they treated it as untaxed income under £2,500 and that all I had to do was tell them how much I'd earned at the end of each tax year. I've been doing this and each year they adjusted my…
-
Tax on company car - Am I missign something
Good morning everyone, Just a quick question for anyone who has a company car as I'm a little confused. I understand that the BIK value is added to your normal salary to give a gross income so yuo pay the relevant tax, but the same BIK value has been deducted from my tax code. Surely it has to be one or the other or am I…
-
Annual bonus payment (Tax question)
Hi All, I posted earlier in the year about possibly getting a bonus at work. Well finally the accounts have been finalised and I know I will definitely be getting a bonus this year (First time ever!) So details are: Salary: £26,000 Student Loan (older scheme, graduated in 2005) Currently paying 6% into pension (employer…
-
Tax payable during bonus month
Evening all I'm hoping there is a "taxpert" out there who wouldn't mind assisting me in calculating how much tax I should be paying this month. My pay slip puts it at c. £2k but this is much more than the result I have been given by an online calculator (thesalarycalculator or tsc), which puts the figure at closer to…
-
transfer allowances between spouses
My father died in the 2016/17 tax year and as he died in May he did not use all his allowances. I asked the tax office to transfer the allowances to my mother but they said that both spouses need to be alive to transfer allowances. I phoned them and said that my father was alive in 2016/17 but the on screen guidance said…
-
PAYE requested to SELF-ASSESSMENT
Hello! I hope someone can help me or at least enlighten me on this situation I am in. First of all, I am married with 4 kids and have been working in the National Health Service for over 16 years now. Every now and then HMRC will send me letters saying changes to my tax code, which I didn't pay much attention as when it…
-
Self assessment
Hi :) Wasn't quite sure where to post this.. we have just sold my husband's flat yay.. had a tenant in so currently doing 2016-2017 self assessment. We only received income from it until December so profit wise only made £700 above mortgage and costs. The thing that is confusing me is that my husband paid off his student…
-
Tax and P60 help
Hi there I left my previous job the first week of May this year and started new job last week. Last week I noticed tax credits had gone down £400 per month. Phoned them and they said it is because I earned £20,500 last year. I told them I had earned about £10,500 max. They put me through to tax office who advised my…
-
R40
This has probably been asked and answered but I can't find it. I am filling in an R40 re claiming back the tax paid on Halifax Rewards, however I also have rewards from Barclays Blue and CO-OP bank. As you will probably know Halifax deduct tax and some can claim it back, I have the following to put as "rewards":- CO-OP £48…
-
Tax for freelancing on the side
Hello, I've just started accepting some small freelance online marketing jobs on top of my regular job. I reckon I'll probably take an extra £2-3k a year overall from this, but trying to figure out my tax liabilities. I've registered as self employed on the Gvnmt Gateway, so do I just fill in a tax return next year with…
-
import tax uk
Hi hope someone can help me i want to buy something direct from china how much would the import tax be as i do not want to be stung? any help much appreciated
-
Where to file Job seekers allowance on self assessment
So I am in the process of completing my self assessment return. I worked for 3 different temping agencies, a self employed job and claimed JSA for two months. I have been completing the return on my IPhone safari (I did this last year no problem). I can't work out where to include the JSA in the return. I am thinking of…
-
Marriage allowance refund delay
Hi Thanks to MSE I requested the marriage allowance refund as I have been paying tax the last few years but my wife hasn't. On screen it said I would receive two cheques. I quickly received one cheque c£200 for 15/16 and a notice of tax code change. However three weeks later I have not had the second cheque although this…
