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Spend or give away and pay tax.
This may be a stupid question but here goes. If I gave my children a £50k gift each and died the following year it could be considered for inheritance tax. Right? Instead, if I bought a 1st class round the world trip with all the trimmings for £100k, HMRC wouldn't try and tax the Airline and all those hotels I stayed in.…
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Help needed!!
I am asking for a friend who is having so much trouble at work right now. Her tax code was wrong so she called hmrc who have investigated and told her she was working 2 jobs since Feb 2017. Which is incorrect. It is showing another company name paying her the EXACT amount of wages as her actual job so they told her it has…
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Quick SA questions
Hi all Just dealing with my 16-17 SA return, and I've a couple of questions that I suspect might get answered a heck of a lot quicker here than calling HMRC! I'm a self-employed basic rate taxpayer. For the first time this year I have interest from some p2p investments. It adds up to (much) less than the £1000 allowance.…
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Registering for SA failing
I am on the HMRC site and they have sent me a letter asking for my SA for tax year 2016/2017. I had previously registered as a self employed tutor btw back in Oct last year. However when I log in and look at the 'services' I do not see SA but when I try registering for this service it tells me I cannot do it or something…
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Can I claim tax back
Hi There I'm a paye employee and have recently had to start staying away for work and had to pay for my own hotel , which is a massive inconvenience, however I was wondering if I'm able to claim any of the money back I'm having to fork out and if so how ? Many thanks
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P60 tax amount incorrect
Have just received my P60 and immediately noticed that the amount of tax paid shown seemed low. I've gone back through my payslips for the year and it's about £300 short. I have no idea how to sort this or how vital it is to deal with, so any advice would be gratefully received!
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mileage allowance
Employee vehicles: Mileage Allowance Payments (MAPs) Employee vehicles: Mileage Allowance Payments (MAPs) MAPs are what you pay your employees for using their own vehicle for business journeys. You can pay your employees an ‘approved amount’ of MAPs each year without having to report them to HMRC. To work out the ‘approved…
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Sharing the tax liability on rental income
Hi. Can anyone advise on sharing a tax liability on joint income please. My wife and I purchased a small house as an investment and rent it to our son and his partner. The rent is paid into our joint current account and as the house is equally owned between me and my wife, I assumed that the tax liability would have to be…
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Inheritance tax
Just been reading briefly on IHT and noticed a new rule whereby if a home is passed on to children then the threshold goes up to £425k. When did this rule come in? Also, does the higher threshold apply to total estate or just the home, for example if a widow passes on their house to a child and passes away 7 years later,…
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Effective income tax rate at 60%?
Hello, I recently got a promotion and, as a developer, my current base salary is £90,000. On top of this I typically get a 10/15% bonus. This will be paid in March 2018. So assuming a 15%, this would increase my taxable income for the 2017/18 fiscal year to £103,500. Assuming a £11,500 personal allowance and 20% tax from…
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Paying Tax/NI When abroad BUT still trading online
Hello I am looking for some advice on my current situation. I have lived and worked in China for the last seven years. I am employed by a local company. Whilst I am here I have also tried to supplement my income by selling things on eBay and Amazon. I buy stuff locally and then sell it on the UK ebay and Amazon. The money…
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'Gift' from employer, tax?
Hi all Was told yesterday that the company i work PAYE for has been sold off/bought out. Today we all received a letter titled 'loyalty bonus'stating "As you are aware, the shareholders have sold their shares. We would like to thankyou for your hard work over the years and give you a financial gift of £x, which will be…
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Tax when taking small pension pot
Hello, I had two small incomes last year. The state pension and a small pension pot (£4,330) which was taken in whole. £650 in tax was deducted from the £4,330 by the pension provider and I received the rest. I've spoken to HMRC who said my tax is worked out by adding the state pension to the entire small pension pot,…
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Casual Work Tax Free
Hello, I understand that you can now earn up to £1000 for occasional work as an addition to a main job and that you don't have to declare this tax as of the 5th April 2017. I've done some work for a company that was undertaken from December 2016 to February 2017. I was paid £150 for this work and the company paid this…
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Tax Return for Self Assessment but Always Been Employed
Hi there, I have been getting letters from HMRC for a couple of years or so now telling me my tax return is overdue for self assessment but I have been ignoring them assuming it was a mistake as I have always paid tax via PAYE. I did try and talk to them in 2015 and they told me I had to have a face to face interview but I…
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Gift tax - Gifting money to my Mum (I'm 25) - Tax free?
I’ve extensively scoured the HMRC and the rest of the internet for some light shed on this and can’t seem to get to a conclusive response, so if anybody could help that would be great. From what I understand, in the UK you are allowed to give £3000 a year in a tax free gift (£6000 if you didn’t use your £3000 allowance the…
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Living in UK, Employed in Germany, Where to pay taxes?
Dear All, soon we'll have the following situation for my wife: She will be officially employed in Germany, but will work in the UK virtually the whole year (home office). As far as I understood she has to pay taxes (and NI) in the UK, because she is resident here. I guess in Germany she has to somehow tell the employer…
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Student Loan Question
I am currently filling out my first self assessment online. However, I was surprised to see on the first page, "Our records show that you have an Income Contingent Student Loan for which repayment began before 6 April 2017 Is this correct?" To put it in perspective, I am filing as self employed/sole trader. However, I am…
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Self Assesment Help - While on full time employed
Hi guys, So I am filling in my first self-assessment ever and I have a question regarding what to include. I registered as self-employed on September 2016. My P60 obviously include my full-time employment income and tax paid for the whole year (April-April). My question is, do I include exactly the amounts shown on my P60…
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Capital Gains Tax on flat I used to live in
I am looking to sell my flat that I'm renting out. I bought it in May 2004 and lived in it for 7.5 years. The value of the flat has increased about 100,000. Whether I'll get that when I sell I don't know, that's what the valuation report says as I'm currently extending the lease. It is unclear to me whether I would need to…
