-
EIS Enterprise Investment Scheme Tax Relief Claim Form
Hello was wondering if someone could help me please. I invested some money in crowdcube funding website. And the company became eligible for the Enterprise Investment Scheme. Which allows income tax relief for money invested in start ups by people. I have received the certificates from the HMRC Tax man to the company. I…
-
Capital gains on 2nd property
Hello, I own the house the my mother lives in, a small 1 bedroom worth about £100k. I don't take any rent or other payment. It was gifted to me years ago when my father died. There's no mortgage. When she dies I don't want to keep the property, and as I understand it I'll be hammered for capital gains. So in order to…
-
Inheritance Tax and multiple £250 gifts
Looking at the rules about gifts I see that "You can give as many gifts of up to £250 per person as you want during the tax year as long as you haven’t used another exemption on the same person." http://www.gov.uk/inheritance-tax/gifts Can this be gifts of actual money? Is there any reason someone couldn't do this once a…
-
Inheritance Tax Allowance
My mother is trying to work out if she has a likely IHT liability but is unsure what her IHT allowance will be. My farther died in 1999 leaving all of his estate to my mother. Is her allowance £325k + £100k for the house or is she also entitled to some of her late husbands allowance?
-
Tax code for 2nd Job
Hi, Looking for a bit of tax advice please. Back in July I was made redundant from my full time job. Since then I've been on JSA while I've been searching for a new full time job. In September I was able to find some temporary work for a few months while I continue to search for a full time job. The hours are random, but…
-
Rental Income
Hi I have rented out my property from May this year, first time I have been a landlord. I am keeping records of all my expenses and income etc and have an excel sheet to calculate everything, I got it from letting regulation body so I know this is fully up to date. The only thing I am unsure of is when to submit the income…
-
Overpaid Tax Please HELP!
Hi All, Please could clarify if i have overpaid tax and Student loan repayment (post 2012) I have started a new job on the 4th of September. However, as I missed the companies pay cut off date, I have not got paid till today. I was also due a 2k welcome bonus in the september payslip, which has been paid in today's…
-
Self Assessment/Student Loan Repayments
Hi everyone, Just looking to get some advice from you all. In my current job I earn a salary of £18,330 per year, with occasional bonuses and small amounts of commission on top. This past summer I decided to take on some transcription work for an online company to supplement my income, which I'm still doing. The amount I…
-
A chargeable event & tax
My mother died earlier this year, leaving a life insurance policy which she had taken out 11 years ago. It named me, my brother and her as lives insured. My brother and I have now cashed in the policy, which has given us a sizeable chunk of cash as a 'chargeable event' for tax purposes. The combination of the gain and my…
-
Employee questions, Payroll advice
Hello, I'm a sole trader who is looking to employ a family member to be my book keeper. They are above state retirement age and the annual pay would be worth £4-5,000. The family member's only other personal income is a pension of approx £200 per month and they share approx £1,200 of their personal allowance with their…
-
Taxed on Expenses?
Hi, I am having an issue with claiming back some tax. During the tax year 2015-2016 - I was working abroad for my previous employer. I was sent away for around 5 months in total during the year. Out of these 5 times at the end of the month when my salary was due the £400 expenses i was given to take abroad was also…
-
Question on BTL mortgage relief
I think I understand the policy change regarding relief on mortgage interest on BTLs, but I'm confused about how this falls within income tax brackets. Does the 20% relief get applied prior to calculating a pre-tax profit? In some examples it appears to show that tax is calculated and then 20% is added back. This would…
-
Claiming Travel Expenses (Employer and Employee)
Hello everyone, Apologies if this has already been covered elsewhere, but I cannot see a thread and the question is fairly specific, so I think I am OK. My wife is currently working freelance for two companies, with one covering her travel costs into the city (London) three days a week. She supplies the company with her…
-
Employer tax "solution"
Hi, I work as an agency/ locum local authority worker and am paid via an umbrella company. Last week my agency contacted me to say that they recommend a new umbrella company who can increase my take home pay and yesterday that company called me. They claim to be able to increase my take home by £100 a week by using a loan…
-
Car Allowance v Disability Car Allowance.
Hi there, I've recently got a new job which pays £5400 as a car allowance. I wont be using the car for work purposes apart from 20 mile drive each day to and from work. My daughter is also disabled which means that we have a car through the Motability scheme. This costs roughly £350 a month. What i'm wondering is am i best…
-
Car Allowance Help
Hoping I can get some help here! I have just started a new job which comes with a car allowance. On top of the car allowance the business pays 15p/mile. As I work for a consultancy they pay this 15p/mile for journeys to and from the client's office from which i may be working. This is fine and makes sense, however, the…
-
Tax codes at retirement
Can anybody explain in principle how tax codes are meant to change at retirement? When employment has ended, surely there's no point in a tax code calculated to include tax-free allowances continuing to be applied to former employment. Should HMRC automatically move this to income from a (DB) pension, or is it necessary to…
-
Tax self-assessment calculation is more tax than I've earned - help!
My tax self assessment is calculating that I owe almost more in tax than I've earned! Please help. For April-Jan, I worked full-time and paid tax etc accordingly. I was freelance Feb-April. I earned £4914 in this period before tax. Online, HMRC is adding £2028.00 as "Total additions to net profit or deductions from net…
-
Inheritance tax question - Releasing equity through BTL mortgage
Hoping someone will be able to offer advice. A family friend (aged 74) has asked for advice on releasing equity from his two Buy to Let properties. His plan is to enjoy the money while he’s “young” enough. He has never married and has no children. There are distant nieces who will inherit the remainder of his estate (total…
-
Marriage tax allowance
Hi, after listening to Martin on GMTV, I went online and filled in the married persons tax allowance, as I only earn £11900 and my husband earns less than me. It was all quite simple and then I received a tax rebate for the year 2016/17 but in the same post, my husband received 3 letters from IR stating that he has…
