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Tax Code - Wrongly Changed?
HI all, A few days ago I received a letter from HMRC advising that my tax code had been changed. I started a new job just over a month ago - my P45 has been given to my new employer, and the tax code I was on with both my old employer and my new one, according to my first slip, was 1150L, which I believe is correct. In…
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Use of home figures for tax return
Hi everyone, I work from home full-time as a sole trader in a rented property. I use one of the 5 rooms in the house just for work. So I gather I can claim for 20% (one-fifth) of the rent etc. But I also use the other rooms from time to time (usually depending on the weather as my study is so cold this time of year!). So…
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Inheritance from overseas - do I need to pay tax?
Hi, I have dual nationality but I am a UK resident. My parents were Turkish and they lived in Turkey. I have HSBC accounts here and in Turkey - opened them after my mother's death in 2014 and I transferred some inheritance money in 2016 from Turkey to here to pay some of my mortgage. I recently lost my dad and there will…
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Self Assesment Questions
Hi, I work full time so am on PAYE but I also do some freelance work - I am looking at doing my tax return online presumably I choose the "self-employed or a sole trader" option when registering? Also, what NI contributions should I be paying? My second income is modest, around £4k last year (it will be much lower this…
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Self Assessment doesn't add up?
Hi, Sorry new to thread, completed my self assessment for 2016/2017 and it says I owe £4300, however using an online calculator, it says I am only £1700 short, I cleared what I owed for 2015/2016, so shouldn't be any outstanding, can anyone suggest any reason for these differences? Thanks in advance.
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Deregistering for VAT
I have a small business/limited company and am currently trying to close it down. My accountant has prepared the final accounts and I must deregister for VAT so that I can close the company down. However, the form states I must give a date when the company ceased to trade. The small print says: You will normally be…
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Income Tax bill over a year after death?
Would appreciate some advice before I ring the tax office. In September 2016 a pensioner friend died and I was executor and beneficiary of her will. I used the 'tell us once' service and everything seemingly went smoothly. During the process, a tax rebate cheque was received from Inland Revenue which was duly included in…
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Small Biz Secondary Income - Hiring Family Member as Freelance
In my primary work I am a higher rate tax payer, hitting the 40% bracket. I also have secondary income from a small web blogging business. The income from which I declare through the standard self assessment process. This extra income is fairly small, but I'm still paying 40% tax on it obviously. My wife now wishes to…
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Are tax credits back dated?
I don't want to go into the full in and outs of things because it's complicated. Basically some years ago from 08 to 2011, I worked two low paid jobs each earning around 160 pounds per week. There is something at the back of my mind thinking there was something not quiet right with things. I think I may owe tax. I think…
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Paying tax for an odd job
Hello, I am employed by a company, but I did some freelance work for another company for four months. I am not planning to do more freelance work in the near future. What do I have to do to pay tax for the amount I got from the freelance job? Kind Regards
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Employer not updating my tax code/financial hardship
Looking for some advice please guys. I joined a new employer on 1st November this year and brought with me a P45 that had an incorrect tax code of K242 from a previous employer which had resulted in a hefty overpayment of tax. I had called HRMC prior to starting at the new employer, they corrected the code and advised to…
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New salary and a bonus - tax calculation
My employer has decided to increase my pay by 3% which has put my pay up from £22500 to £24569 annually and it is due to start this month (December) but I have also been given a £620 bonus which will also come this month. I'm trying to figure out how this will impact my tax. I'm on Student Loan repayment plan 2 as well.…
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Simple income tax question from novice :)
All I have previously rented our old house out so am used to completing a self assessment tax return for this. However, we have sold our own house so this is now no longer an issue. My posting relates to income tax. My salary is ~£45k plus ~ £1k annual bonus. My understanding is that once you earn £45k you pay 40% tax on…
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I pay more tax than my co-worker
Hi all, hoping a tax code expert could help me here. Myself and my colleague do exactly the same job and are paid the same amount in salary. However my tax code is 1156LN and his is 1150LN. Last month I paid nearly £70 more tax than him. We are both single men, and not claiming any benefits. Can anyone explain it?
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New at being self employed
Hi All, Quick question regarding self employed and filling out a tax return. I registered as self employed in June this Year, will I have to complete a tax return in January? Both myself and my husband have only even been on PAYE and we are finding me being self employed quite stressful, information is hard to come by! I…
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Car Allowance and BIK
Hi Need some help and advice. I receive a car allowance through work and use it to lease a car through a lease company at work. (Lex) . I also pay BIK through my tax code and have two questions , a) is this right in essence I feel I have the worst of both worlds, b) in terms of BIK does this mean you start paying the 20%…
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IHT on living in oarent's house?
Does having a son and family living rent free in (self-contained) part of father's property and father paying gas/electricity/water bills and Council. Tax constitute a gift for the purposes of IHT? I mean would the last 7 years of this constitute something that could be inheritance-taxed?
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cgt on building plot
hello, hope someone can advise. i bought a car repair workshop 9 years ago, have now got it re listed as residential ( certificate of lawfull use or existing development ) it has a yard at the side which isnt rated, i may be able to get planning permision for building one residential property. my question is.would i have…
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Inheritance Tax & Variation of Will
I'd like the run the following scenario past the forum and invite any comments... "Mr and Mrs A have a house worth £700k owned as tenants in common (and on which there is no outstanding mortgage) and saving and investments worth £500k (some of which are in the name of one party, some are in the name of the other party and…
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2nd Job - Will 1st Job Know??
I'm in an unusual situation - I've been made redundant but as part of it I am receiving 3 months gardening leave. My contract states I cannot take another job in this period without their consent. My question is, if I were to take a second job, is there any way at all the 1st Job could find out? I'm assuming this could…