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Cutting tax

Archives for May 2018

p60u
Hi all hope you are all well. Quick question. Who issues p60u is it the DWP or is it the Tax department
Help with inheritance tax
Hi Everyone, long time lurker here... I have reached the unfortunate age where my parents are now talking seriously about what happens after they ‘go’ Last year my parents paid for a new kitchen for us and a bunch of other things like flooring, white goods etc. In total this came to around 35k. They are worried should they…
Tax Code 0T-M1 After Moving Out of UK
Dear all, I've lived in the UK from 10/2015 until 12/2017. During that time I got shares assigned from my company that only vested in 2018 (e.g. £1000 worth of shares were assigned in 2016 and they vested 05/2018). Vesting plans are taxed pro rata (i.e. the majority of the share value at the time of vesting is taxed in the…
Spouse CGT Allowance
I have exhausted my CGT allowance for this year I would like to transfer ownership of a house to my spouse to make use of her CGT allowance The house is about to be sold, so I would like to complete the transfer first How does this work? Does the gift attract any tax? How is my Spouse's CGT calculated when the house is…
Where is my tax office?
I am appying for a mortgage and one of the questions on the lengthy and in depth application form is where is my tax office? Google seems to tell me that the first 3 digits of my tax reference number indicate the office, so 083 for me and 247 for my wife. However nowhere I can fimd seems to show where these numbers…
Basic question: tax/personal allowance/agency
I'm sure this is a very basic tax question, but I just want to be sure. I work p/t and don't earn enough to pay tax. I'm currently doing a couple of weeks of temp work for a recruitment agency which is the first time I've ever done agency work. Obviously they deduct tax, but I'll still be within my personal allowance for…
17/18 Bonus paid in 18/19 in error - now had a tax hit. Any options?
Hi, I'm after a bit of advice please if anybody can assist... - My salary is £43k. - I earned slightly less than this in 17/18 due to changing jobs mid year. - I earned a bonus of £2,250 in 2017 that was due to be paid in March 18. - I expect my salary to move to £45K this year Payment of the bonus was not paid with March…
Simple Tax question (I hope)
Hello all, Thank you kindly in advance for any help you are able to offer. My Girlfriend is looking at starting her own business working from home. Whist researching the highly exciting self assessment tax system I note that she is able to claim back a small amount of costs for the house such as, heating, electric, phone…
Child Benefit Tax Charge
Hi, Please beat me down if you want, But I think I a considerable child benefit tax charge is on the way as I'm classed as a high earner even through it doesn't feel like it:mad:. Can someone please advise if student loan is an allowable deduction and if my assumption of paying circa £3,576 (excluding fines) is correct…
Self assessment for ex-pats
Hello! I'm wondering if anybody can give me some recommendations for tax advisors. I am a UK citizen but have lived in Canada for 12 years, I now have a rental property in the UK - which I think means I have to file taxes in the UK. Any recommendations for somebody that could help me with this! Thanks
Winding up family trust
About 20 years ago my father set up a family trust with £30,000 capital with the intention that the income would contribute towards his grandchildren’s school fees. My sister and I were/are trustees. Each year we would withdraw the interest (for school fees), pay the excess tax above that deducted at source and claim a…
Pay into SIPP> Reduce tax band ?
Can anyone explain to someone who has little knowledge of the system and SA how this works? For example, someones total gross income is say, 65k including PAYE income ,investment income etc etc They pay X amount into a SIPP ( how is that amount calculated?) Presumably this reduces their tax bill and can shift them from the…
Has anyone tried this tax calc?
https://www.uktaxcalculators.co.uk/wizard/combined-tax-calculator-wizard.php Just wondering if anyone uses this ,does it look to be correct and align with HMRC figures? Thanks
Income/Expenditure? (PAYE Underpayment)
Hi all, I have a couple of questions that I hope you can help with.... I work for an elderly disabled man who has been slammed with an underpayment bill for PAYE for his carers (he's currently fighting a payroll company to take responsibility for the debt as he pays them to ensure all taxes are payed up to date and they…
Council Tax for HMO paid by tenants?
Can someone please help on this. My friend lived in a shared house of 5 people, there was all documents hanging around the kitchen about HMO property, however landlord included in the contract that tenants are responsible for council tax. There were 2 students and 3 full-time working professionals (my friend is…
self assessment advice
Hi all After some advice if possible. i need to fill a self assessment form in for the latest tax year as i was out of the country the whole tax year and rented my property out, so no issues with that part. ive done the research i need. what i also gather i need to do is fill one for the previous year also as i left the…
Personnel savings allowance for someone on a tax threshold?
Theoretical situation but something I might find myself in when my annual bonus / salary review comes in. If someone has savings generating £600 interest per tax year and had other earnings (base salary, bonus) coming to say £45,850 (£500 under higher earner tax threshold) would the personnel savings allowance be assessed…
Tax planning and investing for retirement
I would like to check I am tax planning correctly please. OH and I have 5-10 years until retirement. Before we retire it is likely I will inherit about 150% of the amount we currently have in ISAs, SIPPs and cash. When we retire, we are unlikely to be able to live solely off investment income but I hope we will not use…
HMRC Power of Attorney problem
Hello. Hoping someone may be able to help me with this problem? HMRC hold a power of attorney for me, in the name of an ex partner (15 years ago ++). I don't remember ever signing one but it is quite possible that he forged my signature as he has done on other documents in the past. The problem is that HMRC won't just…
How much tax should I pay?
Hi All, I took early retirement and then went UTR to do a few days a week. I receive my pension from my firm and my wages from the small firm I work for. I am stopped 20% tax at source on my wages and of course pay an amount of tax on my pension. So what percentage of tax would I need to pay? I paid and accountant £240 to…

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Cutting tax

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