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VAT on media spend (FRS)
Hi there, I trade as a very small business (just me) providing online advertising services. I am VAT registered and use the Flat Rate Scheme as a limited cost trader. In the past my clients have always purchased their media directly, but I have recently taken on a new client who prefers me to buy the media and to invoice…
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Tax Return
Hi all, Just completing this year's return and realise that on last year's return I omitted to enter contributions into personal pension scheme on the return, £1200 for the year, a genuine error. Not sure of the implications of this. Should I ring and tell them, send an explanatory note with this year's return or just…
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Private Limited Company - Low Turnover - Tax/Salary Query
Hi, hypothetical:- lets say Bobs wife setup a Ltd. company to offer mobile beauty treatment services. She incorporated and had her first client in 07/2017. In the months between 07/2017 and 03/2018 she has total sales of £2000, of that about £250 was the cost of supplies, £200 the cost of travel, with the remainder being…
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Conundrum
Sorry if this the wrong place to post but... You may not know much about taxi driving and how a "base" operates but bare with me.. Option 1 is rent a car and "just add fuel" (all expenses covered by the base) for circa £300/week. Option 2 is own your own car and rent a radio off a base (£150/week) Both options avoid PAYE…
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Bonus awarded as shares. Tax implications
Hi, Part of my wife's bonus will be in shares. I assume that these shares are only taxed when they're later sold and a gain has actually been made? And if so would that be income tax or CGT?
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Landlord first tax return
HI, My boyfriend moved in with me last September and we rented his house out. I know we need to do a self assessment for tax etc Does anyone have any advice on how we register/what we can and and cannot claim? All the basics really. Thanks
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reducing tax on second job (over £100k base)
I am fortunately enough to be earning £100k pa base in my full time job which I pay tax via PAYE. I will get a bonus of around 30-40% on top. So far I have been avoiding the 60% tax by paying into my pension. I'm close to maxing out the annual allowance. I have started a second job recently doing some ad-hoc project works…
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Sole trader buying new iPhone for business
Hi I!!!8217;m a sole trader and need a new phone. I currently use my phone about 25% for business. I need to upgrade and thought about buying a new phone. Can I offset some of this purchase against my tax paid? What!!!8217;s the best way to do it? Keep my current phone and by a new one to use as a business phone and claim…
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Setting up limited company after signing first contract
I am working full time and pay tax on PAYE basis. To supplement my income recently I have started working on a project as a self employed contractor for an organisation (not related to my full time job). Having giving it some thoughts I have decided to set up a private limited company for my contract work as it would be…
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Offshore Reporting Funds Excess Income
Offshore Reporting Funds Excess Income is something I had never heard of until my latest Transact GIA investor report came out, with a section covering this. It is only a very small amount, but it has been included in my latest tax return unlike previous years when it wasn’t, because I was totally ignorant of its existence…
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Tax deducting professtional development
Hi, I am currently working as a dental nuree and will be going to university in a few months to become a orthodontic therapist which i will be paying for myself. I wanted to know that if i become self employed as a nurse would i be able to tax deduct this course as it's to my understanding professtional development. Would…
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Misfiled Return
I manage a modest trust fund in respect of my late mothers IHT allowance. In my opinion, my appointed accountants were making errors of judgement when communicating with HMRC and so I took control of the returns. In my initial dealings with HMRC it transpired that the accountants had incorrectly filed the returns from…
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Inheritance tax as non-linear relative
Hi all, Can anyone clear this up for me please? My siblings and I are due to receive a sizeable inheritance soon from our aunt. It will be subject to IHT, but the solicitors are saying that we are entitled to her deceased husband’s entitlement as well- so 650 tax free, not just her 325. Two separate solicitors have told us…
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HMRC personal tax account
Absolutely going round in circles trying to view my personal tax account especially my NI contributions. I have a government gateway log in which I’ve used for filing self assessment for many years. I went bankrupt two years ago and got a new UTR and new gateway log in. When I go through the process of following the links…
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Self assessment tax return help
I'm still waiting for my return. I did it two weeks ago and they say its getting checked for secuirty how long can this take thank you
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Bare Trust Winding Up Interest
Hi, I am the Beneficiary, along with one other of a Bare Trust, which due to the death of the Settlor is now to be wound up. This has been in force for 11 years. There is no tax on the original amount but there will be tax to pay on about £40.000 of Interest for my share. I am a non-tax payer, being just below the limit.…
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P45 question and last date of employment
On the 8th of May 2018 an employee asks for his P45. It was agreed that he would no longer come to the office. The actual last date he attended was 16th April and that was to do his private work His last salaried payment from the employer was up to the end of December 2017 at which time it was agreed that he could use the…
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Pensioners Tax Code Help
My mum was widowed in October last year, having not worked for many years and relied solely on her husbands pension. She had no independent income, other than the state pension (she's just turned 70). In October she started to draw the spouses pension from her husband's company pension. She has a P60, issued in April this…
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How to put company NICs into pension?
I'm self-employed, low income because of family responsibilities. I'm the director of a non-profit ltd by guarantee, which gets income from grants / support in kind. I pay myself for my time from that income. I've just started a SIPP pension. I understand so far that if I pay in £2,880, the govt will add 20% tax relief,…
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Self Assessment gross pension payment query
Am mid tax return and have got stuck on gross pension payments. I have read HMRC 'help' on this, but am still confused. Net pension payments last year were £15,400. I understand that adding 25% to gross them up makes them £19,250. But, as the 25% is credited to the pension account monthly at the end of the each following…
