-
Inheritance tax - should we buy a bigger / more expensive house?
Two questions: 1. Our current home is worth around 500,000 - if I understand the rules correctly, for IHT purposes we would be better off owning a home that is worth somewhere north of that - correct? 2. I understand the higher main residence allowance tapers if assets are greater than 2 million. Does that mean just…
-
When do I need to get my tax return done?
Afternoon Everyone, Need a bit of advice. I started as self employed last June (2017). I have been keeping receipts etc since then, but can someone tell me when I need to get my tax return completed by? I was told that the first one wouldn't be until Jan 2019 as I started after April last year? Can someone confirm? Kind…
-
Alternative self assessment tax return software
I decided to complete our own tax returns this year (used an accountant last time). I'm now two hours in and have not started. We both have a Unique Tax Reference (UTR) numbers and both have Government gateway ID's. I started with my wife. Logged in on the HMRC web portal and selected Self Assessment. Then I was told that…
-
Tax for non-residents working online aka digital nomads
Hi, I'm a UK citizen but NOT a resident. I want to work online and continue to live abroad. Assuming I can't pay tax in the country I live in (say, because I move too often, or another reason), what can I do? Am I liable in the UK? Can I register my online business in the UK? I've been trying to get answers for months and…
-
Defer SP and starting rate for savings: Sense check please?
Moved here :https://forums.moneysavingexpert.com/discussion/comment/74554588#Comment_74554588
-
Company won't change TAX code dispite HMRC emailing them twice.
Hello, I've been having a bit of a problem with the company who recently brought the shop I work for. I noticed that they had been taxing me far to much for how little I am earning there by comparing it to my first job that taxes me next to nothing. I have been in touch with HMRC, they told me the tax code was indeed wrong…
-
HMRC owe me money & have said as much, but aren't sending it - what else can I do?
Hi all, Sorry if this isn't the right place for this - I am at a bit of a loss and could use advice, but am equally as happy to be pointed in the right direction somewhere else. HMRC owe me a substantial amount (suffice to say, enough to make a difference to my life/take the strain off my shoulders) from what is now the…
-
Self Assessment Help
Hi All, I am hoping for some advice. Rental Income 5700.00 Running Costs -1608.00 A 4092.00 100% mortgage interest 3660.00 25% Deductible interest 915 75% Deductible interest B 2745.00 Taxable Rental income A-B 1347.00 40% Tax due C 538.80 25% Deductible interest 915.00 20% Mortgage interest relief on above D 183.00 Tax…
-
Self employed business expense
I work as a self-employed web developer. Recently I spent around two weeks building an essential system to support my work. This didn't actually cost me anything to do, other than my time. So effectively I had two weeks without any income. My question is, can I in any way put the value of these two weeks down as a business…
-
Self Employed, but now PAYE - Questions
Hi All, I had been self-employed for two years but closed the business down in March this year and sent off the appropriate Partnership Tax Return and paid my final VAT bill. I have now secured a job working for a company. Two Questions I have - - If I fill in the 'starter checklist' and send this to my new company HR will…
-
Corporation Tax Bill, cannot afford
I had my own company for around 8 months and decided the self employed route wasn't for me, so after my first and only contract was completed, I stopped trading in September 2017. My accountant filed my accounts when I had finished up and got me a £600 tax refund that didn't get paid. I called HMRC, they checked all my…
-
P800 says I am owed money for 2017/2018 but I have not yet file a return
I have received a letter from HMRC advising that I am owed a few hundred pounds because I have over paid for the tax year 2017/2018.n However, I have not yet filed a tax return for the year (I am self-employed) so can this be right? Have I simply failed to understand something? Ian.
-
Fixed sum allowance?
Hi folks. Apologies in advance if this is in the wrong forum - I had a browse and it seemed like the best place. I have recently been shortlisted for a job which, in addition to the salary, offers 1) 'fixed sum allowance' and 2) 'car allowance' 1. Fixed sum allowance As best as I can tell this term doesn't seem to be…
-
Giving my mum money
HI, I recently received money from my grandmothers estate and want to give it to my mum. Im in a position where I am living comfortably with my fianc! and rent is low as it is his parents house, and she is struggling to pay rent and does amazing work for charities and has given me money all her life. It is roughly £19,000…
-
Taxation on state pension
About to start taking my deferred SP. Have this morning received a new tax code from HMRC which includes a full year's worth of my SP as would have been WITHOUT deferral. However, in the notes it says that they know it shows the estimated SP for the full year but they know that I won't receive the full amount consequently…
-
UK Self Assessment software recommendations
Morning All, Not sure if this is the right place for this question so apologies if it's not... ... I am no longer able to complete my UK Self Assessment Tax return online due to being non-domicile. I receive a small income from a UK rental property so I need to complete a self assessment. Due to changes in the rules, I can…
-
BTL interest - full or after deduction?
Hello First time filling SA as BTL landlord. Now there is a field for total mortgage interest amount against the rental property. Do I have to put there full mortgage interest amount or After deducting 25% of mortgage interest (for 2017-18)? I am a higher rate tax payer. Here is how the SA screen looks at HMRC website.…
-
CGT loss on self assessment
Good morning! Do I have to carry over CGT loss on self assessment? ie write the same loss into the self-assessment form this year? The loss is already registered from last year. Thanks!
-
High Income Child Benefit - confused!
Hi everyone! I'm hoping you guys can help me work out what I need to do as https://www.gov.uk is as clear as mud! I'm PAYE and have not filed a SA Tax Return since closing a previous business 11 years ago. I've just been given a payrise that takes me a few hundred pounds short of £50k. I'm also expecting a bonus... and…
-
Self Assessment requests
Hi everyone, regular reader of MSE but first time poster. 3 questions really as i'm brand new to self assessments and i'm hoping someone may have some advice. In 17/18 tax year my PAYE salary went over 50k and i receive child benefit which i know i need to pay a portion of it back, I expected this. So i registered for self…
