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Self employed and new job - tax code
Hi Everyone my current situation is : Self employed now for 6 years just been employed from june , my self employment profit use to be over 7000 each year now going to be down as i am concentrating on my job The thing is we get paid every 2 week, and on my first wage slip i could see tax code 1185L and can see properly…
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Tax Refund using form P50
After being made redundant I have decided to retire early,the payment was just over £100k taxable income. With my redundancy money I maxed out this years Sipp and was given a paye code of 3075l. I completed form p50 to get a tax refund as I wouldn’t be working again (HMRC estimate is I’m owed just over £20k refund). I’ve…
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When receive notification of a penalty?
Hi, I have been very stupid and got myself in a complete pickle with tax returns relating to property. I basically want to know when you receive notice of a fine when filing a very late tax return but will include more detail if relevant. I've been renting out a property since 2015. In that year we made a loss and rang…
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Change of tax code / Paying the right amount of tax
Hi guys, I am hoping someone can help me (at least before I contact HMRC) I am unsure whether my current tax code is correct and whether I am paying the right amount of tax currently. Current situation I am a freelance journalist so I am not guaranteed work or have a fixed contract with the organisation. I get paid on a…
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Tax refund for a bond
I have discovered my better half has been paid the interest on a bond for about 3 years net of tax which is an error as she is not actually a taxpayer. Can anyone point us in the correct direction to remedy this as we are a little muddled on how this should be done?
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Tax code not changed after company car returned
I am hoping someone can help. I had a job that for 10 years came with a company car. Last November my car was returned as my role no longer needed it, so I contacted HMRC in the hope my tax code would be changed and I would receive a little more in my pay packet - they said my tax code would not change until April and that…
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settlement agreement
Hey, Looking for some advice if anyone can help. I was recently made redundant and given a settlement agreement Statuary Contractual Payment PILON (3months notice) £13,786.5 Holiday Pay - £ 2,227.05 Statutory Redundancy Pay £3,556.00 Discretionary Payment - £10,000 Total - £29569.55 When i received my payslip i do not…
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Quick Question re Self Assessment
Hi I was just wondering if you could double check some advice I have received off the self assessment helpline today (I don't trust HMRC!) I registered as a sole trader for my small ebay business in February this year. They have told me today as I haven't earned over £1,000.00 yet I don't need to file a self assessment BUT…
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MSE News: 'Alexa, I have a question about tax credits'
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Four months for an HMRC repayment?!
I was flabbergasted when I spoke to HMRC this morning. I had been due a rebate of just about four figures from previous years', which I hadn't realised I had. I filed a request online to credit my account around Dec 2017, but nothing came through, and I forgot about it until tax time came around again. This time, I had a…
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tax calculation wrong due to rebate error, I owe TAX!
Hi, could anyone spare a few minutes to give me some advice? I've paid tax all my working life and It's very naive of myself know, but whenever I get a rebate, I don't question it. It's always nice to get a rebate. I got a tax calculation for the tax year 2017-2018 And I owe 1609 in unpaid tax. I paid tax but…
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Payment of Tax
I recently received a P800 advising me of some additional tax that I need to pay for 17-18. I phoned the tax office advising them that I prefer to send a payment in full rather than have my 18-19 tax code adjusted to collect the O/S tax. For some reason, I do not see the O/S tax amount on my online tax account, so not able…
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Gift Aid
I'm a higher rate tax payer. Can someone please confirm my understanding on charitable giving. If I give to a charity via salary directly, every £1.00 given means the charity gets £1.67 (i.e my £1.00 plus the 40% tax I would have paid had I taken it as part of my salary instead). If I give £1.00 via Gift Aid, The charity…
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P45 issues workplace problems
Hi recently i was fired from my job on April 17th in which i was contracted to 25 hours each week. the following friday i received a call off my manager with the message your not getting your wages on the following pay day then he hung up. I managed to get my wages via going above his head to his boss but my wages are all…
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Resi/BTL mortgage - can I deduct BTL mortgage interest costs?
Hi, Do any clever MSEs out there know if, on my Self-assessment, I can deduct mortgage interest costs from by BTL property, given the following - A year ago, we paid off the BTL mortgage (charging us about 3.5pc/year) by taking out an 'additional mortgage account'' on our residential mortgage (charging us about…
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Tax implications on gift
If I am given a 'gift' from parents to help with a deposit for a mortgage, am I able to 'gift' this back to them at a later stage once I have some equity in the house/raised some additional capital? In this case, there is potential that the house I'm looking at could get planning permission to create a plot in the garden.…
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Motoring Expenses
Hi all, Just recently set up as a sole trader. Will prob take the simplified route for mileage expenses and keep my logs. I did get a rather large repair bill just the other day - am I able to claim the VAT back on this if I select the simplified mileage option? Thanks in advance
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Tax on Foreign Income - A Complicated Situation
I've found myself in a rather complicated situation and need advice. Please help if you can. Here are the basic facts: * I am a British citizen currently living in Mexico as a temporary resident * I have been living here since May 2014 * I never told the government that I was leaving England * Between November 2014 and…
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CGT or Income Tax on US Stock Options
When I started with my current company 7 years ago I was granted some stock @$X per share. Now the company is being partly bought out and the vested options are being bought at $Y. Should this Y-X amount be taxed as CGT or Income Tax?
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Norwegian citizen in the UK
I moved from Norway to Scotland to study in 2017. I have almost finished my MSc here now, and have started working as a freelancer. I'm expecting my first salary payment next week and I want to find out what to do when it comes to taxes. I am a Norwegian citizen, have not delivered an emigration form as they do not regard…
