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Micro entity ltd company. Spreadsheet needee
Hi all does anyone have an excel sheet that would suit a micro entity ltd business. Also when doing first years returns do i take the figures from this spread sheet and submit online using the gov gateway? Or do you actually have to upload the excel file ?? Thank you.
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Working out my Tax due
What would my tax payable be on £11,850 personal allowance? Salary £11,800 Savings Interest £4,930 (outside ISA) Share dividends £1,940 (outside ISA)
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Self Assessment software advice
Hello one and all, I'm a self-employed individual, who has income from a rental property and I've also recently had to take a part time PAYE employment. I've been doing my tax returns for nearly 20 years by myself but it's starting to get more and more complicated to keep tabs on what tax I've already paid & what I need to…
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Being employed & running own business - what is the best setup?
Hi, My partner and I set up a website that is slowly starting to bring profit. I would like to register it as a business however I'm not sure what the best solution is. We are both working full-time, paying 40% income tax. We are thinking of Ltd, but I'm not 100% sure how the tax would work (if we pay ourselves would we…
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One-Off Bonus PAYE
Good Morning all. Salary: £51,500 Salary Sacrifice Pension @11% Student Loan (scheme 1), started in 2007 One-Off Bonus of £6000 take-home pay after all deductions (non bonus month): circa 2450 TC: 1185L I am receiving a one-off bonus next month due to a work take-over, and have been told quite a few times that from a tax…
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Car fuel tax
I have a company car, and a company credit card pays for all the fuel. I have just been told that I am being taxed on ALL of the fuel payments. Surely, I should only pay tax on my private mileage? Any help and comments welcome!
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Director Loans
Good morning all Long time lurker but thought I'd like to get more active in the community :) I have a question on behalf of a friend regarding tax on director loans. I should state that i am a qualified accountant but work mainly in industry, not practice; and am trying to help a friend. I would like to move in to…
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Marriage allowance and higher rate tax
A person makes a contribution to a SIPP , which takes them below the 40% threshold, and results in only 20% income tax being paid. Does this mean that the person`s spouse, who is a non tax payer, can apply, successfully, for a marriage allowance transfer to that person?
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First ever tax return query
Hi all. In February 2018 I started doing self employed work, alongside my employed contract work. I’ve never ever been self employed before so never done a tax return. I registered as self employed, in August 2018.just received a letter from HMRC requesting a tax return for year April 2017- April 2018.is this right? As I…
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Tax into a savings account
Hi all Ive recently gone Self Employed, i have a business account and things are currently going swimmingly. Im putting away around £320 a month to cover my possible class 4 NI bill and i will hit £30000 turnover around Christmas this year. At this time i will go gross on my tax so im not stopped 20% at source. With this…
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Inheritance tax question
Hi all,I'm about to be given £10,000,my share of my late fathers life policy premium,by my mother,and wondered if there are any procedures to go through ie do I have to declare this to HMRC?do I become liable for any payments to HMRC? I am married with two children working full time,my wife is a full time mum and we…
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CGT on agricultural and woodland
Are capital gains made on the sale of agricultural land and woodland treated (from a CGT point of view) in the same way as any other capital gain? Thanks in advance Paul
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Council Tax Conundrum
Hi, I’m hoping someone out there has knowledge on this somewhat confusing matter. I have lived with my flatmate for the last 2 years, and up until recently, has only just told me that he hasn’t declared me on the council register, after angrily finding out about this, I had to do some research as for obvious reasons, could…
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Paying tax on extra income when in full time employment
Hello all, Need some guidance on paying taxes as i'm a complete novice on this side of things. I'm currently in full time employment, but have recently been offered some extra work for a friend. I work in Marketing and have done for a while now, so my friend has made me an offer to pay me £500 p/m for my time and effort +…
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Impact of old job monthly pay schedule affecting tax liability at new job
I’ve just started a new job and I’ve unexpectedly discovered that I owe HMRC more than £2000 and they are adjusting my tax code for the rest of the year accordingly, meaning I’ll be taking home less money in my new job than my old job, at least until the end of this tax year. My salary is higher at my new job than the old…
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What to expect from my accountant
Hello all. I hope this is the correct section to post. If not please let me know. I've come here to get other people's point of view on some accounting issues I've had. November 2016 I was offered an engineering contract roll after finishing university. I set up my own business and bank account and the rest. I carried on…
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Tax cut plans for self-employed abandoned - MSE News
The Government has abandoned plans to scrap 'class 2' national insurance contributions – meaning around three million self-employed workers will lose out on a tax cut of over £150 per year....Read the full story: ''Tax cut plans for self-employed abandoned" Click reply below to discuss. If you haven’t already, join the…
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Capital gains worry
Hello We have two houses, one that is our home and one that we rent out and it is worth about 2/3 of our home. We are planning to move to NZ (my husband is kiwi) in about a year, and would like to sell our home and keep the rental property for at least a couple of years. We would probably have to rent in NZ while we look…
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HMRC Online Services
I have used these services to submit my tax return for some years and I am now trying to do the same for my wife but without success. The account is registered but when I log in I am told she cannot be identified. When I queried this the reply was that security is now more stringent (even though I can still log in to my…
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High Income Child Benefit Charge
I've seen previous posts about this and today I was one of the lucky ones to receive the letter saying I owe about 4 years worth of tax on this! I don't buy into the well publicised campaign in 12/13, as my twins were born in 2012, I don't remember much of the first year and I didn't earn over £50k at that time. I don't…