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Setting up Limited Company for Contractor Tax
I have a full-time job with a 60k PAYE salary and have also recently started a contracting job that pays 5k pa. I'd like to minimise the tax on the contracting job and wanted to know whether this was best done by setting up a limited company? My understanding is that I can cut my tax bill on the 5k this way. Any advice…
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Land Tax
I apologise for such a long post but I really can’t seem to find an answer My house that I brought 21 years ago ( house 1) in my name( but me and my partner lived there) decided to move and get a bigger house with my partner, some equity had to be released and was used to buy the next house, (House 2,) partners name was…
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How does my new K tax code effect my pay?
Hi all, due to an ongoing tax dispute with HMRC my tax code has changed to K353 how much extra tax will i be paying per month on my 35k salary? (I wish they taught you this stuff at school) thanks...
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Can I offset my tax return against this shares loss ?
Here's the situation, a while back I purchased some shares in a company on aim, the shares were de-listed earlier this year. The shares cost approx £1,000 I have a tax return coming up, this will include a return for a rental property that was sold last year. Will I be able to use the loss on the shares to soften the blow…
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Dividend taxation a bit out?
The rules for dividend taxation suggest that if your total income puts you in the Basic Rate income tax band, you pay 7.5% on dividend income, and if you are in the Higher Rate Band 32.5%, and Additional rate 38.1%. The Gov site https://www.gov.uk/tax-on-dividends says "the tax you pay depends on which Income Tax band…
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P60
Recently left a job where all my payslips and p60 were electronic, I now need a p60 for my daughters uni bursary app, I've contacted previous employer (an ambulance service) who said there a charge for this service!!! I know by law the have to keep pay records for 3-4 years, is this charge correct? I now I should have…
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Savings in my name only as hubby is higher rate tax payer?
We're in the process of selling our house, and will be renting for a year or so before buying again. As a result, we'll have our house equity in savings accounts for a while (split between banks - I know about the FSCS protection limits). Hubby is a higher rate (40%) taxpayer and I'm standard rate (20%). Are we allowed to…
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First time tax returner
I have just filled out my first tax return because my income last year (17/18) was just over 100k. My HMRC account now says I now owe lots of money (payments on account) but almost all of my tax is collected through PAYE and the amount I think I owe is well below 3k so I presume this would just be collected through a…
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Society acquiring charitable status-Gift Aid questions
Question 1 An amateur performing society I belong to is in course of acquiring charitable status soon, and I have paid my membership subscription for this year (during 2018/19 tax year). If the formalities are completed by the end of the tax year, will I the society be permitted to claim Gift Aid on my contribution for the…
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Ancient tax return penalty
Afternoon! Not sure if this is the right place, apologies if not, but I'm wondering if anyone's had experience of this or can suggest what I should be doing, as I've clearly done something wrong somewhere. Potted history - I've been on PAYE since 2004, before that I was briefly self employed, so did some tax returns, no…
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Traders allowance confusion
Hi there, My main source of income is from writing, filmmaking and composing music. As a hobby, I like to buy and sell clothes on eBay. My gross income from this in 17-18 was £3,000, so not eligible for Traders Allowance. Total expenses for this however was £3600 including postage and eBay fees, so a total loss of £600. As…
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Can I buy a MotorBike under my LTD Co?
I own a ltd company which is VAT registered. Looking to buy a Bike for occasional use. Can I buy it under my company and reclaim VAT? It will be parked at office address mostly.
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Self employed work from home- what expenses to deduct from tax?
After many years of low income being below the threshold and it not being on the horizon for paying tax the business in the past year has started to pick up such that I will soon be eligible to pay income tax. So now I am looking to find out what things are eligible to write off against tax. My business is Internet…
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Tax return not recorded by HMRC
I hope someone can advise please. We have been submitting our tax returns, always posted in June, for years using the paper version with no problems. However, this year, HMRC have apparently no record of my husband's tax return even though mine and his were posted at the same time and date in June and mine is recorded as…
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Capital gains tax on an inherited property
Hi, In 2013 I inherited a property abroad from my dad who was not a UK resident. I’m a UK resident and reside here full time. I have just sold the property and was wondering how to calculate the CG I owe as the property was not valued at the time of my dads death. Any help would be greatly appreciated! Anna
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Help: Tax Return First Timer
Hi Any advice here would be appreciated. I am filing a Tax Return for the first time for 2017/18. I started a hobby business last year and would be declaring total takings of £195...however the expenses for set up costs were much higher - would HMRC be understanding if I deferred this until next year when I have more…
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HELP: tax on an occasional job
Hello I recently work extra 2 to 3 days a month as a self-empolyed in my spare time alongside with my main job. Do I inform HMRC if I earn more than 1000 pounds. If so, do I just need to fill in a self-assessment tax return form? I am planning to do the occassional job for long term, would it be better to set up a company…
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Paying too much tax
If you do nothing do you eventually get a refund or do you have to to write and ask for a refund? Thanks
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Order of taxation-multiple incomes/self assessment
I am just battling with my SA for the first time ! I have multiple income sources i.e PAYE earnings,divi income and savings income and i made a contribution to a SIPP. I am sure i have read more than once that the order of taxation can affect the final amount you end up paying? So i guess the question is, does the HMRC…
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Do I need to do a Self Assessment?
If my shares have risen £10,000 since purchase and I have received dividends of £1,760 in 2018/19 and I wish to sell them, do I need to complete a self assessment? I am on PAYE. Assume no other income or capital gains in 2018/19.
