-
Tax on rental income from decease estate
I am trying to ascertain the correct way to account for tax on rental income from my father's estate. He died last year and his former property is currently being rented out, pending sale. The property was left to me and my sister. Can I just return the income and pay the tax via an estate tax return or does it have to be…
-
Query with my tax code after handing my company car back.
After months of pondering and waiting on my private car arriving, I have at last handed my company car back over the last few days. I am now driving my own vehicle for business purposes. I went onto the Govt gateway and removed the car benefit from my tax status. I had been on a code of 256L, and it moved to 256T This is…
-
Gifting someone money help
Hi I am going to give my sister 120,000 as a gift, and want to know if we will have to pay tax on it, i understand about her having to pay inheritance tax if anything happens to me within 7 years. but is there anything i need to know about, my sisters has her own bushiness and has to do her tax returns etc will this effect…
-
National Insurance Query please can anyone help
Hi, not sure if I have posted this in the right place, was wondering if anyone can please help? I am self employed and have been for 20+ years and use self assessment. Earlier this year I did some exam invigilating, it was over 3 months April/May/June but it was paid as one lump sum at the end of the work. I didn`t think I…
-
Filing non-resident tax online (what software)
I have registered for self assessment but when I start to file I am told I cannot use the HMRC website for a non-resident filing. I read that I have to buy special software. I usually use an agent but my claim is very basic. I have 10,000GBP left in the UK in investments and other than a bank account that is it. I pay…
-
Am i allowed to claim mileage from temporary place of work to Home?
HI, I get paid a car allowance at my place of work. I then can claim mileage allowance on business miles other than to and from my normal place of work. I was always of the understanding, and as the case with my previous employer, that should i have to visit a temporary place of work ( i work in construction so that would…
-
Rental income - declaration of trust
Hi I have a property that is let out. The property is 100% in my name. I am a higher rate taxpayer and my wife doesn't pay tax. I've declared a trust over the rental income so that 70% of it goes to her. My question relates to my tax return (and hers). Do I simply declare the rental income (i.e. 30% that I receive) and she…
-
Foreign Property Capital Loss
We are UK residents and during this tax year will sell a Spanish property at a loss. We will also sell a UK property at a gain. Can the loss offset the gain for capital gains tax purposes? Many thanks.
-
Advice on registering as self-employed
Hi all, Hope everyone is doing well? I'm hoping to find a bit of advice, as I'm a little bit lost at the moment. If anyone could chime in, I'd appreciate it massively. I started working with a company in May 2017, with the expectation of it being a full-time position. It later turned into a freelance situation, with the…
-
Started Ltd company, do I file self assessment? when?
Hi! Myself and 3 others formed a limited company in June this year (2018). The company currently has no financial transactions as we haven't started trading. My question is two-fold: 1) Is it correct that I need to register my self assessment as a director, even if there are no financial transactions? 2) Does this need to…
-
Property allowance
Hi I would be greatful if you kind people could check my understanding. I am filling in my short tax return and have noticed the addition of a £1000 property allowance. I have a small rental property with no mortgage, giving me a gross rental income of £6,000. My expenses were about £800 for the last tax year. Am I correct…
-
Taxable mileage
Hello, I claim non-taxable mileage for some business journeys in work. In addition I claim taxable mileage for some journeys to my place of work out of hours and at weekends. I have had to fill in a tax return for the last few years and was wondering if I should be declaring any of this on my return or will it all be taken…
-
Beneficial Ownership - Help with apportioning %
Hi all, I really need help in deciding how to allocate percentage ownership of our current main property for income tax and CGT purposes. I am 40% tax earner, my wife is 20%. Point 1) Through 'Tenancy in common' I have recently added my wife; and our declaration of trust is being prepared; we just need to pick the %. Point…
-
Child Benefit Charge Letter
Hi, I've just received a letter from HMRC regarding Child Benefit Charge. This is the first I've heard of this (I've had other things to deal with in the last couple of years!) so have a couple of questions. Am I still liable if I've been divorced/separated for approx. 2 years and the child benefit was always paid to my…
-
EORI number
Hi I'm sending a high value item outside of the uk. I've been advised by the courier to apply for an EORI number I'm an individual, and this is a one off sale. Do I still need to? Is it something that affects or I need to declare or state on my self employed sole trader self assessment? My day job is unrelated. Thanks
-
Taxed on Pension
Hello Back in 2015 -16 Tax year, my old pension was “wound up” At the time I needed the money and took it, subsequently I was taxed on this. My question it this:- when I was paid my salary In 2000-2006 and paying in to this pension I was taxed Why would I now be taxed again? I’ve only just realised my checking this years…
-
No tax deducted from salary
Hi guys. Hope this is asked in the right place. I've been running a sole trader business for last 5 years as a sole trader which is continuing, and been filing tax returns via an accountant who has recently retired so can't ask them about this. I've started a new agency temp contract job and for past the months i notice on…
-
Parents want to,pay a lump sum off my mortgage
Hi Mum and dad want to give me 10k which will more or less pay my mortgage off . Will I be taxed on this if I pay the cheque into mine and hubbys account Thanks Oggy
