-
Tax on self-employed 2nd job
Good afternoon, my first post! Sorry if the questions have been done to death but I had trouble finding anything specific. I'm currently employed full-time and earn around £20k a year from that. I've recently started a 2nd job outside of that which i'm self-employed in. I expect to earn around £2-£3k a year from this. I'm…
-
Marriage allowance
My daughter transferred her married allowance to her husband as she was not working. She went back to work 2 yrs ago and did 14 hrs and thought nothing about it. She has just increased her hours to 25 and I asked her whether she will need to cancel the marriage allowance. She has not got a clue, is there anything she…
-
Changing job mid way through tax year
Hi, My wife has just recently changed job from a minimum wage job in retail earning under the personal tax allowance threshold, to a £27kpa job. How will this affect her tax from now to April given a sudden change in wages? Her first payslip on her new job deducted zero tax. Is there a process to follow when this happens?…
-
SIPP - tax
Hi, I'm self employed and looking at taking out a sipp, my question is do i declare my sipp contributions as a deductible expense. Example if I pay £1200 a year into a SIPP and my total income is £1000 do i pay tax on the full £10000 or tax on just £8800. Thanks.
-
Tax Payouts
Hi, please excuse the fact that I am relatively new to Tax and how it works. I began work on the 17th of September. My annual income is £25,000 before tax. My first pay slip i paid £411 in tax deductions (this was based on a 6 week pay as we worked an extra 2 weeks before being paid). Is the correct or have i paid to much?…
-
K Tax Code
Hi, I currently have a K tax code which I understand to be a negative allowance code. I'm obviously experiencing high tax due to this so wanted to ensure it sounded correct. The exact code is K76 so not a huge number. Previously it was 936L. The two main changes I have experienced are; -Changing my car allowance from…
-
Sole trader and employed?
If you are a sole trader and reach the thresholds, do you only pay class 2 NI and Class 4 NI, and then tax on your income totaled with the income received from where you are employed? Or are the profits from being a sole trader liable to different taxes?
-
When do you pay tax?
If you register as a sole trader in December, and the self assessment deadline is in January, could you theoretically complete the self assessment a day after you have registered? Or would this not be allowed because you have not earned anything yet and have not spent enough time trading? Also some websites are saying you…
-
Medical insurance and tax
Hello Last year I started getting private healthcare as a benefit from my employer. As far as I understand it, this benefit has been taxed via my PAYE. I am now filling in my self assessment and I am being asked for the value of this benefit in kind. I have just read that I need to enter a figure for this, even if the tax…
-
Genuine or scam? "Welcome to HMRC’s help and support email service" email
It is sent from: HMRC Business Help and Support Emails <no.reply@advice.hmrc.gov.uk> and the links point to hmrc.gov.uk and govdelivery.com Dear customer, Welcome to HMRC’s help and support email service We will send you timely and relevant emails to help and support you, every step of the way In our emails you can expect…
-
CGT and Lettings Relief on Let to Rent scenario
Morning All, I am alarmed by the Chancellor's budget proposals to remove lettings relief. I bought my flat in 2000 for £67k and lived in it until 2011. It's now valued at £167k. I then let it out due to moves for work and I have been renting myself ever since. I did not buy a second property. It feels really unfair to me…
-
PAYE contributions on first payslip despite being below tax free allowance.
So I'm fairly ignorant and don't understand how taxes work yet. Iv'e just started my first ever job, I'm paid every 4 weeks and work part time 20 hours a week. Iv'e received my first paycheck that only covers a week's worth of wages (because of when I started) and Iv'e been paid £134.86 with a PAYE contribution of £26.80.…
-
Finance fees - allowable expense?
If a mortgage is used partly to finance a buy to let purchase property (75%) and partly to finance private home improvements (25%) then 3/4 of the interest on it is an allowable expense against rental profits. However, can a proportion of the fees also be an allowable expense? Say if there was a £900 arrangement fee added…
-
Private Health Insurance Benefit And Pension Tax Relief
My employer has started to provide private health insurance benefit to all employees. I've been informed that the employer will pay for the cost of the benefit, but I'll need to pay tax on the cost at my income tax rate. Being a higher rate taxpayer, I will need to pay 40% tax on the cost of the private health insurance…
-
High Income Child Benefit Charge - company pension
I am currently in the process of working out how much I owe. Thus far myself and HMRC are in dispute on the total figure. This is mainly due to I believe (perhaps wrongly?) that I should take of my pension contributions from my salary to arrive at a net adjusted income. I have done this and worked out the figures via the…
-
Paye
Apologies if this is not right bit, not a frequent user. I have a part time job, and for the last 2 months, I have been on emergency tax. I am below £12,000 so well within my personal allowance for paying no tax this year. Last 2 months I have had £315 taken from my gross. I have spoke to HMRC and it should be sorted…
-
Can this council tax be right?
I am new to looking at the council tax banding, so I don't know if I am doing this right. I live in a one bedroomed (rented flat) in rural Scotland. It is in a big old house that has been converted in to three one bedroomed flats. When I look online all three flats are band C, but all the houses (terraced and freestanding,…
-
How does one calculate GST on cess?
For example, if the assessable price of products foreign into Asian country is Rs. 100/-, GST rate is eighteen and customs is 100%.
-
Childcare Vouchers and tax
I'm claiming childcare vouchers to the value of £2916 per year (I joined the scheme 2017). I didn't realise this was above the threshold for a higher rate tax payer, so on this month's payslip I noticed there was an item "Childcare Tax". Now my question is, am I better off reducing my claim to £1488 per year for vouchers…
-
Countries with The Lowest Taxes
Hey everyone. Do you know the lowest tax countries in the world? Where would you select if you'd open up a business/company?
