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Stamp duty as an expense on holiday let?
Hi All Little confused on this after doing some digging around. We have a small holiday let we purchased this year and whilst organising my accounts I wondered if stamp duty can be set as an expense? The flat is legitimately set up as a short term furnished rental and is then officially classed as a business rather than a…
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Help With Self Assessment
Hi guys and gals, hopefully someone can help with this query. Basically I'm a self employed Courier contracted to a big delivery firm, Its working out very nicely for me and my family as we are able to do things we couldn't do before. When it comes to self assessment, i am actually paying a company to do my returns but i…
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thinking of completing self assessment by self
this is only my 2nd time do a self assessment - as entering 3rd year of running my little stay at home business 1st year i made say 20 to 30k - and with equipment and setup. I ended up paying very little tax/ NI 2nd year is similar say 24 k ish - but really light on expense, just utility bills 3rd year I broke my ankle and…
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Paying 60% tax - can I move spending between tax years
Hello Everybody, I have a number of properties and my earnings are more than 100k. As a result, for every pound I earn I have to pay 40% tax plus 20% resulting from the £1 for 2 reduction in personal allowance, which comes at such an earnings level. Effectively I'm paying 60% tax :eek: It would have been better, had I…
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Receipts for LTD
Hello, My accountant told me that I have to ask for PAPER receipts and keep them for EVERYTHING I buy and claim as business expenses, i.e. the coffee I buy at work everyday for £1.50. Is this serious? Cannot they simply accept my bank statements that list my purchases? It's extremely inconvenient and waste of material when…
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How to avoid US taxes in this case?
My mother inherited significant amount of land in South Korea after the death of my grandfather. It was a land that had been owned for a long time from our ancestors in Korea. Now suddenly South Korean regime wants to launch a apartment construction project in the area and is going to forcibly seize the land in the near…
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Nationwide 'Flex Regular Online Saver'
Hi, I will get my interest after 12 months from my Nationwide 'Flex Regular Online Saver' account and it will be May 2019. My interest income will be counted for 2018-2019 tax year or 2019-2020 ? What is the total tax-free interest allowance from my current and saving accounts for 2018-2019 tax year ? Many thanks. Kind…
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Company car tax query
Hi just joined a new company in November. As part of my benefit I have a company car . I have just received a new tax code and status saying I owe money which will be deducted from my salary until April 2019. Then will get a new tax code . I was a bit concerned about the figures so I called tax office to be told the…
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Self Assesment - Payment on accounts
Hey everyone, I've looked over the other POA threads here and none quite answer the question I'm left with so I'm hoping you can help again. So this is the first year trading I've passed the £1000 criteria and after submitting all parts of my self-assessment I am presented with the following: Total amount due for…
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Utilities claim?
Hi everyone Hoping someone can help with my tax return query. Both my husband and I are self employed, but with separate businesses. He always puts our utility bills on his tax return as we have a home office. My questions is can I put them on mine as well, or can you only claim once per household? Thanks in advance!
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Tax on a US dividend
I have just filled in my 2017/2018 Self Assessment. I filled in the foreign income section as I have shares in Dr Pepper Snapple (following the takeover of Cadbury) and included the amount recd and the (NRA witholding) tax paid. Against this entry, in my tax calculation, it has the amount marked as "Amount not qualifying…
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Returning in May After 2 Years Working Abroad
Hello all, I've been reading up on the Gov website about non-resident status and split year rules etc. If there's any Guru's about, can you please tell me if I've got my facts straight? Would like to avoid getting a nasty surprise from HRMC next summer. So my circumstance are- March '17 - Left the UK for full time…
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30 Dec Deadline - if you want your underpaid tax included in 2019-2020 PAYE coding
Advisory.. Some of you may prefer just to pay your owing tax in one shot in January... I prefer to spread it across the future tax year. The second option goes away on Dec 30th 2018. From the Self Assessment forms online: If you owe less than £3,000 tax for 6 April 2017 to 5 April 2018 and you want us to try and collect…
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Flat rate job expenses (can’t find where to enter in Self Assesment form)
Hello.. Has the Self Assessments form changed since last year? I’m trying to claim my unionised/professional body agreed clothing allowance - previously entered as “flat rate job expenses” as a £120 tax credit I’ve selected the option in part 3 “Tailor your return” - entered YES to “do you want to claim other tax reliefs…
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Tax Refund Date confusion
Hey everyone. I have searched the forums here (and everywhere else I can think) but drawn a blank where my situation falls so I was hoping someone here could help. So the question I'm not sure about is this one "Have you had any 2017-18 Income Tax refunded or off-set by us or JobCentre Plus?" On my records, I've had a…
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cost of accountant
Hi all, question on behalf of my wife, Self employed, part time always has and always will earn less than her personal allowance. Currently she has an accountant to file her ( extremely simple) accounts via a self assessment form. This costs £250 every year. Is there a simple method of informing HMRC of her rather mundane…
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Income Tax YTD / Tax Bands
Hello. Can someone please sense check the understanding of my current income tax situation. I live in Scotland, so subject to the five levels of income tax rate. I started a new job two months ago, with a significant increase in salary. I was earning around £30K per year and I now earn a yearly salary of £55K. As income…
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Repaying a gift to a parent (mortgage payment)
Hi all, Looking for some advice on behalf of my mother. She paid off my sisters mortgage about 4 years ago (approx £30k). She signed a form with the mortgage company to confirm that it was a gift and that she had no financial interest in the property. My sister has now sold her house and wishes to pay my mother back. I…
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Payslip Query
I was hoping that somebody could check my calculations, and point out where I am going wrong... Details from payslip are:* Gross Pay = £1020.82 * National Insurance (Class A) = £38.26 * Employee Pension Deductions = £56.15 Details from HMRC are:* Taxable Income = £964.67 * National Insurance = £38.26 So the HMRC taxable…
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Sub contractor and expenses
Hello everyone I can’t find answer online about how I as a self employed person could I hire staff and all the legal obligations regarding this issue. In other words I am self employed carpenter having X amount of work which I can not handle my self so I want to hire a sub contractor to do Y amount of work under my…