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Cutting tax
Archives for December 2018
Discussion List
Claim fuel as an expense?
Can I claim for fuel if I am self employed, commute to a single location and travel there to my home office, back to work and then back to my home office again? I usually have clients in the morning and evening. I am a personal trainer, haven’t claimed any fuel expenses but wonder if I can? I will run it by my accountant…
Collateral administration and my tax return
I was lending money on the Collateral platform which went into administration earlier this year. I dont have access to the website so dont know how much interest I earnt etc... What should I enter on my tax return? Should I estimate what I think I may have got in interest; or put a note explaining whats happened; or wait…
Capital Gains Tax on a 2nd property
My father died a few years ago and I was given his house.** My wife and I moved in and have lived here now for about 4 years. If I sold the house now, would I have to pay CGT on the value, less my CGT allowance only (as the property is in my name) or the allowance for my wife and me. I was talking to somebody today about…
Ebay sales and tax
Hi all I have been selling my brothers 40 year coin collection on ebay for him of the last three years and have made 50,000£ I receive the money in my paypal and then pay him. I only recently found out that i need to pay tax on it would this be income or capital gains tax And who would be liable me or my brother as i give…
Interest on Loans
If you lend money at one rate to lend to a company at a higher rate, is the interest tax deductible in all cases if you pay higher rate tax on the earnings - or only for shareholders.
Salary sacrifice and NICs
I’d like to boost my pension contributions. If I ask my employer to pay me the minimum wage and add the rest as employer NiICs can I save NICs? I figured the lowest salary I could take is maybe 12,500 and then avoid tax as well. Are there any drawbacks to this?
Bonus and pay uplift delayed - tax implications
Hi, The company I work for has only recently agreed last years pay and bonus scheme. I am due to receive a bonus and the pay uplift will be backdated to June when it was originally due to be implemented. Last month I was promoted and now I've pushed into the top tax bracket. I am expecting the bonus and backdated pay to be…
Can anyone explain how the higher rate tax bracket works?
First time using this forum in a long time - I'm at the end of my tether and I would really appreciate some help! I changed jobs in July 2018. My salary was £31K prior to July, now I've got a new job my salary in that job is £35K. In addition to my change in job, I also got a second job at the same time that pays approx…
Capital gains split property ownership
Good morning, I would appreciate help to understand the implications for capital gains due on a second property. It was purchased in 2010 in conjunction with my mother who invested a proportion of the deposit so both of our names were on the deeds, but I lived there and paid the mortgage. I moved out in 2015 when I married…
Gift Aid: Basic Rate taxpayer previous year, non-taxpayer this year
Let's say that in 2019-20 I don't earn enough to pay income tax. In 2018-19 I paid basic rate income tax, and I will be filing a self-assessment return for that year. Now, what happens to charity donations I make between 6 April 2019 and the date I file the 2018-19 return. Can I allow the charities to claim Gift Aid on my…
What is the justification for stamp duty (SDRT) on non-tax accounts? Could more be added?
When buying shares in non-taxed accounts such as my ISA SDRT is still levied just as in a taxed account. What is the justification behind this? Is "stamp duty" not classified as a tax? From what I gather SDRT goes straight to HMRC coffers similar to CGT on taxed accounts and is not part of an oversight/control mechanism…
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