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Rent paid in advance, use of home as office
Hello, I rented a place where I will live for a year or so and I also use to work, I had to pay everything 6 months in advance (deposit, fees, rent), 2 months rent are in the accounting period I am doing and 4 months are outside (the next one). If I have already paid, can I use the whole amount for my calculation on the…
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Share sales
My husband pays into a matched 141 share save scheme and now has enough to sell tax free to pay our mortgage off but someone has mentioned that we may not be able to take it all in one hit due to capital gains tax does anyone know the rules ? Is there an upper limit per tax year that you can sell? Thanks in advance
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P11D Car valuation
I have a "job needs car" with my company and pay a contribution of £60 a month. I am taxed based on the value of the car. The car value does not go down on the P11D which I think is wrong for the three years I have had the car. Am I entitled to amend the value of the car on the P11D based on the current market price. The…
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Is mileage expense taxable?
Quick question. My tax advisor says that I must declare the expenses I have received from work for my mileage claim. Is this correct? I did just under 10,000 miles during 17/18 and my work pays 40p per mile. My understanding is I am entitled to 45p per mile so therefore could claim the 5p per mile back. However my tax…
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Tax returns and honorariums
Hi, Please can anyone advise me about Honorariums? I received this year an honourarium for just over £1000. I a bit confused about whether it should go on my tax return. It's not a case of the tax implications anyway as the grand total my taxable revenue is below the personal allowance of £11,500 (even if I add the…
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Transferring Buy-to-let income to spouse
Hello from scotland! :beer: This thread is often answered when the married couple owns the property jointly. This is not the case here. In our case, I, the husband owns the property (mortgage paid for). I am a basic rate of 20% taxpayer. My wife got no income. How do I transfer the property income to my wife? Note: - I own…
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Calculating House Sale Profit
Hi, I have a question around calculating profit on a house sale and how it impacts my income. I plan to sell a property that I bought to renovate. On that basis I understand that I am likely liable to pay income tax rather CGT as I am 'trading' rather than investing. My question is what i can deduct to calculate the profit…
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Tax Evasion Dilemma
Hi there, I have quite a serious problem and I need some assistance. I'm from Ireland and I since I moved to the UK over 1 year ago, I haven't been paying tax. I didn't pay tax in Ireland for the previous 2 years either. The reasons for this are two-fold. I make my own money and things were going quite badly for me…
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Car price as capital allowance
I still cannot understand cars as capital allowance for the life of me. I am self-employed a sole trader and I recently bought a car for myself. I use it for business about 20% of the time. Can I claim 20% of the actual cost of the car as capital allowance? Also is it possible to take 20% of all those things insurance car…
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Coaching Saturday Job
Hi all, I work full time and pay tax regularly as an employee. I have been offered a coaching position for 5h a week. How would I declare this income? Would it have to be declared as self-employed income or as other UK income in the self-assessment? Can I use the trading allowance if it is lower than £1000? Would I still…
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Self assessment and reducing payments on account
Hi, I finally got round to doing my 2017/18 tax return a couple of weeks ago. At the end of it is showed me as due payment towards 2018/19, which is usually fine. However the income stream that am liable for the extra tax for does not exist in 2018/19 as my company went bust, so no dividends to account for. I completed the…
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Does this income qualify as Miscellaneous for the £1,000 Trading Allowance?
My interpretation is that none of the below would count as Miscallenous income (since not as a result of carrying out a trade or providing a service) and thus could not be put under the £1,000 Trading Allowance. Is this correct? - bank account reward payment (Coop current account £4pm) - cash rebates received from VCT…
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Pay tax claim from HMRC?
Hello I have a question about tax for the self employed. I spent a few years abroad and I thought I was even with HMRC. When I returned, I realised that they were giving me a bill for each year I was abroad. It looks like they are putting interest and penalties. It could also be that they made an estimate for the tax for…
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Another quick self assessment question
Hi Just completing my return, I remain employed and self-employed. My self-employed income is under £1000 (small loss) but I want to include that loss on my return, but as I answered no to my income being over £1000, that section isn't available on the website. Do I just ignore it? What about 18/19 - it's over £1000. ?
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Too much tax on state pension
Not sure if anyone can provide a little advice but here goes. I will be using round figures rather that figures that apply directly. In the tax year 2017-18 I received a pension, earned income from a job and started to draw my state pension. I mistakenly believed that HMRC were aware of this and would have taxed me…
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Deducting personal allowance from Self Assessment and it goes negative.
Hello quick question. I am trying to work out if I am in a loss or simply paying £0 tax. If i was to deduct my full personal allowance from my SA profits it will take me into a loss by around £1000. Is it possible to create a loss by deducting my PA or does it simply stop at £0? Thanks
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Self assessment tax help
Hello I am a bit confused if I have to pay tax yet, I started working as a sole trader in mid April 2018. From what I have read if I started after 6th of April 2018 then I will have to pay my 2018/2019 tax at the end of January 2020? So I don't have to do a self assessment at the end of this month? Is that correct? Also I…
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Cost of Commercial Property SA
My main business is Self Employed Taxi owner operator. As an aside I own a commercial property which I bought in 2011. Since then I've rented it out to various people and on SA put the rent received minus any repair costs and insurance. Recently I decided to convert the premises into a service bay for my taxi vehicle. So…
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Self Assessment Payment History on HMRC Website
Hi Everyone new to the forum, I just wondered if I could view my self assessment payment history online. My accountant has mentioned he can see it, but I have the personal gateway account and when I log in I c an see my NI record and various other details but no payment history. Anyone have any idea if this is available…
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self assement tax return help
Do you have to fill in the section about pensions if you and your employer pays into a workplace pension?
