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Turnover final - refunds and rebates
A quick question: I am trying to keep an eye on my 12 month rolling turnover to make sure I'm below the VAT threshold, but can anyone tell me if I look at the total sales amount before any refunds and rebates over the twelve month period, or do I take the refunds and rebates off the 12 month figure to get to my final…
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Online surveys and HMRC
I started doing surveys in July and have done really well, i make about anywhere from 200-300 a month. I am really confused as to whether i need to declare my earnings for survey sites i have made. 90% of my earnings have been with amazon vouchers and 10% Paypal/BACS. My husband is long term sick on ESA and i am a at home…
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Tax rebate due to bonus going into higher rate?
My estimated income for this tax year will be roughly £39k which is well within the basic rate of tax. But in March coming up i will be due a bonus payment which will bring my monthly pre-tax income to around £8k (i have included this in my 38k annual income), and therefore i will be paying arounf £1400 of higher rate tax…
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Earning under £1000 as Self-Employed
I have been self-employed for many years, whilst also an employee. This year I earned less than £1000 self-employed and seem to have fallen below the threshold of needing to pay tax on this amount. I earned more as an employee and have paid all the tax due. I do not want to cease trading as I am likely to continue working…
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self assessment payment OVERDUE now?
Hi, I submitted self assessment for 2017-2018 online on Sunday, today when I log in to make the payment, I found a big red xxx pounds OVERDUE appearing on the self assessment page, the amount xxx matches the outstanding payment according to the calculation,but.... it's still 9 days before 31 Jan, anyone has any idea why…
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Surviving 17/18 Self Assesment (B)
Here is a brief biography: About 10+ years ago, I was "volunteered" for redundancy. It was not a good time to take the year's salary offered & snapped up by some of my young colleagues.. I negotiated a bit of lieu-of-notice, statutory redundancy and a full pension. Obviously I did not qualify for benefits, when faced with…
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Surviving 17/18 Self Assessment (A)
I think I have just completed my input to my annual struggle. This 17/18 year I have useful extras zero rated allowances for Property, Dividends and Interest. My fraction of an interest in the rent of a field is now yeilding an extra £15 :D . However when it comes to dividends and interest the help information button still…
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Maxing out 401K
My wife and I are in a position to max out both our 401ks but I am unclear if we can both do it to lower our taxable income. We are both over 50 and it is my understanding that the catchup contribution amount for 2019 is $6K for a total of $25K. Does this mean that I can contribute $25K and she can do the same and our…
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My flat has not been put in a Council Tax Band?
I've been living in my new-build flat for nearly two years, and have not received a bill for Council Tax. I checked here and it seems my flat has not been put into a Band: cti.voa.gov.uk/cti/inits.asp However, all my neighbouring flats have been. According to this, The Council Tax (Administration and Enforcement)…
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New £1000 property allowance
Hi, fed up of the pecking so doing tax return. I rent out 3 cheap properties, never managed to get above my allowance until 17/18 so previously just put gross rent on return, eg 15/16 - £9000, 16/17 - £9300 with nothing to pay. I have no other income, I've transferred my marriage allowance to wife and we have a deed/form…
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Capital gains tax?? Gifted Property Please help
In 2005 My grandad gifted his house to me and was living in the house rent-free until sadly he passed away in December 2018. We have recently had an offer accepted of £105,000 my question is What capital gains would I have to pay there was no mortgage on the property and expenses for the sale is around £2200 I personally…
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Claiming disposal relief in tax return when selling EIS shares
Cannot find any specific info on the above so am I correct that when you sell EIS shares at a profit against which you can claim full capital gains disposal relief (given have held for over 3 years), then to do this in the self assessment form under the unlisted shares part of the CG section you: - complete the disposal…
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Is Trading Allowance in addition to Personal Allowance?
I'm currently 53 and receiving £11,850pa pension income (up to my personal allowance). Yes, yes - I know - but I have a protected retirement age :) Right now, I have no earned income. However, I am thinking of starting an ebay trading business and registering as self employed. Gross profit would be under £1000pa, and even…
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self assessment or private limited company
I'll be receiving consultancy payments in the next few years of around £50K. This is in addition to my first job where I earn £50K per annum. Is there any benefit financially (i.e. paying less tax) if I set up a limited company as opposed to self assessment. As I understand it, if I set up a limited company then I will…
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Mortgage interest tax relief
In The Times on Saturday their Weekend magazine had a piece on the impending self-assessment deadline and mentioned the 'new' rules for off-setting mortgage interest (the 75%/25%, to 50/50% etc etc depletion in the amount of interest that landlords can off-set against their tax bill). They mentioned the rules as being for…
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Wrongly fined by HMRC - help!
Apologies for the length of this post, I'm really worried about this and have written it as concisely as possible, thank you so much in advance for taking the time to read this... In the tax year 2014/15, whilst I was between full-time roles after being made redundant from my graduate job, I undertook two short-term…
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Urgent Assistance with Let Property Campaign
Hi, I have given Intention to Disclose and HMRC have responded with a DRN number to use in their online Digital Disclosure Service, as part of the Let Property Campaign. I have some questions I would appreciate some knowledgeable people answering so I can get my affairs in order. I had an Accountant but through…
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Self Assessment and Tax paid on account
Hi, Following completion of my 2016-2017 SA Tax return, I paid £500 on account for 2017-2018 (two instalments of £250 in January and July 2018). I have just completed my 2017-2018 SA and I am owed £163, which it tells me I will be refunded. Will they actually refund me £663 and include the £500 paid on account? If so is…
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Canadian RRSP Withdrawal
Hi I am a Canadian citizen living / working in Toronto, Canada. I will be permanently moving to the UK in 3 months’ time. I have funds in Canadian RRSP (Registered Retirement Savings Plan) in Canada and I plan to withdraw those when I become a resident of the UK. Canada and UK have Double Taxation avoidance Agreement and…
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Pension Overpayment - tax implications
Hi. I have just discovered I over-contributed to my pension in the 2017-2018 tax year. I am currently in the middle of completing my SA form. Does anyone have any insight into what my options might be and whether "refund of excess contributions lump sum" would help me avoid a uplift +associated POA on my tax burden. Many…
