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Inheritance Tax Spouse/children split
When a spouse dies then ALL of the estate passes to the surviving partner regardless if its over the IHT limit, I know that. But say either of us, on death, wanted to leave a sum to the children, what are the implications (if any). Example being if the portion of the dead spouses estate is worth £500k and instead of…
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Conractor loans tax avoidance
Hi. From 2009 to 2010 I was a contractor in London and was paid trough my company as an employee of LLP. I had an accountancy firm prepare my accounts and helping with filing them with HMRC. To reduce my tax liability, I received a 0% loan from company and then paid tax on that. The effective tax rate was 20% (or around…
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Effect of new tax code
My partner's tax code has just been changed to K35; would he be paying an extra £350 in tax or £70(ie 20%of £350). Just trying to understand the implication of this as he never had a K code before.
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Uber EaT HMRC Millage Calculation
How the HMRC mileage will be calculated for food delivery driver like Uber eat. After every delivery Uber give millage statistics. Its only distance between restaurant to customer. It does not counted the millage when you drive to restaurant .
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Company fuel card or not?
Hi all, I have recently started a new job where I receive a car cash allowance. At the moment I am paying for fuel myself and the company reimburse me at the rate of 14p a mile. I believe at the end of the tax year I can claim tax relief on the difference between the 14p the company give me and the governments rate of 45p…
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Should I be paying tax?
Hi Wondering if anyone can shed some light on my situation please. I'm about to put in my first ever self assessment tax return :eek: - I started self employment on 1 January 2018. I have two sets of employed income in the 2017/18 year - each one is under the personal income tax threshold (one is the last of my maternity…
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New Job - Cash Allowance for Car
Hi, Hoping to pick some brains. I currently have a company car and fully understand how this works. I have been offered a new job and so far they have insisted on a cash allowance rather going through the companies company car scheme. These are the options provided: Cash Allowance: £650 gross per month. Business mileage…
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Overpay mortgage vs SAS ISA Vs pension
Hi all, This is my first post on a long time so please be gentle 😁 I am a higher rate tax payer and am hoping for some advice to make my money work for me rather than the other way around. I currently have a mortgage of 188k, 2.19% on a 30 year term. I pay 5% of my salary into the company pension as they double my…
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Guide discussion: Self-assessment tax returns
Self-assessment tax returns guide. Click reply below to discuss. If you haven’t already, join the forum to reply.
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Query regarding national insurance deductions
Hi, I m a non UK resident and I have been in tier 2 ICT short term Visa from October 2016 to October 2017. And I was abroad for more than 6 months and came to UK in May 2018 in tier 2 ICT long term Visa. I heard that national insurance contribution will not happen for the first year. Deductions will happen from the second…
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Offsetting losses between similar businesses
Hello. I am a partner in two farming businesses. This year one has made a profit one and the other has broken even. The latter one has historical losses. Can I use these losses to offset against the profits of the other?
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Tax advice on unit trust
Over twenty years ago, I invested a sum of money in a unit trust and haven't touched it since. Now, I'm in need of some money, so I've been thinking of selling and starting an ISA instead. I'm confused though because I think I would have to pay HMRC capital gains tax. I'm a complete novice at all of this. How would I work…
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Are shares subject to capital gain tax or income tax?
If I invest a substantial amount of money on shares and withdraw part of the growth (selling some shares) every year for my living expenses, should I pay the capital gain tax or income tax at the end of the year? I am talking about the growth, not dividends.
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Running a Band
Hi all, I'm a self employed musician and run a number of bands. If we had any gigs in the past we would usually get cash and that would be split between the band members. We'd all do our tax returns and that's all above board. During the last tax year I am more of the band leader and most of the time I invoice the client,…
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Updated HMRC guidance on company directors and tax returns
The question of whether or not company director's have to submit a tax return has come up on here numerous times over the years, largely due to misleading HMRC guidance. It seems that HMRC have finally got the message that company director's have no legal obligation to file a tax return unless they have some form of…
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Capital Gains Tax fiasco
My husband (boyfriend at the time) bought a flat for £500K four years ago and my name went on the deeds and mortgage, as it helped get the mortgage due to me having built up a big equity in my house over 20 years. He paid the full deposit (£200K) and paid the mortgage payments himself, except for a couple of years I lived…
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Married tax allowance
My wife's basic income before tax is above the tax free threshold but after allowing for pension contributions is less than £10k. Based on this will I be able to claim the married tax allowance as I am a basic rate tax payer? Thanks in advance for any help with this.
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Expenses and AIA Question
Hi there - quick question, would appreciate anyone who can help. Assuming anything put into AIA can't also be put into expenses? Or is expenses an overview of everything and then AIA just the purchases of business equipment?
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Self assessment - Stopped self employment mid-year help
Hi, I unregistered as self employed at the end of June 2017. I'm now filling in my tax return and filling in that date as the end date for self employment. My issue is that sales for the period of April-June is £25000 so the hmrc site assumes my turnover for the year is over £85000. So I get the following message. The…
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Claiming Mileage
Hi all, I currently claim my mileage to drive to the building site I work on which is roughly 28 miles each way from my house, 2 days a week I will do this journey from my girlfriends house, she lives 78 miles from my site, Am I able to claim 78 miles? Or just the 28 miles and pay the fuel for the extra distance? Any help…
