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CGT Calculations
Hi all, I've used this forum previously and it was very helpful. I'm a complete novice at this but can someone have a quick look at my calculations as my relief comes out at my exact amount of gains so I'm a bit concerned I've gone wrong somewhere. Capital Gains Tax Relief Owned Property: 22/12/2011 – 01/09/2017 = 2081…
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Online SA form not allowing input on box 43
I am doing my tax return property pages and want to carry losses forward from last year which are more than my profits for this year but it comes up with an error message and won't allow me to enter more than this years profits. It used to be Box 43 on the paper version but the online version will allow input but won't let…
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HMRC Self Assessment Tax Return
Hi, folks I was hoping someone on here could give me some advice in relation to filling out my Self Assessment Tax Return please?
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Tax on second property
Hi all, I have owned my house for around 18 years or so and recently began renting it out, moving into a second property. My first property is solely in my name and a friend said that if the property was in both my and my wife's names then we could take advantage of being tenants in common. She doesn't work so I could…
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Tax rebate websites
Shocked to see the sheer volume of people commenting on ads for a tax rebate website earlier. You can fill out exactly the same information on the HMRC website without handing a fee over to a company which capitalised on the fact that the general public have the financial literacy of an amoeba can't you, or am I missing…
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Rental Income - allowable expense - replacement storage heaters
Hi, I have a property that I let out (I used to live there) and in 2017/2018 tax year I had to replace the storage heaters as they were no longer working and I couldn't find anyone to economically fix them. Am I able to deduct the expense against the rental income to reduce my income tax liability? I've been looking at the…
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HMRC's difficulty tracing payment
I think, after several telephone calls letters with full documentation from me, HMRC has finally managed to trace a payment made using a Debit Card. At the end of November I received an e-mail, not a scam, telling me that there was a new message. I logged in using my Gateway Account and found that HMRC was claiming that I…
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Simplified expenses - 2 vehicles in same tax year
Hi, I'm currently doing my partners tax return for 2017-18 and wondered if anyone can advise about the simplified motor expenses flat rate. For info he is a self employed private hire driver. Am I correct in assuming the 45p per mile for the first 10,000 miles is for ALL business miles, and not per business vehicle? If so,…
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Sole-Trader Van / AIA / WDA question.
Hi guys, I've run my own business as a sole-trader for the last 15 years, but have taken an employed job recently! :j My question is, previously I used to claim all the van expenses against my business, bought it for £11k in approx 2013 and claimed approx £5k one year against AIA, and have claimed the remaining balance…
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Property ownership & inheritance tax query
My Mum died a few years ago, leaving my Dad the sole occupant of their marital home. He has recently found a new partner and moved into her house. I have been stuck renting for a number of years as I am alone and cannot afford to purchase a house on just one salary, so we have decided I should move into his vacant house as…
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Capital Gains Tax
My query is: I have a property that I bought in 1994 and lived in until 2005 then subsequently let to tenants from 2005 until present, if I sell this house which is still mortgaged and buy another house with the equity to let out would I still be subject to capital gains tax?
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Allowable expenses from rental property
I am currently working my way through my first self-assessment tax return online for 2017/2018. I have paid for work on 6/3/17 and 5/4/17 for gas safety certificate and fitting of smoke alarms prior to first rental which started on 14/4/17 and am unsure if/where I can add these on the form? Any help or advice would be…
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Tax claim
Hi For past 3 year, I have been claiming tax against Pension Contribution as "Pension contribution was deducted after paying tax and NI from basic pay". I received the claim from HMRC successfully. Yesterday after submitting tax for 2017-2018, I realized even though I contribute X amount towards Pension, the actual amount…
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Car BIK Advice
Hi, I’m after some advice regarding benefit in kind tax as this is going to be my first time getting a car through work. At the moment I’m earning the below. £40k basic £400 a month car allowance but this will go once I get my car through work. I then earn commission on top of this which can boost my annual earnings up to…
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Sole trader -Paying the mrs/partner
I have read a couole of threads that would seem to suggest that what i want to do is not going to be acceptable to hmrc, but i feel there are some differances. Essentially i wish for my (common law)mrs to come work with me. I say with and not for, as i am a bricklayer. I work in a 2 and 1 gang, we are all self employed on…
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HMRC Headache
Hi Guys, looking for help and advice on the problem outlined below, if there isn't enough info please let me know Ok so around August 2017 i was notified by HMRC that i had been overpaid on child benefit. On looking into it and having to do a self assessment form for multiple tax years, it was my company car that put me…
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Very quick question about Payment on Account
Hi, firstly sorry if this is the wrong place to ask this. I very recently paid my 2017/2018 tax and have two payment on accounts for the next tax year. One to be paid before January 31st 2019 and the other to be paid by July 31st 2019. My question is this - will I be notified about paying my payment on account when I log…
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Low income and Self Assessment
Hi. I registered as self employed and did the tax return last year, but this year things have changed with the £1000 allowance. My income was below the £1000. My assessment this year says, under check your return, I have told them I am not self employed. I haven't told them that at all, it's just because of clicking that I…
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Filing a self-assessment tax return? You've got until 31 January - MSE News
If you're one of the millions of taxpayers still to file their self-assessment tax return, you've less than a month until the deadline. Act NOW to avoid a £100 fine - especially if you're filing for the first time, as it could take up to 10 working days to receive an activation code...Read the full story: 'Filing a…
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Help HMRC tax code change this year could cripple my finances.
Long story short my ex claimed child benefits even though we were separated and not living together for 2 years, I however continued to keep the house payments going for years and was only registered at that address. HRMC intend to reclaim 6k of debt and I am continually getting penalty fines for both that debt and Self…
