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Student Loan for training on self assessment
Hi, I'm currently self employed (sub-contracting) as a trainee electrician. I've been working in the trade since April 2018 and started my level 3 course at college in September 2018. As far as I can see I am able to claim the course fees as tax deductible as I was already working in the industry? My question is how do I…
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Hmrc penalties
I complete my wife self-assessment tax returns. She uses the Government Gateway on-line service and in 2014 she received a message stating self-assessment returns were no longer required after 2014/15 return was sent. However we did send in a 205/16 although not requested and subsequnetly she never logged on again and no…
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Company Car tax confusion
Hi All, I'm starting a new job at the beginning of April and I'm being provided with a company car. I will pay all the fuel on this vehicle and claim back business miles at 14 pence on the mile. My New salary is £42,000 and I'll be paying 4% into the pension scheme. The car I have been offered has a benefit in kind of…
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Do you have to pay taxes on bank transfers?
Hey, I have a massive Instagram pages and I've just recently started to sell shoutouts on my page. In the past 3 months I've made about £13,500 which is about £150 a day. What I want to know is, do i have to pay income tax on these these transfers? Also won't my bank get suspicious because i'm only 16 and making around…
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Capital Gains Tax Capital Expenditure
Hi I’m trying to calculate my moms cgt liability using calculator on gov website. There is a section to input a figure for capital expenditure - does anybody know if a new boiler would count towards this deduction? The previous boiler broke so an new one was fitted. I can’t find clarification either way if this meets cgt…
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Company Car - Own Fuel Self Assessment claim
Hello, I have tried to read through the existing posts to check if this situation has been discussed, but to no avail. I run a company vehicle, I am using a fuel card until the end of this month. The company would then deduct my personal mileage each month. I pay my company car tax via my allowance. From 1st April I will…
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Stamp Duty Rebate
Hi, Sorry if I've missed similar discussions but I can't find anything to do with this that answers my specific questions... I own a small flat and I've recently purchased a large house so I've been stung by the larger 'Second Home' stamp duty rate. I wanted to sell the flat to avoid the extra stamp duty (works out to…
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0% Starting Rate For Savings
I'm struggling to get my head around the rules for tax on savings. In particular the 0% starting rate. Consider the following example:- Personal Allowance = £11,850 Non-savings Income = £10,380 Savings Income = £8000 There are no other sources of income or expenses. Is any tax due? A number of articles suggest that you add…
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Tax deductions questions
I am starting a second job. First job pulls in 26k as employee. Second job is going to work out around 13k but require me to do 210 miles per week in my own personal car self employed. I was trying to work out tax deductions using the 45p per mile method.I worked out 20% of the 13k is offset with the 45p per mile for the…
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Council tax rebate for Mental Illness
Hi guys, recently seen Martin talking about the rebates that were supposed to be applied to people diagnosed with an SMI. Despite telling the council this about my mother-in-law she never received this benefit and has now sadly passed away. My question is whether the overpayment is still due to her estate or will the…
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Uniform Tax???
Hi, I am wondering in my last job, I had a unform. Am I still able to claim laundry expenses for the uniform, on the time I worked there, if I filled in a P87 form? Despite no longer working there any more. Many thanks in advance.
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Advice please
Hi all. My total earnings this tax year totals £54700. I would like to avoid the 40% tax bracket if possible and avoid paying back nearly half of the child benefit we have received this year! Could I contribute to a personal pension to avoid 40% tax (even though the tax has already been paid) and also avoid paying back…
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Council Tax Payments
Hi all, just a quick one. Does anyone know whether you can reduce monthly Council Tax payment amounts by making a partial lump sum payment. I.e if Council Tax is £150 per month, £1500 per year, could I for example pay a lump sum of £500 to bring my total owed to £1000 and therefore my monthly payments to £100? Thanks
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What PAYE Amount Should I Use From April 2019?
Hey guys, and let me say thank you upfront for any advice you can give. For this past year (18/19) I was inputting £702/month as my employee earnings as this was the maximum amount to use without having to pay tax - and also using tax code 1185L. I think this is called Optimum Director’s salary or Primary Threshold for NI.…
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Tax office contact - Non coded income
Hi, Had just been checking online my new tax code of 2019/20 which seems ok and just looked at 2018/19 account only to find that though the tax code was still the same, it shows a Non Coded Income of £1600 though no idea of where that has come from, am a pensioner and little changes year on year. Tried to use the online…
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Reclaiming VAT on Flat Rate Scheme
I run a B&B and we are VAT registered using the FRS. I am trying to work out if it is fair, especially when it comes to reclaiming VAT on capital purchases over £2k. As I understand it, for example, my Net income under the FRS is gross income less VAT paid. So if my VAT inclusive income is £100k my income for P&L purposes…
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Income Tax Question
I'm currently on a placement year at university meaning I started working in July and will finish in July before returning to uni for another year. My salary for these 12 months is £18,000 - meaning I will earn £13,500 before the new tax year in April and £4,500 after. Does this mean that only £2,500 of my total income…
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Company Car Tax help!
Hi Looking for some help, hubby has company car and new tax year 2019-2020 has come in and he has the following listed: personal allowance £12500 less car benefit £7824 less fuel benefit £6989 tax free amt = - £2313 Therefore am I correct in saying that he owes tax before he has even earned a penny? Also he is told over…
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Inheritance Tax Question
Just need to clarify things if you'd be so kind as to help, please? My Father in law needs to live permanently with someone as he can no longer care for himself. He wants to split his time between my husband and I and his other son and his wife. He also still wants to retain some independence so we'd both need to build…
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Claiming AVCs and tax implications
I will earn approx £6k this tax year, roughly half from an employer, and half from a pension which kicked in in January. Next tax year, I will earn about £12500 from the pension, and potentially (but not definitely) another £3k or so from employment. I have approx £18k in AVCs, which I can claim now. Should I claim it now,…
