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Tax code question
Dear all, I received a lump sum payment of £2,200 from outside my main employment in the 2017-18 tax year, and informed my employer that I would like to make an extra payment of £2,200 into my pension. My employer did this out of my main salary, which reduced my income tax by £2200*0.4=£880 accordingly (I was a 40% rate…
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Been sent a TAX RESIDENCY SELF-CERTIFICATION FORM
Has anyone been sent one of these forms from their bank? I have not traded or been out of the EU and the letter is asking me to confirm by tax residency and am wondering if I need to fill this in. Seems strange my bank is asking me to do a form for HMRC.
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Going above tax threshold
Hi, If you are currently in the 20% tax bracket and have a one off bonus payment which takes you into the 40%/50% tax bracket, do you pay the higher rate tax for that month or do you continue to pay the higher tax rate for the rest of that tax year even though salary payment has gone back down to normal? Hope this makes…
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Self Assessment Error
So i've got myself into a strange pickle. I'm not self employed (I am employed full time) and I claim no benefits whatsoever. I was participating in the Childcare voucher scheme (up until a few months ago) and was paying approximately £130 (Can't remember the exact amount) for the vouchers each month through my work. A…
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No longer claiming Child Benefit
My first post on here, although I have been lurking for years.... Since the HICB rule came in a few years back I have been steadily earning more year on year. I didn't have to pay back any the first time as my pension and charity contributions were such that it took my taxable income below 50k. However since then the…
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SIPPs: Earnings limit and annual allowance
[FONT="]I am bringing this question about limits on paying into a SIPP across from the Savings & Investments board, to check I understand it correctly. [/FONT] [FONT="]I gather there are two limits:[/FONT][FONT="] [/FONT] [FONT="]1) The earnings limit, which is the amount you can pay into a SIPP each year.…
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Avoiding the 60% tax band
This current tax year I may end up paying an effective higher rate of tax than 40%, due to possibly losing part of my personal allowance, because my income will be more than £100k. It all depends how the tax calculation works, and I am hoping someone on here knows how it is applied, to explain: I would like to use pension…
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Bonus payment in salary
Hi I just wondered if anyone could assist. My usual salary is £48k and I have received commission of £5175.85 this month which means my gross salary is £9,175.85. I have paid £2,609.60 which is about £750 more than expected. I am assuming that this is because it was paid so early in the tax year and I’ve been taxed on the…
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Sole trader expenses - loan from friend to buy equipment
Hi all I run a sole trader business which is a little skip company. I am currently using a business account and customers pay in there and I take out for fuel and tipping costs. So I might take 3000 a month but spend 2000 and then make 1000 profit. However I owe a friend 20 grand for buying my lorry and skips for me. I am…
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HMRC Forced to delete 5 million voice files
Another example of HMRC incompetence. I found this quite useful when phoning up. I was quite happy with it but don't know if my voice record is among those being deleted. https://www.bbc.co.uk/news/business-48150575
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My previous tenant from 2 years ago didn't pay council tax and left country
Hi, the tenant before my current tenant didn't pay council tax and I didn't realise until recently as Hackney Council has now redirected the council tax arrears to me. In hindsight I should have registered her on the council website but I was a newbie at being a landlord. Am I stuck with the arrears? I have no idea where…
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Paying less tax with Bonus payment
Hi All, I received a bonus payment of £3543. My question is, I want to reduce the amount of tax I will be paying. Shall I spread the Bonus over three months or take it in one go? Details below: Tax code 1160L Salary: £47,512 Currently paying 8% into pension Bonus Payment: £3543 Thanks
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Self Assement - Newbie
Hello, I am renting out my flat as of next month and will need to do my self assesment at the end of the year. Would I need to submit bank statements for the entire year or just from the point I have been renting the flat out and earning an income? I'm planning to create a new bank account for this purpose. Thanks
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MTD: Whats going on
Hi I've been told new ways for filing VAT and Income taxes. VAT needs to be submitted online using new tools starting this quater (from Apr). I was looking at my accountant to help me understand these changes but looks like they seem to be unsure as well. They have told me because of the new MTD changes they are changing…
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Main Residence to Holiday Let
A friend has planning permission to build a new house in their garden and intend to move into it when it is completed. Because it is in a holiday area they are currently thinking about retaining their existing house and letting it as a holiday let. They are also considering giving their two children a share of the letting…
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Employed & self-employed: calculation, does this seem right?
Hi all, I'd appreciate a look at these figures to see if the calculation for tax year 2018-19 I'm getting from HMRC seems right to you. I work for a company for some weeks of the year, and for the rest of the year I am freelance thus classed as self-employed. Figures: Company Total: £11510.66 NIC: £1045.56 PAYE: £1116.20…
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Is my tax right?
Hi everyone, I'm rubbish with tax and am just looking for some advice please, if anyone can help. I started a new job in february on a salary of 25,000 per year. My taxable income in March was £2083.33 exactly. I was taxed £416 on that and then paid NI. Therefore my take home pay was £1424. My question is, does that amount…
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Tax Code 1248L
My tax code takes off £13 a year from PAYE for interest on savings. I have zero savings, only monthly salary. I paid no tax this month as wages is low and not many hours. This is my first job. Was emergency taxed first month and they took £158.40 in tax and I rung up HMRC and got that changed. No refund of that yet, is…
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Isa interest and HMRC
Ok so been looking into ISA and have to say the interest and tax confuse me Ive read i dont declare ISA interest on my tax return, and banks declare interest oaid to individuals to the tax man. But the ISA is tax free so do the banks declare the interest paid on ISAs? i read an article of one bank creating a mess by…
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Self-employed tax through PAYE
Hi, wonder if someone can help me. I've switched from freelance work to a part-time role where I'm paid via PAYE. I've filed my 2018/2019 self-assessment and requested that my tax be taken at source. I've since received my payslip and this hasn't happened (which is ok, I understand that it'll take time to filter through)…
