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SA- are some taxes optional..?
Just browsing the on line self assessment form and notice the word optional a lot ! For example, cutting and pasting directly.. Untaxed UK interest etc (amounts which have not been taxed). Enter total amount: (Optional)
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Buying and selling - Writing off against tax
Hi, Hopefully this is a pretty straightforward question, but I am looking at starting my own online retail business after my wedding next April. Essentially buying from auctions, carboots, charity shops, buying in bulk etc and selling on Ebay and using Amazon FBA. I do it on the side now and do OK out of it for only a few…
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Basic Self-Employment / Sole Trader Information Question
Hi all, I'm hoping someone more experienced with self-assessment can help me. I feel like I'm just going round in circles! I registered as self-employed earlier in the year, and since then I've changed the focus of the services I'm providing. I recall when I registered with HMRC that I input information about the nature of…
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Tax On Rental Income
Hi I am about to register for self assessment as I understand that even if no tax due, it still needs to be declared, but in the meantime can anybody tell me what tax I can expect to pay if any? Is rental income classed differently to income from a job? I am a housewife, therefore I have no income and pay no tax so have my…
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Capital Gains Tax offset
In 1997 we purchased a property with 1.2 acres of land. In 2011 we split off 0.45 acres to build a bungalow which we used as a holiday rental We sold our main property in 2015, but kept the bungalow and continued to use it as a holiday rental. In 2018 we sold the bungalow, my question is; if we had not split off the 0.45…
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Re closure of business VAT refund
Hello I had a shop (limited company) and retired July 2017 I sold the business and it was dissolved October 2018, I have always used a large accountancy firm in stoke on trent to do my accounts and vat returns, I was informed by my accountants that i was owed a VAT refund of £935 and they were in the process of getting my…
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Estimated Taxable Income
Hey everyone, Just looking for a but of advice as I can't seem to find any info on the internet and too costly to call HMRC, if anybody has the personal tax account could you please tell me if the section where it says 'Estimated Taxable Income' should be your salary for the whole year or should it be your salary minus the…
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Buying from the UK but being charged VAT
Im a business buying wholesale goods in the UK shipped to a UK address (freight forwarder) who will then ship to me in Canada where they will be sold to consumers. My supplier says since its being shipped to a UK address he must charge VAT but I can contact HMRC for how to collect it back. Would this be a possible scenario…
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Tax Query
I have received a letter advising I owe £188 tax for 2017-2018 but I don't understand this as I earned under 9k and my tax code is 1150L. I have been trying to call them in between my breaks at work but not yet managed to speak to them about it. I am pretty clueless when It comes to tax and insurance any help appreciated.…
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Marriage Allowance - When to apply?
I've just been reading about the Marriage Allowance, which currently we do not benefit from as neither of us are taxpayers. However, once DH starts drawdown of his DC pension in tax year April 21-22, he would benefit from having the Allowance. Two questions... 1) Even though he won't benefit from the allowance until Sept…
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Benefits in Kind taxed through tax code?
Hello all, Wondering if anyone knows the answer to this... In the last year my total income was about £98,000 with an extra £7,000 paid as benefits in kind. My tax coding notice reduced my tax free personal allowance by £7,000. But in my self assessment return it is just adding it to my income. So in the self assessment it…
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confused with self assessment
I'm a bit confused on how these figures are being worked out on my self assessment, and what figure I need to enter for our tax credits renewal. I have one trade that has a profit of £24,292 for 18/19 and another new one that made a loss of £1,222 for 18/19. I have entered the 2nd trade on the self assessment and I have…
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Payroll Giving
Does anyone know if payroll giving reduces what HMRC defines as "relevant earnings" and "taxable income"? Let's say my gross pay is £12,000 per annum and I give £100 a month to a charity through payroll giving. On my P60 "pay" is stated as £11,000 for the year. I have no other sources of taxable income. Are my relevant…
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Lease Car Tax
I have a quote for leasing a car via my employer. I have to pay a monthly charge for this. I have been told that I will be taxed on the benefit in kind (BIK). I have researched the tax liability which appears to tax me based on the P11d value of the car. None of the calculators i have used take any account of the monthly…
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Tax implications of being a UK resident but working in Ireland
Hi Everyone, I live in the UK and work for a UK based company, paid in sterling. However, for the past year I have worked in Ireland Mon-Fri in the office of our Irish entity. I stay in a hotel when in Ireland. My finance team have notified me that I have a tax obligation to Ireland but I’m awaiting further information.…
