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Working out tax & NI as a freelancer
Hi all! I'm a 25 y/o relatively new to freelancing. I've paid off all my tax for the 2018/19 tax year but wishing to be more organised for 2019/20. I know the wise route would be to get an accountant, and I AM considering this. However, I was wondering if anyone could give me any advice on how to estimate my monthly tax,…
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Tax Office Error
Hi, I am not sure where else to post this but would really appreciate some advice. Dad died last year. Tax office almost immediately gave him a rebate, we said its not right because you were too quick off the mark. We wrote and told them what else to include and they billed us. They then wrote and said fill out a self…
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Money gift from boyfriend - no civil partnership.
My sister signed over half her property to her boyfriend without any sale agreement as such. However they had agreed informally that he would "pay" for his share with a cash gift of 75,500. He wants to transfer that money into her account now. Is there any sort of declaration that has to be made? His estate will be under…
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'Full' self-employment section on self-assessment
Currently completing my self-assessment for 18/19 'early' as it's a complicated one. Apparently, the figure I entered for self-employment 'exceeds the maximum annualised amount'. The error message tells me to 'complete the full self-employment pages instead'. It's not clear at all on the online form where I access this…
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Am I liable?
I am a sole trader in a business partnership. Although our partnership return and my personal return is always filed on time, my business partner is usesless at getting his personal one done on time. Am I correct in thinking that as long as my personal tax return and our partnership return is filed in time that I’m not…
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PAYE + SE on a low income
Hi, I'm both PAYE and SE as of about April this year. My estimated combined income from both jobs is around £15,000 as I am part time. I have got the standard tax code on my PAYE of 20% but this is too high for the whole year? I should only have to pay about ~£500 on tax for 19/20 and I've paid about ~£270 from PAYE in 2…
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Tax rebate help required (Tax year 19/20)
Hello MSE. I've just got off with the phone to HMRC regarding a tax rebate and I'm not entirely convinced the person on the phone was helpful. He was extremely rude to put it kindly. Basically I was in a job from 15/4/19 to 4/6/19 but was released due to failing my probation, because I picked up an ACL tear that requires…
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Do I need to register for VAT?
Hi there, VAT question that I cannot seem to find the answer for online.. I run an eBay store and sell toys to UK customers. My turnover from the last 12 months is £75,388.75. Over the last month I have started selling to EU states (France, Germany etc). The EU customers are not businesses and are therefore not VAT…
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Can I reduce my tax bill with tax free childcare?
My partner earns £55k and I earn £11k. Because of the £50k child benefit cut off, we have to pay back half of the child benefit and if he hits £60k we have to pay it all back or opt out. He currently puts £5k into his pension so that he does not need to pay it back as that brings his salary down to £50k. But we would like…
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Gibraltar temporary contract - UK resident
Hi, I'm moving to Gibraltar in September for a ten month contract before returning to my house in the UK. I'm currently PAYE in the UK and assume I will be PAYE in Gibraltar. I'm struggling to find any information on tax arrangements as there doesn't seem to be a double taxation agreement between the two. I've been told…
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Customs charges - Parcelforce
Hi, Apologies’ if I am posting in the wrong section. A few months ago, we purchase a vintage bag from France and last month it was sent to US for a restoration job. We had sent it through DHL with no problem and the company send it back through USPS. It was held in custom from 2/7/2019 and it got released today with a…
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Self Assessment - Tax paid at source on interest
Hi, Looking for some advice on how to correctly complete my self-assessment form. During 2018/19 tax year I received redress payments from various miss-sold historic loans. These included interest for the intervening years (set at the standard FOS rate of 8% pa). The gross interest was £2,040.55. This was taxed at source…
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Underpaid Tax (second job)
Hey, I've just realised that I've potentially underpaid a small amount of tax for my second job. It was a fairly short one-month employment in Feb 2018, but it is only now that I realised that the numbers look wrong. More precisely:* I was earning £45k at my main job at that time * I made £550 at my second job * I was…
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Confused about stamp duty
I owned a home with my ex-wife, but I have recently paid £155,000 to buy her share. We also have two buy-to-let flats, which we are keeping in joint names for now. Online stamp duty calculators all ask whether this is a single property, an additional property or a buy-to-let. Bearing in mind that I already part-owned it,…
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National insurance on second job
Hi everyone, I pay the 12% rate on my first job and tiny amount at 2% My second job is above the National Insurance threshold and I'm charged at 12%. (I don't go near the 2% threshold) The jobs are identical just the second job is essentially overtime and paid under a different employee number, through an agency. Is there…
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Potential 1st Self-employment
Hi all, Please be patient with me as I'm new to all of this! I was employed full time as an employee on a contract basis for nearly 2 years. That contract has now ended and I am possibly looking to accept a new contract, this new one however is on a self-employment basis only. I was looking into paying for an accountant…
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Chargeable gains on Self Assesment
Hi I have 2 chargeable gains this year - they are both eligible to top slicing relief, one over 6 years and the other 8. Does anyone know how I can enter them both on my tax return, as there only seems to be space to report one event? Thanks
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Using carry forward- will online self assessment return calculate relief correctly?
Does anyone know the answer to this. I've searched the internet and it seems that I don't need to say anywhere in the return that I've exceeded the annual allowance for pension contributions but am using carry forward so as to claim tax relief on my contributions above the annual allowance. I want to be really sure, before…
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Tax refund question
I received a p800 on June 28th I tried to do it online but I didn't have a relevant passport and couldn't find my p60. So I phoned them up and after going through it with the person on the phone he said can you hold which I said yes. After a while he came back and said I've processed the refund for you and a cheque is on…
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Tax on share award
Hi I have been awarded a modest sum of shares from my company which is listed in the USA. Can I transfer the shares to my partner who is a low rate tax payer to avoid paying the higher rate that I am on? Thanks in advance McFly
