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Capital gains on selling flat pre/post April 2020
Hi I have a flat which is currently rented and I am considering selling it. I am trying to work out timings and if I sell now whilst Brexit is going or after when the market is a little happier but possibly after tax changes. I just did some calculations and it seems the changes to the lettings relief will sting me but I…
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'You have paid too little tax'
I received a letter from HMRC today saying I'd paid too little tax and I owed HMRC more than a thousand pounds. This follows a similar demand last year for £539.80, which I'm currently paying off, and a smaller demand from the year before. I've used the MSE tax calculator and I'm on the right tax code. I've raised a query…
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Not registered as self employed
Hi, I've been running an Etsy shop for about 5 years now (and another Etsy shop for about 3 years) and I didn't realise that even though I don't earn anywhere near enough to pay tax I still need to be registered as self-employed. I'm just looking for some advice as to the best way to sort this out as I'm really worried…
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EIS tax relief AND loss relief in the same return?
Hello! I've made an investment in EIS-complient company in 2018. The company could not produce EIS3 certificate in time for January 2019 deadline, so I did not claim any relief then. It did send me an EIS3 this year, but already went through scheme of arrangement process and my equity was wiped out as part of that. My…
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UTR number for side business
Hello, I'm employed but I've set up a side business with a friend who's self-employed. He has a UTR number, I do not. What is the correct way for me to go about getting one? Thanks
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Shared Residential Nil Rate Band
My partner and I are both widowed and can use our respective deceased spouses unused IHT. So, we each have a £650k IHT allowance. We are unmarried, Tenants in Common and share the house we live in 50/50. The house is valued at £450k. Can we also share the current £150k RNRB to make a total IHT allowance of £725k each? We…
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Salary overpayment
A colleague was overpaid by their previous employer and has had a letter asking for the gross money to be paid back. Is that correct? Would they not re-run the payroll and he pay the correct net payment back. He is happy to pay the net. Thank you.
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Tax question - High Income Child Benefit Charge
Hi. Not sure if this is the right forum... I recently received a letter stating I owe a High Income Child Benefit Charge for the tax year ending April 2018. I thought this has to be a mistake as I don't have any kids. But then I realised it must be because of my younger brother. Details is as follows: Individual income of…
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Self Assessment tax checker
Hi, I have been asked to help prepare a self assessment tax submission and have got all of the information in one place. I’ve built a workbook to perform the calculations but before I give this over to be entered into the self assessment tool, I want to make sure my calculations are right. Does anyone know of a good online…
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Council tax arrears ( 6 months)
Hi all I own a residential property but no longer live there. I am in the process of handing it over to the mortgage company. Due to personal circumstances, I wasn’t able to keep up with my council tax bills, about six months in arrears. I did not contact the council yet. Would the council have proceeded with court summons…
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2019 Budget Wed 6 November 2019
The date of the intended Budget 2019 was announced this morning: it is to be on Wednesday 6 November 2019. SDLT Geek is waiting to see what changes are made to stamp duty land tax.
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Employed and Self Employed
I'm currently employed P/T £10k per year. I currently have £1,250 of my tax code transferred to my husband. I have just started a very small sales rep job which I anticipate earning below £1000 per year. Do I need to declare this income ? I am still below my remaining 1125 tax code and if this extra income is classed as…
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VAT on Goods for the EU and Brexit
Assuming Theresa May's package bar Irish changes goes through what is the situation if I purchase goods from the EU paying 20% VAT now with delivery post 31 Oct. Obviously, I dont want to pay double VAT nor get embroiled in a bureaucratic mess.
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Property in children's name
Hello all, Due to personal circumstances changing, I'm now in possession of a rental property. I refused to sell it as it was built to be our children's inheritance. Now I own it, I would like to maximize it's earning income for my children (7 and 10). My intention is to take zero money from the rent, instead, at the end…
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Backdating VAT - Online Retail
Hi, I have a question about backdating VAT in an online retail environment. I have recently started an online retail business and would like to voluntarily register for VAT. This is because the rate of output VAT is a reduced rate of 5% (due to the nature of the product i'm selling), and the input VAT reclaimable is…
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What happens if I ignore HMRC cheque?
I have received a repayment cheque from HMRC in relation to their calculation of my income tax overpaid through PAYE. The amount is not correct and moreover the amount I was due was already repaid following completion of Self Assessment which this calculation seems to ignore. Can I ignore this cheque? Do I return it back…
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Can you offset capital losses against (employment) income in the same tax year?
I've read that when you crystallise a capital loss, you can offset it against future capital gains before CGT would be applicable. However, can you offset capital loss (e.g. from sale of shares) against income (e.g. from salary) if both occurred in the same tax year? Any advice will be much appreciated. Thanks in advance!
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Corporation Tax
Could somebody help me with the following please? I am the director of a limited company, I set the company up as a special purpose vehicle to buy and manage BTL properties. I gave the business a directors loan to start up. My question relates specifically to corporation tax. Will the business be liable to pay its…
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"who does self assessment"
OH got about 1.5K interest this year, contacted HMRC who reluctantly sent a tax form, new code / calculation came back with message to say you don't need to do S-A next year Amount of interest likely to change, we checked the "who needs to do S-A return" thingy on the HMRC website and they only seemed bothered if income…
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Foriegn Income Tax Relief for Multiple Years
I've been getting RSU shares in the states which are subject to 50% witholding tax. I think i figured out how to do the calcualtion for any given year, what im not sure about is how to go about claiming back for previous years? Do I just lump a few years together and put the result of the calculation in the appropriate box…
