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Previous years losses and using against profits in self assessment
Please can someone advise. I had small losses in 2015-2016 (~300 loss) and in 2016-2017 (~250 loss). In 2017-2018 I made a profit of £7500, but carried forward the loss to use in later years (when I could offset it against taxable income). I think that this might be an error, and I should have used up the ~-£550, and…
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Class 2 National Insurance Payment?
I paid Class 2 National Insurance Contributions via direct debit because it seemed there isn't an option for payment via debit card as it mentioned 'Corporate credit card or debit card' on the list of payment options. However, the payment hasn't been sent. I'm sure it said that the payment would be made in September. I was…
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Charity shop statement
Just received an email from local charity shop saying: "I am pleased to tell you that proceeds from selling your goods have raised £43.88 (net of commission and VAT). To donate this sum to our charity you need do nothing further. This will allow us to reclaim an additional £10.97 in Gift Aid in the tax year to 05 Apr…
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Making my company dormant
Hello My accountant asks £50 per month if I make my company dormant. I find this ridiculous, is it really needed? Thanks
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Self Assessment Questions
I have to submit a self-assessment for the tax year 2018-19 and as it's the first one I've had to submit some things are not clear to me. I'll start with an easy one, hopefully. I resigned from my employment in late March 2018, just before the end of the 2017-18 tax year, and have not worked since (essentially early…
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Salary sacrifice and self-assesment
Hi All I'm completing my self-assesment form and am not sure what figure to put in for how much I've paid into a personal pension. I have a SIPP as well as salary sacrifice on my work pension, but the amount I sacrifice on my salary shows as part of my employers contribution on my work pension. So should I only write the…
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VAT Return - Company DISSOLVED
Hi I need a bit of an advice here. My company was dissolved in Dec 18. - I missed the filling of April 2017 VAT return and i was not trading during that time. I had some Paye Debt which i was paying to HMRC, so when i contacted HMRC regarding that paye debt i was told that HMRC has opened an assessment for VAT April 2017.…
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PAYE income and Deemed Payments inside IR35
I left my company in May once I got my bonus, so total PAYE earnings this tax year is around £45k. Since then, I've been contracting with a well-known bank who have decided that all contracts are now inside IR35 - despite assuring me it was outside before I joined! :mad: I've no idea how to work out the taxes based on the…
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Moving to the UAE
I am moving to Abu Dhabi in an internal transfer with my company to oversee a project. I am moving in November 2019, and the duration will be - at least- 12 months (probably 24 months). If I like it out there, I think there is a chance I will not return to the UK and I am leaving with this in mind. Key points.* I will be…
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IHT and Tenancy In Common
My father passed away in 2000 and my mother became the sole owner of the family home. The house is currently worth around £550,000 and there is no mortgage. As things stand now, with my late father's basic nil-rate band and the residence nil-rate band, there would be no IHT to pay. In 2018 I moved back to the family home…
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Underpayment Tax Situation
Hello all, I hope you can shed some light onto my situation. Last year I started a new job in August 2018 and left there in Dec 2018 to start a new job in the new year. For my new job role I had to do a new start checklist just so they didn’t have to wait for a p45. Now I received a letter about a tax underpayment of £603.…
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Eis
Does anyone in here do these with a fairly large sum of money ? Thanks
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Self employed
Hello, would he pay less tax Advice welcomed, Thanks.
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Living in UK (NI), working in ROI
I have registered with HMRC as resident in the UK now and my self-employed income will continue to be in the ROI. My annual tax return will still be submitted to Revenue but I will also need to do the same to HMRC. I understand the HMRC financial year is April to April and that I will get credit for tax paid to Revenue.…
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CGT sale of land
Hi, First time poster, not sure if this is in the correct section? I have owned a house since 2001, its the only property I own. It has been let to tenants for the past four year and I have lived with my partner. I would now like to sell a small part of the garden area, (0.3 acre) what would be the correct calculation…
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IHT quandary
Hi, My elderly father moved in with us nearly 3 years ago, we subsequently sold his property. My father paid for an extension to be added to our property for him to live in. I have been his fulltime carer since taking redundancy over 3 years ago. My concern is that if my father had remained in his property with as I…
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Tax Relief
I am a disabled (virtually) non-speaker I understand that (VAT) tax relief may be applied for goods that are bought specifically for disabled persons ? Does this not include communication aids ? I have just purchased an Android Tablet (costing around £270) that will help me to communicate using a utility called NGT (Next…
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Tax relief: P87 or Self Assessment?
Hello, I work full time for the NHS which is my main income and also have a second job as a sole trader. I would like to claim tax relief but the HMRC website isn't clear which form I should use. Could I use the p87 to claim tax relief from my main income (which I assume I can do any time of the tax year) and then a self…
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Loan from wife and IHT
My wife is Thai and has given me the Thai baht equivalent of £30,000 to invest in my Vanguard investment funds (which I do via the Vanguard UK website) as she cannot do so from Thailand. Although she has "given" the cash to me so it can be invested what is the best way to deal with this from an UK IHT point of view for me?…
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Employed, self-employed and business tax
This is a question for a friend whose not great with numbers. She is employed in two jobs; has recently started some self-employed consultancy; and has also just started renting out a second property on airbnb. She thinks that alongside her PAYE (x2) she needs to register as self-employed for the consultancy and pay…
