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Cutting tax

Archives for January 2021

Is a tax investigation specialist what I am looking for?
To cut a long story short: I was doing online stuff as a hobby a few years ago with no money involved - current day it is a business with paying clients. I am looking to straighten stuff out and make sure I am paying what tax I need to (past and future) and also claiming what I can - for example start-up expenses etc. With…
Missed 31st deadline
hi... I submitted my online tax return on 30th jan... still waiting for payments to show in my HMRC account... it looks like I will miss the 31st payment deadline ... I know HMRC has extended deadline to end of feb, but I think ill still have to pay interest on the late payment?? around 35k tax is due and a 16k balancing…
Most tax efficient way to buy a car?
Hi everyone. I just wanted to ask what the most tax efficient way to buy a second hand car is. The Co2 emissions are 52g and I have the option of buying as a sole trader or in a limited company where I am the director. I've asked my accountant but I didn't understand the BIK vs deductions as a sole trader. Thank you in…
Self assessment - Allowed to deduct packaged account fees?
Hello, Whilst packaged accounts give interest, I was wondering whether it is allowed to deduct monthly fee when doing self assessment ?
Do student loan repayments get added to the tax return?
As the title says. The below is being added to my return even though my employer deducts student loan from my salary. Thanks in advance.
Reduce Payments on Account
Hi, I have calculated that my profit for 19-20 tax year is higher than my 20-21 tax year due to covid. My turnover for 19-20 tax year was £130k, giving profit of £105k. £35k tax is due on this, as well as two payments on account of £17.5k For 20-21 tax year, my turnover will be £120k, giving profit of around £90-95k... So…
Working from Home - equipment
I've been Working From Home since 16th March and heaven knows when I'll be going back. In order to facilitate my doing so comfortably I've brought a couple of monitors and monitor stands and some office equipment. Can I claim for them as well as claiming the working from home tax rebate? Thanks Kevin
Please help, what % on xtra income
My wife and I are attempting to do our self assessment tax return for the first time on a rental income. We are also both full time employed on PAYE. We have worked the profit on our rental property to be £2475 each. We are on the most common 1250LM tax code with our jobs. The question is what calculation is made to work…
Self Employed - how to calculate tax relief while working at home
I work 45 hours per week from my home office. There are three rooms in my home and the home office is used for work 90% of the time. HMRC says I can claim expenses on Council Tax, Mortgage Interest, Insurance, Electricity, Heating and Broadband. All of which add up to roughly £7,000. Do I just work out 90% of 1/3 of all my…
Income Tax liability for ten years ago
Due to my wife's illness and possibly accountants inefficiency, I have three years (2010-2013) where I didn't complete self assessment. I continued to pay tax and it seems I am now well in credit. However I became employed full time in 2013 and have only recently re-entered the minefield, (I retired in 2019 but was working…
Tax payment deadline
Eek! Just paid my self assessment tax bill online. But due to a million stresses I'd stupidly lost track of time/notion-of-days-of-week, and realise that paying today means that the payment won't actually go through until the 1st of Feb - missing the Jan 31st deadline! Aaaaarrrrrrrrghhhhh!! I feel so stupid! What will…
Business mileage
My old company allowed us to claim business mileage from our home address to the meeting/site and return. When you read the HMRC document it goes further and says you can even potentially pop into your place of work en-route, and as long as you do not do anything substantive then the WHOLE trip equates to business mileage…
Tax rates
Can anyone tell me how tax is worked out is it on your yearly code/salary. Or is it how much per month. Example if you was on 20000 per annum 20%. Say for example you got a lot of overtime and bank holidays or whatever in and it took it above the monthly equivalent for the 40% would you pay 40% tax for that month
Covid zero earnings income tax return ?
I'm a relative newbie to tax returns. Most of my income is from pensions dealt with by PAYE. I am also a self employed musician. Because of Covid in this current tax year i will earn zero income from music. However I still have expenses and capital expenditure (Depreciation WDA). Do I still complete a tax return (when it…
Working From Home Tax Relief
If, like most of the UK my normal tax code is 1250L, what should it change to if i have been successful in applying for the £6 a week, working from home tax relief? HMRC acknowledged my online application & said i would hear something within 15 days - that was over 2 months ago, & i still haven't! My employer has checked…
Tax on redundancy
Hi folks, I’ve been put at notice of redundancy and I’m struggling to calculate how much tax I will likely pay on it. I officially leave in April 6 so it will be into a new tax year. The redundancy amount is 79k, with the first 30k tax free. My personal allowance will be 8,970 as I have a company mortgage. I will likely…
Working from home
I have been WFH since march. My work started the tax code for wfh in October onwards. Can i apply for the hmrc WFH code directlt for March to october?
Tax deductions when rental property is empty
Hi, Quick question regarding a potential over payment of tax. I have a flat that I rent out which moved to a BTL mortgage in late March 2016 and went up for rental at that time. It wasn't rented until June, during which time I covered council tax, service charges, etc. In my tax return for that year, I did not include…
EU VAT - Setting Up EU VAT Registered Company
Hi all, I run a small UK VAT registered business based in the UK. We sell equipment to locations all over the world including the EU. With Brexit changes, things have been a complete disaster. I'm trying to work my way through it. But we have one big problem at the moment: We wanted to ship a piece of equipment over to a…
Paying in gift money and not paying tax on it, and paying NI?
Do I pay my national insurance payments (for tax return) from the account I use for personal stuff or my other one which I use only for business expenses and payments in?wh If you pay online- there are two accounts you can pay into (for NI payments), which one do I use? - HMRC Shipley or HMRC Cumbernauld Also, if I pay…

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Cutting tax

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