-
Self employed and full time job, tax?
Hi, I have a full time job and made a little income from self employment this year (not sure how much exactly but less than £100) I've read somewhere that you only need to pay tax if you make more than £1000 from self employment, but it's possible that thats the case only if that's your sole income. If I do have to pay tax…
-
PAYE tax over charged ? Please help.
Hi, I hope you all are well. I have been employed ( only job for this financial year, Temporoally role ) for 4 months & 3 months contract. I have started first 4 months portion of the job in September & they have terminated the contract in December, 2020. They have given a new contract in January , 2021 which will be…
-
Tax rebate on missed years of claiming additional pension contributions payments
Hello, just wondering if anyone would be able to explain how the below would work. I'm a HTR payer since 2015 and have been contributing to my workplace pension scheme for years. However (and this is totally my fault for failing to be more informed!) I have only been claiming additional tax relief for personal pension…
-
Reducing tax caused by BR tax code
Hi, At the beginning of this tax year I transitions into a normal salary role, and stupidly I haven't been checking my tax code on my payslip. It appears that I've been under the basic BR tax code for the year and I've been underpaying tax (based on my calculation from https://www.uktaxcalculators.co.uk/) by around £2000 a…
-
Beneficiary Trusts
A relative has died and they had a life insurance policy that has paid out into a Discretionary Trust. If the Trustee pays the Beneficiaries what tax implications are there for the Beneficiaries?
-
Capital gains tax and dividends employer share scheme
Hi, I was hoping that somebody could help me with a few questions about an employer share scheme. I had posted on the Savings & Investments board but I now think this board may be better suited. 1) I buy shares through an unapproved employee share scheme through monthly payroll. My employer tops-up the amount I invest in…
-
road tax
I have spoken to a friend who is disabled,who told me that he doesn't pay road tax fund,i have been disabled for the past sixty years,so i made an enquiry,only to be told i should of applied while i was working age,and as i am 85 years old iv left it to late to be entitled to it,does this seem fair,and how long has this…
-
Can someone help me understand my tax calculation?
Hey all, So my situation is I work full time and pay PAYE tax on an income of just under 42k (before tax) I did some freelance work on the side and am registered as self employed. I earnt 4851.00 in the tax year and deducted the 1000 allowance instead of claiming loss or expenses (which totalled to less than 1000) so that…
-
Trading Allowance and multiple income sources question
I am retired, but generate income from a few sources - each of which I need to declare on separate forms on my Self Assessment form. My question is: what would be the best way for me to allocate the £1k Trading Allowance on my Return? The incomes sources are: - IT Support - revenue £612, expenses £162 - Focus Groups -…
-
offset Ltd company losses against PAYE on tax return?
Hi, I'm trying to help my parents with finances, due to poor health. I am attempting to help file 19/20 SA Tax returns for them. In the tax year 19/20 my Dad wound up a Ltd company which owed him a substantial amount at closure. Can he offset these losses against tax paid on his pension INCOME for this period of time using…
-
2nd income LTD 100% pension
Hi everyone Can anyone answer this for me :smile: As I've been offered a 2nd income role ( contacting weekend work ) and it would depend on the following question if I was to accept it Job 1 salary 50k paye Employer pension contribution 10% Job 2 Director of LTD company, no salary Employer pension contribution 2k a month…
-
Bonus takes me into 40% tax bracket, can I claim it back
Hi, my salary is 31k per year and I get bonuses here and there - for example my last P60 was 37k. This month and a few months ago I received over 4K in one month so I went into the 40% tax bracket and paid around £500 in tax in that bracket alone, as well as hundreds of pounds in the standard 20% bracket. I know that my…
-
Multiple Dwellings Relief (MDR) and SDLT refund on main residence
Hi guys, We're soon to complete on an old farm property that has 3 houses on it (main house + that that can be let separately). In understand I can benefit from splitting these for the transaction and therefore pay 3% on each. That said, I'm also process of selling our former primary residence, the price of which will be…
-
Tax efficient wrappers - but not fully managed portfolio
Guys, I'm in a bit of a quandary here. I feel I could benefit from some advice and possible setting up of some tax efficient wrappers I could invest via (beyond ISAs, SIPPs etc) but the people I've spoken with so far seem to only offer this as part of a fully managed service, charging something like 1.75% alongside…
-
Newly Self Employed Van Driver
Good afternoon everyone.Great forum, with some really great advice. I have searched through it to try and find the advice I'm looking for, but can't seem to find the correct answers so I'm really hoping someone will be able to assist with the advice I need.I've recently moved back to the UK after spending 30 years in South…
-
Reducing self assessment advance tax on account
Because of Covid my business has made less this year, and I'll be earning significantly less what I did in 2019/20. So is it possible to reduce the advance tax paid on account for 2020/21? If so, how would I go about doing that?
-
Limited company shareholder dividends
Hi, If anyone could help with a query about Limited Company dividends to shareholder I would be really grateful. I was with my husband 16 years during this time my husband started a business, he and his partner both became directors. In 2016 they parted company and my husband became the sole director, I am a shareholder in…
-
Tax on trading forex
I work full time, but on the side I'm trading forex currency via cfd. Do I need to pay cgt on profits? Also say my profit is £13000 for the year , is tax payable after the allowed £12000 cgt allowance, so only 1k payable?
-
Advice on RSU's in a self assessment
Hi all, I've got what might be a typical situation, but am struggling to see the right way to record all of this in my self assessment return without creating what appears to be a double taxation. A set of RSU's recently vested, and my employer has added them to my payslip. Let's say that 55 vested and out of those, 25…
-
Self assessment calculation requesting payment for cleared studen loan
I'm completing my self-assessment form for 19-20. My calculation says about £500 payment to my Plan 1 student loan is due from that tax year, but I paid the loan off (with a lump sum) during that tax year. Do I just tick the box to say I didn't have a student loan in that tax year? As it stands, when I view my calculation…
