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Child Benefit Self Assessment Help
Hi, I posted in the Benefits & Tax Credits thread but was advised to post here instead. Wondering if anyone can give me some advice. We have to complete the child benefit tax charge calculator to see if we were overpaid for the tax year 2019/2020 based on my partner's salary for that year. His salary increased that year in…
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Self assessment - carrying/bringing forward losses
I have a partnership for which I complete a return. My first return was last year and the partnership registered a loss. The second year has also registered a loss. When it comes to the partnership section of my self assessment there is a box in the section "trading or professional profits" where you can enter "Losses…
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Selling artwork - how to comply with HMRC rules?
Hi everyone, I hope you can help me with my questions as I am new to all this. :) As I have been on and off furlough recently, I thought I would use my time wisely and try and sell some art. I've been drawing custom family portraits since November and have sold a few (all through word of mouth on Facebook). Now am I right…
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Company Car Tax - Additional contributions taxed net
Hello, My employer offers me either a cash allowance or a company car, I can also contribute to the car if the cost exceeds my cash allowance. I have recently opted for a company car and due to the type of vehicle, I am making an additional monthly contribution. To my surprise the additional contribution has been deducted…
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Sole Trader - Purchasing new van
I currently have a van which I bought around 3 and a half years ago, which I never put on a tax return and I've been using mileage for tax. I am about to replace my van - new van will be approx £16k including VAT (i'm not VAT registered). The sign writing is £2k I believe I can claim this as a capital allowance. I have…
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Claiming VAT back on my new build
I am having a bungalow built and my builder is ordering items for the build to claim the VAT back. I understand that only one claim can go in per new build. If I save invoices for qualifying items which I have purchased can these be included in the single claim that he puts forward or do all items have to be paid for by…
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need help/advice on salary, child benefit, self assessment and tax implications
Afternoon all, I’m getting myself all mixed up here and just need some advice because i could be overthinking this. I get paid a decent wage , wife doesn’t work but gets a carers allowance to look after ill family member so its just my wage as we give the carers allowance to that person to boost there income. Wife also…
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Re-Claim Tax Witheld from Bond investment
Hi, I have been without work now for over a year. So my income has been very low. I hold a bond that pays out 4 times a year. The income paid is minus the tax witheld. As my income is below the personal allowance is there a way to reclaim the tax witheld? - Thanks
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Please help I am extremely lost 😞
Thank you for reading this and if you offer guidance thank you even more. I work in full time employment and earn a modest 25,000£ in Scotland per year which my work deals with all my taxes etc i started a ltd company to be legal and do the right thing as I write books and wanted to do everything legally. the ltd company…
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Help with ‘unused residential property finance costs from earlier years’
Just completing my tax return for 19/20 and have a query on the above. I made a note to myself that I need to adjust my tax return for last year to include unused residential property finance costs from previous year and I can see that the tax calculation for 2017/18 shows a line headed ‘minus relief for finance costs £297…
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Marriage tax allowance
Hi can anyone help please,I am a retired male and my wife is claiming my marriage tax allowance at the moment. After April I will be drawing down one of my pensions for £12,500 will that still be tax free ? or will we have to inform tax office and stop her claiming before April. Thanks for any help
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Self-assessment help - Where do I declare UK Fixed interest?
I'm completing my self-assessment tax return and just wondering how I should declare the interest payments recieved from UK Gilts and some investment bonds I have?I've read throught he various things published by HMRC but still can't quite work it out. It seems like this would be such a common thing that it would have it's…
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Expert opinion sought: VOA agreed council tax rebanding, what next?
All I have had my appeal for a change (lowering) of my council tax band, so thanks @MartinLewis :) , much, much appreciated (and a fuller disclosure later when this issue below is resolved). I have received the VOA letter confirming this and saying also that the council have been notified of the change. My question: Do I…
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HELP - Self Assessment Tax Return - Second Job
Hi there, I was looking for some help/advice if anybody out there can offer anything. I am currently in full time employment where i pay tax each month automatically from my wage (PAYE) - I also have a little side business/project on the go. (Not a big earner yet) I am currently working through my tax return for the 2019 -…
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Cannot submit sole trader partnership to HMRC
Hello - I’m trying to file a tax return for an existing
partnership. I have the UTR. Previously our tax was managed by an accountant. We are a sole trader partnership and have to do 3 returns, one for me , my partner and the partnership. He told
me we don’t need anything from him to take over our self assessment. I’ve been…
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Class 4 NIC self assessment
I wonder if someone would guide me through the NIC Class 4 on profits @9%. My profit for arguments sake is £15000. After my Personal allowance plus additional tax relief on interest (buy to let mortgage), do I them pay 9% NIC on the remaining figure?
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Self-assessment help
Hello, I am trying to complete self-assessment for last year. I earned around £1500 for doing freelance writing for a company. I don't think I owe tax as I below the threshold but I earned over £1000 so need to declare. I am very confused filling it in whether I need to refer to myself as a self-employed business, or…
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Trading profit filling in SA returns?
I am filling my SA, in 2019-20 i've started trading share i.e buying & selling from ig.com and for that year i've made £9K profit. Understood upto £12K tax exemption on capital gains of shares, my profit falls under tax exemption, still do i need to declare it in SA Form? if yes, pls advise on below When i looked in SA…
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tax help
i am having a major problem with tax codes i have worked for the same employer for 9 years and have always been paid weekly but was only given a monthly pay slip my boss has no clue and has her accountant that does all this. just after xmas i was told by him that he is changing my monthly wage slips to weekly ( i always…
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Self Assessment - Question about including low Dividends
Hi there, hoping that someone can help with a question as I am completing my Self Assessment form. I have received some dividends in the region of £45 and I am confused towards whether I should include them on my Self Assessment or not. I read that there is a "Dividend Allowance" of £2000 but when I add the £45 to my Self…
