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Claiming expenses for working from home when partly self employed and partly employed
I want to do last year's self-assessment tax return asap as I'm applying for mortgages so want to get last year's income approved by HMRC. * I was self employed for 10 months of the year, and my actual expenses (taking into account working hours and proportion of house used) are around £15 a week, so it makes sense to me…
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2021-22 tax estimate following redundancy in August 2021
Hi I was made redundant in August 2020. I had earned £21,000 including 12 weeks payment in lieu (from 14th August). I have not had a job since. I've been into my tax account previously and noted that while I had paid £2,900 odd tax it was estimated that I would only actually pay £1,700 based on my employment when all was…
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Not paid tax in years. Advice sought.
By not self-assessing as a self-employed person, I have not paid any tax for a number years and I am in desperate need of assistance. I'm full of anxiety about the situation I have put myself in and know that I can’t carry on like this. I know what I have done is wrong and want this cycle of denial to end, to come clean…
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HMRC Advice please.
Hi, my wife has recently taken early retirement. The only income she has now are pensions from two local government funds. These combined will be less than her personal allowance so she should not be paying tax on either. Does she have to inform HMRC for them to contact each pension fund, or does she contact each fund…
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HMRC Self assessment 2021
Has anybody submitted their self assessment yet? xx
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How to save IHT on family home and other properties
I also posted this on the mortgages section as it has two areas of help needed Im single so just one IHT allowance. My properties equity are already way over the IHT allowance ( leave to children - so I think thats £500k ? ) So any money I pay off my mortgage will just increase the equity even more and my two children (…
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Working from home expenses claiming
I am confused. I am full time employed - I want to claim the flat rate of £312 from working from home but when I try to use the online system it asks if I complete a self assessment. I do, this is for my self employment I do on the side. When it comes to doing my self assessment, am I able to enter it there instead?
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Limited company question
Hello everyone, I have a limited company with my wife in addition to a FT job. I was wondering if it would be possible to split the profits by giving a dividend to my wife and for me to take my equal share in the form of a personal pension? I'm not sure if we both need to take the same dividend amount? I'd like to take my…
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Do you find Basic Paye tools slow to open on computer?
Ok I should maybe have put this in the Tech forum, but figured more here probably use it and would be best to answer. I find Paye tools very slow to open on my computer, ok computer is 10 years old, has a quad core cpu SSD drive, all other applications open quicker, am I the only one here with this problem, Thanks for any…
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Property ownership transfers and capital gains tax.
In the not too distant future my brother and sister and I will be swapping ownership of properties that we possess. Even though no money will be changing hands we are aware there are capital gains tax implications but am not too sure what amounts will be involved. Here is what we intend to do:Property A (owned outright)-…
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Capital Gains Tax novice
Approximately 2 years ago I inherited a share of house and
land from a relative. Due to probate, executor enquiries, covid etc. I have
only just got around to marketing both the property and land. Early signs suggest
that the property could sell in the near future for higher than the estate
valuation. However, my share of…
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Buying car in own name vs company name
I think I’ve done the numbers correctly and it’s clearly better to just buy in my personal name but thought I’d check. I am a sole company director, looking to buy a used PHEV car. Very rough numbers- Cost - 10k List value (for P11D) - 30k BIK % - 12% Capital allowance - 18% annually Personal marginal income tax rate - 20%…
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Tax concerns - UK-based and dropshipping to US
Hi there, I'm wondering if someone might have some insight into the tax obligations in this scenario. I'm looking to do dropshipping in the US, I'll be a UK-based sole trader. So for example, Joe Blogs in Texas buys product listed at $100 from my website. I (the retailer) pay US-based dropshipper $70 for the product.…
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Tax rebate confusion
We've put in a claim for marriage allowance. To our pleasant surprise, HMRC backdated it, and said we'd get over 900 quid. Great. Seperately, as I'm working from home due to covid, I've put in a claim for tax relief on my 6 quid per week expenses. I expected this to total around 60 quid. I've had a letter saying they're…
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Using Basic Paye Tools and last quarters Tax for current year?
Hi, I am using Paye tools to pay one employee (government direct payment scheme) could I just check that the last quarters tax for this year up to 5 th april 21 can be paid between 6 and 22 april 21, think I did this in previous years but memory isn't the greatest. Thanks for any clarification.
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I need help and I dont know where to start.
My financial affairs are both bizarre and poorly documented and I need help that encompasses company accounts, cryptocurrency and property. I just dont know where to start. I've been a sole trader for a number of years doing my own taxes, but everything has become much more complicated of late and I am way out of my depth.…
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Question about expenses for first time self-employed tax return
I've been doing a bit of selling on eBay, and have made roughly £5k in profit. I've always had my eBay account linked to a separate bank account, so was just working on the assumption that whatever the balance of the account was when I filed my tax return would be what tax was due on. Since I've been using the same account…
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Claiming mortgage interest in self-employed expenses - how?
Hi folks. I am self-employed, and work from home, using a single room as an office roughly 80-90% of the time. Getting a head start in my self-employed taxes, but this is the first year I'll be claiming expenses on a mortgage, rather than rent. Just had a nasty shock when I've discovered I can't claim on the full amount…
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When can I do my tax return?
Hi, Probably a slightly premature question since there are still 3 days left of the current tax year, but does anyone know how soon after the 5th of April can I complete and submit my 2020/21 tax return so that I can get the ball rolling with getting my higher rate pension tax relief from HMRC? Thanks!
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Which tax year will this be assigned to.
Hi, I decided to cash in my smallest pension (approx 10K). In this tax year I will be able to reclaim all of income tax on this, but next year, hopefully I will be employed meaning I will lose that tax free amount if the pension withdrawal is assigned to next tax year. On 29th march I received the following email from…
