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do I have to pay National insurance for my dividends?
I knew I have to pay dividends tax rate, but how about NI, do I have to pay NI for the dividends amouts? thanks
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Correct Tax Code?
After seeing Martin's email this morning, I checked my Tax Code. I live in UK as self employed and have been for the past 20 odd years. When I checked my Tax Code, it says : ''Based on ONLY the salary you’ve input, your personal allowance will be £12,570'' This sounds correct I guess... But I also get '' The letter S in…
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How to claim from former accountant?
My husband was self employed until he retired just before the first lockdown in 2020. He informed his tax accountant of this and asked him to prepare his last SA and then he'd deregister as self employed. We were confident that he'd submitted the SA because he's done so for years beforehand with no problem and also because…
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Higher rate tax payer - advice
I am in the £110k earning bracket so higher tax payer. I now also need to submit annual self assessment return. my question is two fold: 1. besides pension, how else can I maximise tax relief? I suppose it’s all done through my annual return process? 2. I get an annual bonus of 22% which is very heavily taxed, is there…
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Self Assessment - incorrect
According to my on-line HMRC account - I am registered for Self AssessmentHow / Why / When ?I have never been self assessed - and am now retiredAlso - my income for next FY has been incorrectly estimated at about 95% of this FY's amounts - I have corrected that by adding 3.1% to my pensions What is going on with HMRC ?
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Tax implications of 30k gift
Am I correct that if the person dies within 7yrs of giving the cash gift then it will become liable for tax. How is this tax paid? Does it become part of the deceaseds estate and paid from that, or does the person who received the gift have to pay it?
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Transferring marriage allowance
Is it allowed for a non-taxpayer to transfer their allowance of £1260 to their partner who is currently a taxpayer but then becomes a non-taxpayer as a result of the transfer?
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10% charity gift giving - how to state amount in a Will
My mum has put in her will for 10% of her money to go to charity. do you think it is better to set this at a set amount - for example if she had 1 million GBP, she could allot 100,000 GBP to be given to chrity. does having a % cause any issues when settling an estate in the future, or is a set figure a better idea?
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Self Assessment Payments on Account and PAYE
HI - hoping someone can help with the above. I am submitting my tax return for 20/21 (late I know but I understand that you can submit by Feb 28th and my father passed away in January so I am bit delayed). It is quite straightforward other than I have now become PAYE and have been so since May of the tax year 21/22 so I am…
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Cgt payable by partner on death if i gift property under ‘joint tenants’
Hello i am a bit confused on figures on this one and wondered if someone could help please? Rental Property Purchased in 1990 for 20,000 property now worth 120,000 gain (with no reliefs) 10pk held in own name if move half into spoused name under JOINT tenants, and i die first, i understand the gain is treated as if they…
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How to find a Good Tax Advisor for Property Investor - correct advice for setting up the company etc
Hi, I am a property investor. I was buying properties in my personal name in the past. Now I am thinking of setting up a company. When I google, I can see many Tax Advisers in the market. How do I decide which one is a good tax advisor? Is there any rating / is it possible to provide the details of some good ones? Thanks
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Mileage allowance
HMRC give 45p per mile towards certain transport costs. Our employer only gives us 30p and says we can reclaim the additional 15p thru the taxman. But what the taxman seems to allow is for us to offset the 15p from our taxable income. Which means we actually only “get” 20% of the 15p (for basic rate). Is this correct or am…
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Avoiding VAT when buying Pub for Residential Purpose
Hi, I am buying a Pub to convert it to flats. The ground floor of the building is the pub and first floor is already a residential flat. The entire building is for sale. The flat (first floor) and the pub (ground floor) are on the same title on land registry though they pay separate council tax. The entire building is…
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Limited Company, Partnership, Private Limited - Which is better For Property Investment for 2 people
Hi, Me and my wife are planning to buy a pub of which Ground Floor is a PUB and First Floor is a Flat. Our idea is to buy it and convert the ground floor as well to Flat. Which type of company set up will be best for us - for our property investment - Limited Company, Partnership, Private Limited etc.? We are planning to…
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Remote learning (teacher)
Due to the red weather warning we have been moved to remote learning today for school. Can I claim for tax as previously Martin Lewis mentioned if you work 1 day from home you can calim for this? Not sure if it's different to covid as this is weather related. Thanks
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Unable to claim working at home
Hi all, I have worked from home both of the previous years but have been trying to claim for a while now and not able. I think the issue is that before the last 2 years I did a bit of self employed work and registered as such. Now I don't seem to be able to claim the benefit. I have now started a new job which I need to…
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Octopus EV Company Car Scheme - BIK - Pension Contribution
Hi All, I've been doing some research on this but can't find an answer about how this would be calculated. As I can't be sure what my salary will be in the next 2-3 years (an element of my pay is fixed and then there is a variable bonus) I have been trying to work out what the benefit to me in tax and national insurance…
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Lowering council tax banding
Dear All I was wondering if it was possible have your council tax banding lowered because of antisocial behaviour? I have to put up with a lot of issues I would not have not expected with my council tax band: vandalism, noise, fly-tipping and dog fouling for example. Unfortunately it is not possible to identify, and hence…
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selling/buying and the CGT 30-day rule
I am still trying to get to grips with that 30-day rule (for CGT purposes) when selling and buying some holdings. Let's say I have two funds with very similar characteristics (say two ETFs shadowing the same underlying), one from provider A and the other from provider B. I hold 1000 units of A and 1000 units B and one unit…
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Can we get the work from home allowance again this year?
My tax code says no for 22-23
