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Tax return for 2nd company sole trader
Hi all, I'm hoping there is someone who has dealt with this before and can help. i am a sole trader in the construction industry and I am paid / taxed via CIS (construction industry scheme). this last year, I have been setting up and investing into a second business that is completely unrelated to the primary. The new…
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Capital Gains Tax on a Buy to Let
I kave a query regarding CGT, my question is this : My wife has a buy to let property in her name which we bought in 1996 for about £25k. There is an outstanding mortgage of £123,750 and the current valuation is £215,000. If the property were sold what is regarded as the taxable gain. Is it allowable to deduct the…
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VAT Threshold advice ... close to the limit letter..
Asking on behalf of a neighbour … a couple of weeks ago she received a letter from HRMC saying that her turn over was getting close the VAT threshold ( 84k of the 90k threshold ) ... She always tracks her income on a weekly basis making sure she is usually around 10% under the threshold . Is the need to register only when…
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Undeclared income since late 2020. What action to take first?
Starting late 2020 during Covid my niece began a small work from home business which is still ongoing. 2020-2021 income around £2000 pa, 2021-2022 £9000, 2022-2023 £19000, 2023-2024 £23000. Up until late 2022 she also worked at the same time as a PAYE employee for somebody else's company earning around £20 000 pa. My niece…
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Understanding monthly tax on payslip
Hello does anyone know how I can work out if the amount of tax I pay each month is correct , as it's very different each month( even though my pay is pretty much the same every morning month )thank you
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Interest on self assessment payment on account
Hi, I have just received a statement from HMRC saying I owe interest on a payment on account I was not aware had been applied and I am wondering if I have grounds to contest it? I pay the bulk of my tax through PAYE but have some additional property income. After submitting my tax return online for 22-23 I was asked to…
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First time ever logging onto HMRC online services
When logging on for the first ever time, after entering Government Gateway User ID and my password, they want to send you an access code for extra security. Is that the last stage, so once you have entered that access code, you are logged in ? How long can you use that same access code ? There has been a suggestion that it…
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Avoid higher rate tax
Gone overboard with earnings and savings. Says taxable earnings £56920.07 and id say around £800 in savings outside and ISA. I am in NHS pension and pay 8.3 percent. How much extra tax would I owe on this? Would it be an extra 20 percent as i am PAYE and have already been taxed on this? I understand you can pay into a…
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Capital Gains Tax On Bitcoin
In 2015 I invested £3,000 in Bitcoin and it has been a great investment. I now want to start taking profits while avoiding capital gains tax. Can I cash in £6,000, as the whole of my initial investment plus £3,000 profit tax free, leaving the balance in the account as all profit? Or do I need to work out the cost of the…
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Marriage Allowance from spouse
I receive £1260 Marriage Allowance from my wife who used to
pay no tax on her Superannuation. However in April 2021 she started paying tax which has increased each
year since and I still receive the £1260. Should I stop claiming this or does
it make no difference?
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Adjusted tax code from HMRC
I have received a new year gift from HMRC today notifying that my tax code will be adjusted to 257LX due to untaxed interest. HMRC have quoted a figure of around £3.5k, that figure will increase by end of 24-25 tax year. For background, my income comes from two sources only: 1. PAYE job 2. Savings interest (referring to…
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How Do You Confirm If You Have Single Person Council Tax Discount?
I probably do have the 25% discount, but if you have to actually apply for it, I would have made the application so long ago, I can no longer remember! Can you confirm online, if it is being applied? I have the recent proposed council tax charges for myself lying in the house, but could not find any specific mention of the…
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IHT gifting excess income
This is reported to require careful record keeping and evidence that income gifting does not impact your lifestyle. If you have not started to draw any income from a SIPP, would gifting a set % of every annual withdrawal from day 1 demonstrate the gifted amount was surplus to own needs? Alernatively when eligible for State…
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£150.00 Government Council Tax Rebate
I have just received my latest Council Tax bill which includes the expected increase over last years bill. Included in the envelope with the bill is a flyer entitled '£150 Government Council Tax Rebate.' This states that we are likely to receive a £150.00 rebate if our property is in tax bands A to D, this is the first I…
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Mileage Tax relief help
Hi everyone, I'm looking on claiming tax relief for the first time as I now use my own car for driving about the county visually checking and reading utility meters. I get some paid some mileage back so I am only claiming the difference so believe I will be claiming for tax relief but i need some help on a few things. On…
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Tax code
I'm hoping someone can advise me I'm 67 years old, and receive a state pension, wage, and a small private pension. total income less than £25,000 My tax code is 113L I have used Martin's tax code calculator and it appears my tax code could be wrong. however, it explains private pensions could cause that ( I included that…
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Personal Savings Allowance near the 40% tax threshold
Can anyone give me a definitive on whether £500 or £1000 PSA would apply under these circumstances?:All earnings without savings & investment interest= £50,000Earnings on savings & investment interest=£1,000 Does the earnings on savings & investment tip you into the 40% tax bracket for all the PSA?
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Gifting an 8 year old car to one of the children and IHT
My BiL/Wife's brother is getting a brand new car due for delivery next week. His old car, he reckons is worth 11k trade, retail 14k. He bought the car brand new. He has used his annual tax exemption for gifts every year for the last ten years or so he is 72 years old and his wife is a few years older than him. He asked me…
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Taxable Interest
Hi, year 22/23 it seems I didnt have to complete a S/A. (Not been s/E for 8 years). Same for 23/24. No tax paid for either of those years. £180k in 1 yr easy access accounts and £20k in NSI. Last totted up interest by me 22/23 when ave rates were 3% ? was £2200. SA on line was done showing this interest. Code for 24/25 was…
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Time intervals for tax letters and tax invoices
HMRC have written to say they will write again after 5 April to ask for completion of a self assessment tax return ( for the first ever time in my case ). Does anyone know how soon after 5 April they will do that, and if I was to submit a paper tax return, how soon would they send me a tax invoice ? Thanks.
