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Employed and self-employed tax
Hi, I am currently employed on a tax code of 0T (which is the correct code). I'm looking to also start a business as sole trader where I will be selling a service. I read somewhere that if you are a sole trader you do not have to register as self-employed until you earn £1000 per year at which point to you need to register…
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Interest earned during tax year
Hi, this might be a silly question but I figured I would ask it anyway. My entire income is through self-employment and I am about to do my self assessment. I am in the lower/normal paying tax rate, but I was wondering if I need to declare any interest I have earned on my bank accounts? I am unsure how much I received, but…
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Will I pay basic rate tax on my paye job then
I will earn more than the amount on ebay just where I have to complete a self assessment return. I also have another PT job which is paye...I'd I have to BR on that I might as well give up my fledgling business or my pt job as currently I don't pay tax. I know I would get the money back at the end of the tax year but still…
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Tax Year 20/21 How many weeks of State Pension ?
This time last year, I had my knuckles rapped by HMRC because I had some bank statements missing, so I found a monthly state pension payment and multiplied by 12.In previous years I had methodically found all the payments and added them up between 06aprxxxx and 05aprilxxxy inclusive. Naughty me, cash accounting might be OK…
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Foreign income or not?
Hello, I am selling videos on stock websites and I receive money via paypal in dollars from USA, Canada, Australia. Shutterstock, Adobe stock, Envato, etc. I am doing my self assessment for the first time ever, and I thought I've completed all income sections. Now I came to an new page - where I need to state my foreign…
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Voluntary NICs question
In a thread about a year ago, I asked about paying voluntary NICs so that I get extra pension years. I was told I could do this as I am self-employed (though don't earn much through this!) but that I'd be able to pay a weekly amount and that's the cheapest way for me to get those extra years. i was told this here on the…
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tax code split between company pension and ESA contribution based support group payment
hi. first post, so please be kind, not sure where to post this, hope this is OK i have been in receipt of a company pension since 2014, did not hit the £85 disregard rate until a few years ago, my weekly pension is £94.90 or £411.25 pcm, giving me an annual income of £4935, by my calculation, and my tax code is 598L i am…
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Tax rebate help
Hi, I currently owe HMRC around £28k for personal income tax which im paying off currently. in April im likely to receive a tax refund, will this automatically go towards my owed tax bill or will I receive it in my bank? thank you for any help in advance...
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In F/T employment but also selling goods online. How can I keep below the 40% tax threshold?
I'm currently working full-time for a company and earn £48k per year on a PAYE basis. I have also been supplementing my income by selling goods online via Vinted and ebay. I'm very close to the 40% tax threshold in my main job. Does anyone know how I can keep the two incomes seperate so I only have to pay say 20%-25% tax…
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Marriages allowance and ISA
If I am not working but living off my Other half's income, If I pass on my MA to them will this affect my own ISA benefits. Thanks.
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Claiming Youtube subscription as an expense
Hi, Im a web developer. I use Youtube to watch tutorials on web development, design and marketing. I got tired of all the adverts, so bit the bullet and subbed to Youtube. Can I claim it as a business expense? What about if I start using it for podcasts (I currently use spotify for my podcast listening), do I claim for the…
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National Insurance Contributions
I am 64 years old so not quite reached pension age but I took early retirement and now live off my private pension. I pay income tax on my pension but I do not pay National Insurance on it. I have been asked to work part time on two afternoons per week by a friend and will earn no more than £100 per week. I understand that…
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Self Assessment - Doing my own return questions
Hello I am a freelance graphic designer. For years I have been doing my own tax returns as they are pretty simple but I have always had a friend who has looked over them for me and let me know where I may be able to claim back extra bits etc. For example I am based at home (office in my garden), and I claim Business Use…
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Self Assessment in January not April?
Not sure if this was the best board to post on so feel free to point me in a better direction. I started working self employed Feb 23. It was a complete change in career and I've not made enough to pay tax on yet however I was wanting to file a self assessment and get an SA302 anyway. I'm a little confused though, I know…
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WFH tax allowances - disability reasonable adjustments
I’m sure everyone is sick of the same WFH tax relief questions but I’m really struggling to understand if I’m entitled to put in a claim for tax relief. I am disabled and my employer has accepted (in writing) that due to the specifics of my disability that they cannot accommodate me in their offices. I work exclusively…
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Accountancy fees
I’d appreciate some advice. I have a small business, and following a recommendation found a financial services company to do my tax return. I was quoted £850 plus VAT. This represents about a tenth of my income but I thought it was standard. I signed a contract. Since then I’ve become aware that I can get the exact same…
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SA for Savings Interest - PAYE details including P11D?
Hello I sold my house about 18 month ago and moved into rented whilst looking for another (has taken longer than expected!). I put the money in savings and constantly chased the best rates and made a few grand in interest. I got a letter in the post in October saying I need to complete a SA which I'm now happily doing…
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Confusion surrounding various tax free allowances 23/24 tax year.
Firstly I'm sure this will have been answered many times and so I apologise for bringing this subject up. Of course allowances change so I hoped to get some up to date help. As an example: assuming in the current tax year someones salary is £12,570. They have dividends from a taxable stock investment which amount to…
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Giving money to children from a joint account.
My wife and I had a rough 2023, losing both our mums in the same year. The wills left everything to us. That means we are in a position to help our two grown up children financially. We're aware of the seven year taper rule for gifts in excess of the allowance. My question is, if we pay them from our joint account, how is…
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Tax on savings - self assessment or PAYE
2023/24 is the first year that I've earned over £500 in savings interest (higher rate tax payer). I'm expecting a letter with a tax code change later this year, but wondered if it would be easier to just do a self assessment to pay all the tax owed? I've kept very careful records of the interest I've received each month so…