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Tax code correct but taxed too much
Hi guys, I'm not getting anywhere with a Google search on this, only results on how to get your tax code changed if its wrong. Just been paid first pay from new job, only 2 weeks worth due to how their pay schedule works. I was taxed exactly 20% My tax code is definitely correct and I don't have any circumstances that…
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CGT on Bitcoin
Hi Everyone I bought into bitcoin 7 years ago..... Total novice..... I have added over the last 7 years.... I have made every novice investors mistake over that period... (Bought, sold, exchanged to other crypto etc etc etc) I recon I have about £7500 invested which is currently worth about £15,0000 If I have never…
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Closing LTD company and moving abroad
Hello, hope you're doing well everyone. I'm moving abroad in a few months which will lead to me closing down my LTD company. I already took the salary from April (£1,047.50) and have about £15,000 left (after paying corporation tax). I would like to use the remaining cash to pay myself a salary up to the personal…
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Remote contract - can i still claim for expenses on tax return?
Hi All, I work for a company and within my contract it says i'm a "remote worker". i have no official office. yet the company i work for does have office(s) and occasionally they will ask me to attend an office about once every couple of months, which as its over 200 miles away. I tend to get a hotel for the night etc. I…
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Reducing CGT on company shares
Hi Any advice would be appreciated. Are there any ways to to reduce the CGT after receiving the gains from company shares. One of the thing I have heard is that if I put the gains into ISA account then I don't have to pay the CGT. Not sure if this is true.
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Claiming expense vat
Hi all, Unsure on this - I have a small side business earning less than £1000 so I don't need to do a self assessment. However, can I still claim back 45p per mile and 20% on business costs? I can't find a way to do this without completing a self assessment. Thanks.
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CGT on part disposal of investments
Ok, i understand the example below.However, if in the following tax year Jane wanted to part disposal again, lets say another £20k, can someone show me how the calculation is done. Lets say CGT allowance is again £3KThanks
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Calculkating NI contributions
I have obtained the following calculation on gov.uk in respect of Tax and NI deductions on presumed income of $400.40 per week. https://www.tax.service.gov.uk/guidance/self-employed-ready-reckoner/outcome/calculation-result One assumes it is correct as it is gov.uk, but I was wondering what was going on with NICs? The…
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Hmrc letter about non declared rental income
Hoping some of you can assist me with this quagmire. I have recieved a letter from hmrc about suspected non declared rental income. I live in my own mortgaged home with my wife and baby since 2017. We had my sister and brother in law move in with us due to their personal circumstances just before covid and to help them out…
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Commercial vehicle windows
Hi everyone - my accountant is currently away for a little over 2 weeks and am in a hurry to source a new vehicle which I’m finding confusing and was hoping some kind folks could help. I am a videographer who travels around filming for clients, and need a van to fit my gear. However I regularly travel with a crew and need…
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Did I overpay CGT?
My mum passed away in 2021, my brother remained in the house. I moved out approx 2018. I was the executor for her estate and sold my mum's house in 2023. I got a letter from HMRC saying I haven't paid capital gains tax. I thought I'd worked it out correctly and had to pay approx £2k as the house value increased by about…
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Income tax and pensioners
I've just realised that the combination of freezing the personal tax allowance and increasing state pension has put my Mother's income about £200 above the personal allowance. Is it her (i.e. my) responsibility to point this out to HMRC? Or will they spot it themselves? Or will they not bother to chase a 90 year-old…
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finding a roofer not registered for VAT
Am I right in thinking that it is legitimate to hire a firm that is not registered for VAT which allows a saving of 20% vat on an expensive roofing job? If this is correct, how to go about finding a reputable roofer who is not registered?
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Business Mileage Allowance with Company Fuel Card
Since my company replaced company cars with an allowance, I lease a vehicle for business use. My company provides a fuel card and each month I submit my business miles; they then calculate a business mileage cost using a rate of 20p per mile and the difference between fuel purchased less the business cost is charged back…
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Received self assesment form?
I received a letter from HMRC regarding a self assesment return I need to fill in online. Im not 100% sure why they have sent me this letter and I can't get through to the Self assesment department when I call (90 min wait and a 65minute wait in the queue) Long story short a lady who works for a legal firm was in the break…
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Salary Sacrifice
Hi, New to the idea of this so have some questions I can't find answered easily on google. Wondered if anyone here could help: If I was to take part in a salary sacrifice scheme with my employee, equal to the amount I put towards a workplace pension, would I get a reduction on all my deductions, i.e. Income Tax, NI and…
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CGT deferral relief and EIS
Hi, Appreciate any thoughts. In a scenario of : A BTL property was sold realising a £62k gain, (£56k after
the £6k allowance reduction) and giving a CGT bill of £15,680 (@28% as a HRTP). I invested £20k in an EIS in the qualifying period and so
could defer 35.7% or £5600 of the gain (as £20k/£56k is 37.5% and 37.5%…
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Offshore Life Assurance policy drawdown
Hi, I have an offshore life assurance policy that I contributed to whilst a non-UK resident. I have since moved back to the UK and contributions stopped. I now want to cash-in a portion of the life assurance policy. I understand that I need a chargeable gains certificate. I also understand that I can withdraw 5% of total…
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OUR HOME IS 2 ADJOINING SEMI-DETACHED HOUSES - IS CGT PAYABLE ON SALE OF ONE??
20 years ago we purchased a semi-detached house. 5 years later, with a growing family, we purchased the adjoining semi and gained permission to create 2 openings, on the ground and stairway, to allow free access. Since then for 15 years we have lived in both houses combined as our family home making full use of all rooms.…
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P45 pay entries
I was comparing the amount in 'Total pay to date' in Box 7 of a P45, from this year 23-24, with the amount shown in my final pay slip and noticed the value in the pay slip which correlates with the P45 value is actually the 'Taxable pay' in the pay slip. Isn't this incorrect and the amount shown in the P45 should be the…
