Free tax help

dbhayes

I am a high rate tax payer, exclusively PAYE and have not been required to complete a self-assessment.

I changed employer mid-way through the tax year (Sep-05), during which time an underpayment has arisen in respect of (an extremely expensive) employer's medical insurance benefit (BUPA, AXA etc...).

As a result, the underpayment is based on a full-year's premium whereas I would be deamed to have left the scheme on termination of employment.

In the first instance could / should the benefit be applied on a pro-rata basis hence reducing the magnitude of underpayment? At present my 06-07 tax coding has been adjusted to reclaim 40% of the full amount.

Secondly, whilst I am not subject to any medical benefits in my current employment, subsequent coding notices (i.e. 06-07 & 07-08) have rolled over this benefit, assuming it is still being paid.

I contacted the tax officer but the IR believe everything to be correct at present and thus will not make any adjustment in my favour pending receipt of subsequent P11D's. As a high rate tax payer, I really don't want to lose any of my allowance uneccessarily. Is there any way of forcing the issue or do I have to just wait it out on the off-chance that it'll all sort itself out eventually?

sondheimsoc

Hi
Up until January 19th I was employed for 3 days a week but due to deterioration in my mum's health I decided to resign to spend more time with her. I do some self-employed work as well and pay tax in January and July. Would the fact that I have left employment during the tax year mean that I might be eligible for some rebate on the tax paid on that employment?
Thanks
Lynne

webwiz

I do quite a lot of share dealing. I know I have not exceeded my capital gains allowance but my level of dealing is such that I am supposed to report it all. This is a pointless chore. If I don't report it and the IR find out, is there any penalty, given that no tax was payable anyway?

mr_fishbulb

Hi Tony,

I have been put forward for a new contracting job. The job needs to pay through a limited company and the pay rate is £200/day.

As I have never worked like this before, plase can you explain how being paid like this works and how I will be able to convert £200/day into a PAYE salary I can use to compare this job to others.

Cheers.

moneysavingrocks

Hi Tony,

Last year my wife and I bought a small property in India. The total cost came to £50,000, and we used our savings to buy it outright. We didn't inform the IR in the UK, as we had paid the relevant stamp duty/charges there.

The flat is about to be rented out and will generate an income of about £300pcm. We have set ourselves up as tax payers in India but do we also need to let the UK Inland Revenue know? If so, how?

Thanks!!

bryancole

I've been self employed for over 3 years.

9 months in 2005/06 have been self employed. Only tax paid has been through several large CIS vounchers at 18%.

For last 3 months of year have now gone PAYE. Because of salary have been paying 40% tax. I have already done some figures and beleive what I will have paid in CIS vouchers and PAYE tax will be too much. Approx. £5k. when taking into account running business costs etc.

How soon can I fill in my self assesment and get the money back?

Bryan

lindaot

Hi I have 2 questions:

1. I'm from venezuela and I am a work permit dependat, I started to work for the first time here in england last september as a contractor (under a umbrella company), I am ellegible for a tax return? am I paying too much tax? - I earn 17.5 per hour - but I only work this taxable year from sept - march

2. my husband and I bought a house last august - with a 95% mortgage - should we get any tax relief for this?

sorry is this questions are very stupid... but I'm not from this country and it is very different from mine and also it is not quite easy to understand all the procedures and legal matters

thanks very much in advance

Linda Otero

Worzel_2

Hi,

My question regards CGT - Unfortunately I have a accumulated a lot of losses this year and wonder if its possible to carry forward those losses to next year in the hope that and gains next year can be set off against them.

Hope you can adivse, thanks.

worzel

out_to_lunch

My wife has a limited company incorporated last March.
It's earned about £150 since then, (fortunately she has clients on the horizon
for this year :j
She has just received a payment slip from the tax authorities for tax year to
April 2006.
I don't think that she has filed a tax return for the business as it essentially earned
nothing, AND she understood the tax year relevant to business ended in December.

I gather though from the existance of this forum and the (payment slip) that she should
have filed a return stating her operating loss for the year ending April 2006 already.

What should she be doing at this point to ensure she get's her loss recognised and satisfy
the taxation rules ??

Many Thanks...

juliamcvey

Hi there

I have registered with the inland revenue as a sole trader (I am a life coach) from 31 March 2006. This is when I officially leave my salaried employment.

Am I likely to get any tax rebate on the tax year 05 April 2005 to 05 April 2006?