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Tax Return and Late Pension Contribution
Hi All I am self employed and just completed my 2007/8 tax return for accountancy period 01/04/2007 - 31/03/2008. During this period I did mean to contribute to a pension plan but didn't (I know, really stupid and kicking myself now). Does anyone know if I can contribute now for this period and deduct from my tax return. I…
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Will it benefit me to go Self Employed?
Hi I wonder if you can help me. I am currently employed as a Firefighter earning approx £28K per year, which is paid monthly on a PAYE basis. I also have a second job, part time in an insurance office where I earn between £8 - £10K per year this is also dealt with on a PAYE basis and my tax code is BR. My query is whether…
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Passing savings to a non-taxpayer
Hello all, quick question... I am a standard UK taxpayer (20% or whatever it is these days!) and I am looking into various places to invest my savings. The thought did cross my mind that maybe I could pass my savings onto a family member who is a tax-dodging student to invest for me, not pay tax on the interest, and then…
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PaySlip Help needed
Hi Having been self employed almost all my working life I'm finding my new PAYE payslips hard to check. Can somebody tell me if I'm right in the following...... My pension contribution is deducted from my gross salary? The first £503 I earn each month (6035 / 12 personal allowance) is tax free? I pay 20% tax on the rest?…
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On-line Tax fraud reporting
Does anyone know a link where I can report to HMRC tax fraud. All I can find is on-line forms abut benefit fraud. Thanks Bozo
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Self Employed - employing the wife!
My wife has just been made redundant and as I am self employed I was thinking of employing her until she gets another job and paying her some wages to keep her mind busy and maybe reduce my tax bill. So what is the maximum I can pay her per week to avoid PAYE and NI payments. Hopefully she may be usefull and fully utilize…
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Tax on US shares
I have some US shares, if I sell them at a loss do I have any tax to the US gov (and if so hoew do Ido this), if I keep them and they go up in value and then sell them at a profit how is this taxed? I would be grateful of any assistance as am confused.
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PAYG Self Employed Tax
Any thoughts about whether this is a good idea. Current tax position Self employed since 2003, tax and tax forms completely up to date, expensive accountant, usually pay £5200 every six months as earnings have been quite stable. (thought highly intermittant). Issue about 16 - 20 invoices each year. Concerns Credit crunch…
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2nd job babysitting
Hello firstly sorry if this repeats other threads I did have a read through but I couldn't find the same senerio to learn from. I'm a teacher so I earn about £23,000 I have also started babysitting getting work through an adgency, I need to pay tax , but not sure how to go about this, do I register as self employed? So far…
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first job
i heard from somewhere i get a tax rebate for my first job, up to a certain amount as im not suposed to be paying tax until my first £2000 or something. is this true, if so what is recommended to get the money back thanks in advance quick situation overview: >had jobseekers between may 20th until october 20th 2008, got…
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Error on tax return - sought advice they made things worse!
Hi My oh is retired. We have an income which he decalres from rental of property also we have a very smalll caravan site. After being nagged by me my OH phoned the tax office who confirmed to him that he should declare the income as rent on his tax return. The tax return was a short version. He did not need to register as…
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Should I bother paying National Insurance Contributions?
I'm self-employed and have just had a letter from HMR&C telling me that there's a gap in my NICs for 2006-07. It asks if I want to make up the gap and says I already have 4 years. The cost of making up the gap is £211.40. My question is, is it worth paying? I'm 23, my business is growing fast, and I've just bought my first…
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Corp Tax / Dividend
My company has £50K profit. It pays 20% (approx) of 50K in corp tax. It issues £40K as dividends to 4 shareholders. this is where I get confused... Each shareholder gets £10K. Voucher shows £10K + 1K tax credit. If share holders earnings + £10K is less than upper level for basic rate of tax, then no liability for…
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Tax rebate query
Hello world, My daughter left school and started working in september this year.. she only works part time and will not reach her tax allowance.. she has paid several hundred pounds in tax deductions... does anyone know when this is likely to be rebated to her ???? Ta
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Redundancy payment and tax
I am single and I have the possibility of voluntary redundancy. I currently pay tax at the higher rate of 40%. The idea is that I finish my employment on 31 March 2009 and all salary payments would be paid by then. My redundancy payment of £100,000 would be on 6 April 2009, and this would be the only payment I would…
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IR35 and dividends
Hi Does anyone know the answer to this fairly technical question? I have set up a limited company to provide a consultancy service to a single client. It is a fixed term contract for 5 months and I have been employed to complete a specific task. I suspect the terms of the arrangement fall under the IR35 rules, though I…
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Tax Question
Hi Quick tax related question, which i am unsure of. Back in August i was made redundant from the company i was working in. As part of the redundancy package i was told that i would be receiving the company bonus that is given to all employees in December. When i left in August i was issued with a P45 and have submitted…
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Paying tax on gifts
Do you have to pay tax on receipt of monetary gifts if you are already working and therefore over your tax free threshold?
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my income and tax rate question
hello people, i am a little confused on a little thing. I have been given a bonus (first time in my short career) of £2450 by my employer. My salary is 47,250k,which roughly translates into 40% tax bracket (i think reading on here and other sites) i looked at what is paid in my account and my bonus its £1445.5, i am quiet…
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Changing car mid-year - with fuel card
Hi, I have a company car allowance of 5500 with a fuel card for personal/business and did have a 1.8i Mazda 6. I needed to change this car last month and opted to buy a 1.4i Astra but have never had a fuel card before this year and not sure what to expect from the tax man and how changing the car mid-year will affect it.…