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Quick explaination as to why i am paying 30% tax?
Hi, i was just wondering if you good people could clear something up - i have had my yearly tax return back from my chartered accountant and as follows - Earned - £26,000 net earnings. Taxed - £7900. Now, a quick calculation shows that tax is being charged at 30% of what i earned? Am i missing something glaringly obvious…
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Overseas income
I will shortly be spending a year abroad in Abu Dhabi. My contract will pay a salary of USD$80k, plus a further USD$75k in expenses (I can keep whatever I don't spend of that, which will be at least half of it). I have lived in the UK all my life and am British. I will need an offshore bank account for my salary and…
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Capital Alowances Question
Is there anyone who can help answer this quick question please? In tax year 2007/2008 my husband brought a van for £9600 and we claimed £4800 capital allowances. Looking at this years 2008/2009 self assessment am I right in thinking that we will be claiming £1200 being 25% of the remaining £4800? Or because of the changes…
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deed of variation
Hi wasnt sure where to put this..........however will appreciate any information My boyfriend recently lost his father( officially stepfather). He has looked after boyfriend and his siblings for the last 30 odd years. So in their eyes he was their father. However after his sudden death , they have realised there is no…
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Reclaiming Tax After Moving Abroad
Hi All I was hoping for some help ;-) ..pretty please I left the UK and started a new job in Germany on 01SEP2008. I found out that I could maybe reclaim some tax back ..hopefully My P45 details when leaving the UK are: Total Pay to date £12,283.50 Total tax to date £ 2,021.60 Tax Code 521L Would someone be able to tell me…
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BR tax code for new job, how do I get off it?
On my first paycheck in my new job I have been taxed with the 'BR w1/m1' code which I've just found on the hmrc site in horror :D This is the first money I've earned in this tax year though I was claiming jobseekers from dec 08 - may 09. I left my previous job in july 08. How do I get onto my proper tax code? And will I…
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Accountants fault???
Hi In the financial tax year 2006/2007 I had my accountant do my self assessment tax return and provided them with all of the information necessary to do this. That particular year I was pleased to learn I was due a tax rebate of almost £1200. A few months ago I had a letter from HMRC telling me they will be investigating…
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Accountant error
how do i create a new forum topic???
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Would you report them?
Hope this is the right board - here goes Friends of my husband's ( not of mine) are telling everyone that they have declared themselves to be tax exiles to save £70K of tax, but they've never left the country. He's run one company down and is getting people who owe that company to pay third parties or another company that…
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Reclaiming Petrol expenses from HMRC
I have just become a carer, which means i am visiting homes up to about 10 miles of my own home (20miles return) but i will be doing this journey 3 nights per week, and then more journeys at weekends. How do I claim this money back? I am part time, and they are aware that I am only there for 4 months but I dont really want…
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Standard Partnership
Hi. Both myself and my girlfriend are set up as Sole Traders. Does anyone know how we officially join together as a Standard Partnership?
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Customs... eligible for appeal?
Hi all, hope this is the correct place to post this. I recently purchased a CPU for my laptop from a forum member in the USA. I paid $115 for the item including delivery via PayPal gift, it was a private sale (not on eBay or the like). He marked the item as a gift, and stated the value as $100 (maximum insured value for…
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self employed and employing your wife
hi,i,am self employed and was thinking of letting my wife come into work with me,to tidy up and do a bit of labouring,i,m of the understanding i can pay her £95 a week without paying tax,is this right and could i take my 16 year old son in who,s stayed on at school in the same way,just so hes earning a bit of money for…
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Solicitors Trust Document
In saving inheritance tax, a Discretionary Will Trust has often been used, although recent tax changes are producing different advice now. With many such Wills, the Executors are given the power to accept a charge or IOU (Promisory Note) in place of the nil rate band to satisfy the Will Trust and to shelter the nil rate…
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online self assesment and losses
i have just one page to go to complete my return but i am stuck. it is about loses and their are 4 questions to answer. i have tried calling the helpline but they didnt really know either and i am just as confused. it is the first year i have run the business and i have made a loss but do i just complete box 2? this is the…
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Two Sole Traders at the same address
Hi. I am a sole trader and my sales are starting to increase. My live in partner also want to start up a business as a Sole Trader. Will this cause problems? Will HMRC allow this? We will both be selling thing on Ebay so it may look like we are working together.
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I think this is stupid
In a recession, with businesses going to the wall - as a self employed person I have decided to be proactive and pay for myself to acquire some new skills so I can carry on being self employed as my current business model will probably go wrong fairly soon and I would like to contribute to society in some other way in the…
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2 jobs - tax forms
Hi everyone, Could anyone help me? After finishing university, I have been working at job 1 for 9 months, then I managed to get another job (job 2). Instead of just leaving job 1 I decided to work 1 day a week there as job 2 is only an internship for 3 months. I work 4 days a week at job 2. What I am asking is, is there…
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Board payments to parents - taxable?
I've been making board payments to my parents informally for a while - but may have to go bankrupt shortly due to a drop in income. I would like to keep up the board payments - its very kind of my parents to let me stay - but I would need to tell the official receiver about them. The thing is I don't want to get my parents…
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Inheritance tax
I've got a question about inheritance tax... I believe each person has a threshold of £325,000 before inheritance tax is paid at a rate of 40 per cent for all money inherited above this figure. My Dad unfortunately passed away three years ago. My mother now has a house worth around £650,000 and other assets totalling…