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New Board: Tax instructions - please read

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  • gus
    gus Posts: 23 Forumite
    bridiej

    employers do have a statutory requirement to give you your P60. However, the forms they submit to HMIT don't need to be filed til 19 May so there is a good chance they haven't done it yet. I'd chase it up a week or so after this date.

    If you urgently need the figures on the P60 they should be on your last payslip and your P45. Alternatively HMIT should be able to provide the numbers.

    If you need the hard copy for a 3rd party then I guess your best option is to keep hastling them. If nothing happens HMIT may be able to provide you with something in writing that should suffice.
  • bridiej
    bridiej Posts: 5,775
    Combo Breaker First Post
    Forumite
    Hi Gus
    Thanks for your reply.

    Am in no urgent hurry but it's the principal.

    I just pop in now and then.... :)
    transcribing
  • Joannekerry
    Joannekerry Posts: 293 Forumite
    Hi  :P  I am currently employed and I am up sticks and moving in with my fiancee.  I will be joining his Company and going self employed, can you tell me firstly how I go self employed and secondly am I better off to quit my job and sign on in the hope of getting a tax return?
  • Hi I work 40hrs a week but I'm changing jobs for 2 more
    1st is 21hrs per week @£6.25hr 2nd is 19 @6.40hr.
    My problem is I've been told that even though I'll still be working the same amount of hours I will be taxed heavely on my 2nd job, can you please tell me if this is true or is there something I can do. My 2nd job is for a relief worker so some weeks I might not work but other weeks it could be over the 19hrs. I'm moving from a £4.50hr job to be able to have a better standard of living for my family, will it all be in vain?
  • Personal allowance (approx £4,740 this tax year) will be used up in first job. Tax code for second job will be BR, i.e. basic rate meaning ALL income will be taxed at 22% on that job with NO further allowances.

    However, it will not make that much difference to how much tax you pay over the whole year, unless these jobs are paying significantly more than your last.
  • Is there anybody who can tell me how 'umbrella companies' work for self employed. If anyone understands how the dividends and deemed payments work and how they should be shown on tax form I would be very grateful for input. Cheers :-/
  • If you are planning on building a house for profit, the Revenue could well treat it as an adventure in the nature of trade and tax the profits like a business rather than a capital gain, even if you only do it the once. Where you buy and sell an asset, such as a house, without doing anything to it, then it is more likely to be treated as a capital disposal than when you actually create the asset yourself, as you would be doing if you built a house. "Being in the trade" makes you more likely to be taxed under the income tax rules. There is a fair bit of case law on this topic that I can point you to if you're interested but you may find this link relevant: http://www.taxarticles.co.uk/badges_of_trade.html

    One way to mitigate an income tax charge on the profit would be to put the venture in joint names with your wife or even your sons, if they have spare allowances and/or they are liable at a lower marginal rate of tax than you.

    Are you sure this is correct as if you develop your own land and sell a portion off, I thought this would be free of Capital Gains Tax. If you build a house on your own plot, unless you was going to live in it, then you are most likely to gain from it and so would always be exposed to CGT????
    Treat everyday as your last one on earth! and one day you will be right.
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