November 21, 2014, 10:20 am
This may seem really obvious to some but I can't find the information anywhere. It's not really cutting tax but trying to pay tax - not a place on the forum for that!
I'm employed full time with one company and occasionally do some part time work with another company - 2 days a month.
Both companies pay via BACS so all of my tax is done automatically (980L on main one - (taxable benefits in there), BR on second).
The second company get paid grants into their account and because of my work with them I'm entitled to take 10% of those grants as pay for the other time I spend with them outside of my contracted 2 days. This payment can only be made by cheque.
I imagine this counts as income. therefore, how do I go about paying the income and national insurance on that payment? Am I supposed to register as self-employed just for a one off payment?
↧
November 21, 2014, 2:35 pm
Just got one and not opened yet as she's so nosey :mad:
So anyone else had one with the following on and care to give me a clue as what to expect when I open it?
Front of envelope has on it env 276 ndu
Code inside I can see is 190063:00001316:001 33000
Back is postcoded Glasgow g70 5tt
If I'm in the wrong section please redirect post
↧
↧
November 22, 2014, 6:00 am
When I submitted my tax return recently, I signed up for the option where you get email as opposed to postal notifications - reminders to submit for example.
Not long afterwards, I got an email telling me that there was a message in my online account. I managed to find out how to access my messages, only to find nothing there. I waited in case the message was on its way, but when nothing arrived after a few days I used the online box to contact HMRC.
In fairness, they replied very quickly but their online message just told me how to access my online messages! They ignored my point about a missing message, also the fact that I would not be able to read their instructions on how to access my messages if I did not already know how to access my messages!
A tiny rebate has been paid into my bank account so I guess that this was what the notification was about.
↧
November 22, 2014, 1:52 pm
All,
A simple question.
I'm married with kids and own my own home, the house is under my name and me, the wife and kids live in the home.
Will the house be hit with IHT or will it be exempt under marriage rules ie husband and wife allowance of 325k making a total allowance of 650k despite the house being under my name only?
Thanks.
↧
November 22, 2014, 2:29 pm
I have received my Unique Tax Reference in the post and I'm ready to fill in my self assessment. My understanding was that I would do this straight away as soon as I had received the UTR. However, the letter says that they will write to me after 5 April when they need me to fill in my self-assessment. I wanted to fill in my SA for the year 2013/2014 now, I thought I needed to do this before 31 January. The letter does say that if they need me to fill in a tax return before this they will let me know. Does anyone know more about this?
↧
↧
November 22, 2014, 3:26 pm
Hi Guys
I have recently started a small business venture, well its a football website for my local team. So its essentially non profit but doubt I can call it that as I plan to do a line of merchandise
Anyway been going through my paper work since deciding to make it a proper business venture I have noticed a small issue.
I got a refund last month for a web address I applied for but it was rejected. Anyway with this I bought a email inbox to go with it as I needed the additional email for the site.
The web address was £34.99 before VAT and the Email inbox was £11.88 before VAT,
Sub-Total = £46.87
VAT = £9.37
Total = £56.24
I was refunded only £34.99 for the web address (not fussed about the email as I use it with my main address)
Am I entitled to a refund of the VAT that was applied to my account for the web address? the VAT alone for that is £7 not much but in business terms its better in my account than theirs.
Other things what sort of decelerations would I need to make tax wise as a business? Like I say all I am looking to do is have my income covering my expenses.
Thanks
↧
November 23, 2014, 7:38 am
Hi All,
I have a query around self assessment. I have recently submitted (yesterday) my self assessment tax return. I know I need to pay the tax bill by 31st January, but how do I go about doing this? I want to make the payment as soon as possible.
Do I have to wait for it to be checked/wait a few days before I can make the payment? The website is not very clear. I thought after I submit the return there would be a link to make a payment.
I appreciate any help you can provide.
↧
November 23, 2014, 8:28 am
As executor, Im preparing the IHT return for an estate, which includes a charitable gift valued above the qualified minimum 10% of estate.
The estate components are (in round figures):
House £238000
Bank & Investments £260000
House contents £2000
In addition to the above there is an art collection (auctioneer valued at £20000) which is to be liquidated and donated to the local hospice.
Heres my question:
a) Do I just enter the value of the £20000 charitable donation in the relevant IHT box or,
b) Do I have to first add £20000 to the house contents (raising that to £22000) and then enter the £20000 charitable donation in the relevant IHT box.
IHT using method a) equals £62000, whilst IHT using method b) equals £70000 - quite a difference.
Adding £20000 to the estate value when its actually being given away does not seem logical to me - but then, I find that not unusual when it comes to any HMRC form.
Id be grateful for any advice.
↧
November 23, 2014, 10:17 am
Hi All
Just a quick question I am hoping someone can help me on, I have tried to look on the hmrc website but cant really work it out.
Job 1 is paye and earnings are approx £9600 per year
Job 2 requires me to be self employed approx £6500 per year
Approximately how much tax per year will I have to pay for job 1 and how much tax will i pay for job 2.
Any help would be greatly appreciated.
↧
↧
November 23, 2014, 3:50 pm
Hi all, I'm a UCU member and claimed for 4 years of union fees back in 2012 - since I'm pretty sure they adjust your tax code as part of the process, is there any point in putting a claim in for the last 2 years?
Or have they taken account of the rebate with the new tax code?
(sorry if this is a completely dumb question!!!)
↧
November 24, 2014, 3:29 am
Hi,
My girlfriend and I have purchased a run down property to do up and rent out as a long term investment. We both have jobs (40% tax) and plan to mortgage the property once it's complete so we can buy another one. Initially we will also re-invest the rental income into the business as we don't need to draw an income. We want to keep the properties long term.
In order to minimise tax is it better to operate as a sole trader or a ltd company?
Thanks,
Tom
↧
November 24, 2014, 5:23 am
Hi,
I'm just wondering, about this. I'm a self employed contractor/Consultant (LTD Co.), VAT Registered.
I work for X at one of their clients in Northampton.
The Client (My Clients Client) now requires me to travel fortnightly, this will soon increase to 1 x a week to London.
My Client have asked that I Invoice them for travelling costs.
My Question: Do I charge VAT on these travelling costs (I have all receipts)?
Many thanks
↧
November 24, 2014, 6:18 am
I have a regular job with an annual salary of £40k. I pay tax as normal through my employer etc.
I now have an additional income seperate from my day job earning approximately £1,500 per month.
What's my best option tax wise? Do I just tell HMRC, register a business, or go as self employed?
↧
↧
November 24, 2014, 6:37 am
Hi all.
I've searched the forum and read many threads about childcare vouchers, but can't find the same situation as mine.
My income is as follows:
Salary: 29120
Car Allowance: 5100
Fuel Card: 2000 (estimate)
Rental income: 6209
I salary sacrifice 5% in to my employer's pension scheme (121 a month) and I also salary sacrifice 243 a month for childcare vouchers.
My tax code is 521L
I have been doing some overtime recently and have been concerned that if I tip in to being a 40% taxpayer then I will retrospectively not be entitled to the childcare vouchers that I have already claimed/bought.
I've tried to calculate my taxable income as follows (based on what I have read online) but am not sure if I have done this correctly:
Salary minus pension contributions = 27668 taxable
Car allowance minus non taxable payment for business mileage = 4200 taxable
Fuel card no non taxable aspect = 2000 taxable
Rental income minus mortgage interest and other deductions = 4421 taxable
Total taxable income for 2014/2015 = 38289
So ordinarily I am below the 41665 threshold and can claim the maximum £243 a month childcare vouchers.
However - my tax code is 521L as I am currently paying tax for last year's P11D (fuel card) and rental income so is it actually a case of it should work like this:
5210 = tax free
31665 = taxable at 20%
anything over 36875 taxable at 40% - meaning I am already over the threshold and not entitled to the vouchers I have already claimed this year.
Then I have the added income from my overtime, so far this is £2288 gross.
If my first calculation is correct this makes 40577 gross taxable income making me under the threshold still, however very close to it so need to be careful about future overtime causing me to go over it and triggering the loss of CCV. OR if my second calculation is correct, I'm already over the threshold, I retrospectively owe for the too many CCV, my future CCV entitlement is lowered, and my future wages payment should include the overtime being taxed at 40%.
I've gone round in circles trying to understand this, I really hope that someone more knowledgeable than me is around to help me understand this! Many thanks in advance.
↧
November 25, 2014, 1:46 am
Hi,
Having a bad experience with my accountant.
I have been penalised over £2000 in last 2 years due to late filing of returns, accounts and paye by companies house and hmrc. Some returns and filings are still outstanding from last year and 2 years ago.
How do i claim these off him? He is very negligent and until he files all these and brings my accounts up to date i cant even leave him. Have paid him upto now aswell.
Got at least £900 in fines still waiting to be paid to hmrc which need to be paid but due to my financial situation i cant pay them and he hss blagged me off
↧
November 25, 2014, 4:05 am
I started to working in October 2013, when the tax year end at April 2014, I earn £8400 during 2013-2014 tax year, on my payslip showing average I paid over £200 a month on PAYE tax and NIC combine, my question is as I earn less than 10K during 2013-2014 tax year, can I claim back all the tax I been paying during 13-14 tax year? if I can claim back the tax, how to do it, just finish Uni and got my first job, not much experience or knowledge about how the Tax work.
Thanks for reading it, post comment will be much appreciated.
↧
November 25, 2014, 6:40 am
Just wondering if someone can help with what is probably a simple question.
I have had a company car for the last 3 years which I gave back on 11-10-14. My taxcode was adjusted to 717L and I presumed it would not return to 1016L which would be the regular taxcode as I now have no other things affected my tax,apart from the £170 per year for professional fees and washing my own work clothes which adds the extra 17 to my tax code. Can anyone tell me if this should have been adjusted this month as I presumed it would?
Danny
↧
↧
November 25, 2014, 8:32 am
Hi,
I have a flat with an interest only mortgage. Is my understanding correct that I can deduct my monthly mortgage from the taxable amount? I am only paying interest every month so it should be counted as expenses right?
Thanks
Paul
↧
November 25, 2014, 11:33 am
YouTube
Council TAX VICTORY & Last years PAID BACK AS WELL
Some good information for those fighting council tax.
As always do your own research
↧
November 25, 2014, 2:34 pm
Hi,
I would appreciate it if someone could advise me on the following;
When my mother passed away, she left me a plot of land - just under 1 acre.
The solicitor calculated the land value at £3000 when assessing the estate for IHT. My mothers estate was below the threshold for paying IHT.
I have obtained planning permission for the land and I have it on the market to sell. Fixed Price £90,000
If the plot sells, am I liable for CGT?
I have read on HMRC that I would have to pay CGT or IHT (I'm not sure) on the £3000 if the plot was sold but wouldn't have to pay as it is below the yearly allowance.
Does this seem correct?
Any help would be appreciated.
↧