November 25, 2014, 3:02 pm
Hi,
After some advice please. I recently found out that I have been on wrong contract since 2008. This has now been sorted and there is back pay owed. I have been told that will be taxed at 20% on this payment. I feel a little cheated as if I had had this money each yr I should have had it I wouldn't have paid tax. Will I be able to claim this back or have I lost it? Rough est due around £5000 which means tax man gets 1000
i currently only work part time 19 hrs a week , i do not pay tax ,my earnings earnings under 10k, but lump sum will be taxed
Thank you in advance for any suggestions or help
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November 25, 2014, 4:30 pm
Hi, I'm registered and working full time as PAYE, however am also registered self employed in case I decide to take on any extra work for myself. I have not done any self employed work since registering but still need to complete a tax return.
My question is about an NI bill I've been sent with regards to my self employment. I've paid a full years NI as PAYE but am being asked to pay self employed NI despite having not traded. Is this correct does anyone know?
Also curious about whether I can claim back tax on expenses for my PAYE as I'm also registered self employed. For example £3000 worth of travel.
Thanks everyone
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November 26, 2014, 4:00 am
Hi
I have a small work pension which is shown in my tax summary letter and £962 in 'other income'
The only other income I have is interest on non-ISA savings which I cannot see being anywhere near this amount. (Anyone care to estimate what savings this would equate to at 3% interest, please?)
After my experiences with the HMRC over my own and my wife's tax codes this year, I really don't feel like asking them to explain this figure!?
TIA
Vigman
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November 26, 2014, 4:16 am
I am currently employed and on a fixed wage, and have recently started doing some self-employed work outside of my day job.
I am new to doing this and wondered the best way of recording my earnings, and how I go about reporting this back to HMRC?
A lot of the 'earnings' are reimbursements of costs I had to pay out for as part of this work as well as mileage, therefore I assume I must keep all receipts etc for this to prove as well?
Say for example I am paid £10, most of the time around £7 of this is reimbursement.
Any help or advice would be much appreciated. :)
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November 26, 2014, 7:29 am
Opted to pay extra tax (on rental income) in 14/15 tax code (e.g. now) and tax code changed this month accordingly. They're going to take £2835 in total towards next years tax, based upon this years return. Question is that the £2835 is the profit BEFORE tax - so why are they taking that and not the actual tax liability .. 40% ish of that.
Ideas?
Thanks!!
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November 26, 2014, 8:36 am
Naïve question, I realise, but can't find the answer anywhere.
Is the Capital Gains Tax allowance of £11k in addition to one's income tax allowance? I'm self employed, earn less than £32k per annum, taxed at 20%. Had a house gifted to me in 2001 when it was valued at £70k. Now hoping to sell at around £95k and would like to work out what the CGT implication is likely to be. All guidance gratefully received! Many thanks in advance for any help you can give. Ladycub
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November 26, 2014, 11:13 am
I run a small Joinery buisness and I'm in a partnership with my wife who does the admin and we are not a Ltd company.
We are currently looking into buying a new van, which will be a panel van and buying outright so no lease etc.
Am I correct in thinking If we buy the van before the end of the financial year we can offset 100% of the cost of the van against our tax liability under the "Annual Investment Allowance" in the current financial year?..........
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November 26, 2014, 11:26 am
Just got this for 1st time...I pay some higher and standard rate...so how does it work out my overall is 22%? thanks
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November 26, 2014, 8:32 pm
I am starting a new business in Toronto and would like to know which financial management advisory board to consult in Toronto for proper financial management and proper guidance. A few of them have suggested KPMG, any good suggestions?
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November 27, 2014, 12:49 am
I have for years been self employed, work took a big dive and I've had to take a part time job
Question is.....what's the best or easiest way to allocate my tax code? Both jobs together will be around the tax thresh hold, maybe a little over. I don't want to to pay emergency tax on second job and claim it back (as I need it now)
What's the best thing to do please?
eTA if in wrong forum, please advise
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November 27, 2014, 3:28 am
Hi,
I am on Tax Code OT (for my salaried job) and am also self employed.
Tax comes off my salaried job @ 20%.I earn less than £1000 gross/mnth.
I usually get tax back on completion of my annual self assessment but was wondering IF i am on the correct code?
Would prefer not to wait each year for tax back.
Can i move onto a code that would mean paid tax free for my salaried work?
Thanks in advance
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November 27, 2014, 4:07 am
My son, now working, is paying me an allowance towards food and a contribution towards utilities. Is this income taxable? Do I need to declare it on my tax return?
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November 27, 2014, 5:40 am
Hi all,
I'm helping Polish investors to buy a BTL in England. They've asked me about paying tax from their rental income. So I googled it, read a lot on HMRC website, but it is still not clear for me. Please help me to understand.
How I understand it is that non resident landlord can apply for "approval to receive rental income with no tax deducted"
1. If Polish landlord doesn't apply for the approval, a lettings agent will calculate the tax on 20% rate and pay the tax to HMRC.
2. If non resident landlord gets the approval and informs lettings agent about it then he will get gross rental income paid by the agent. But what's next? Is the landlord then obligated to complete a Self-Assesment Tax Return? Will he get £10000 tax free Personal Allowance then? There is a "Convention between the UK and Poland for the avoidance of double taxation". Does it change anything?
Thx in advance for any help. Cheers.
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November 27, 2014, 3:40 pm
I don't know if this is the right forum, and new taxes are never popular, however... with falling tax revenues on cigarettes and government spending on critical services falling, has anyone thought of a CCTV tax on CCTV cameras filming public spaces?
They are pretty easy to spot and, it would act not only as a source of income, but also as a break leaver on unnecessary cameras.
When you step outside your house, the average journey involves you being filmed by 300 cameras.
If each one paid 5 pound a month to the UK tax man, this would help slow the growth of cameras and provide extra income for our hard pushed government / NHS / emergency services.
I googled CCTV tax and there were no relevant results, nor on the better search engine duckduckgo.
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November 28, 2014, 3:19 am
Hi
My husband has been on the wrong tax code since April and this was amended in his November salary and is now correct. However, he only received a "refund" of around £79... if I look at his old payslips and compare how much tax he paid and how much he should have paid, he overpaid by much more than £79... before he rings the tax office, I just thought I'd ask if this is usual? Will he get the tax back "drip feed" so to speak in each pay packet between now and April or should it all have been refunded in one go?
Thanks for any help.
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November 28, 2014, 8:10 am
Hi,
I work for a small company with 1 director and 4 employees, there is discussion that we may start to be paid dividends with no salary at all sometime next year.
We will each have a set percentage of profits paid to us each month as dividends. This will apparently be better for us because the company won't have to pay employers NI, so we get to keep more, and apparently we don't have to pay tax or NI ourselves.
We've been told a new share class will be made that we will then be given a set number each.
Firstly is this even possible? No tax + NI sounds odd.
Is it common?
If HMRC takes a dislike to it who would be liable?
I probably haven't been clear enough, so just say and I'll try to explain better.
Thanks,
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November 28, 2014, 10:23 am
Last year, I worked in the UK and I have been granted a bonus of GBP 3500 on my salary of GBP 2500 a month.
Can somebody explain me how much should be deducted for taxes and national insurance. I read in another topic that I should be paying NI 12% over one part and 2% over another.
Thanks.
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November 28, 2014, 1:14 pm
In April, I signed up to pay my Class 2 NICs by half yearly direct debit for the 14/15 tax year onwards. This is my first year paying, as I have used a small earning exemption in past years.
I see they've now withdrawn the Direct Debit option, but will leave it in place for existing users.
When do they take the payments? Do I get a demand/bill prior to the payments being taken?
The only correspondence they sent me was a letter that didn't actually make any sense, except saying they'd take £2.50(ish) in July 2014 for the final week of the 13/14 tax year (which they never took from my account).
Can anyone answer my query before I spend a lifetime on the phone to call HMRC.
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November 28, 2014, 5:05 pm
I'm a programmer for a company and from time to time I'd like to finish my work off at home. Or even work from home from time to time (Which my job allows).
What I want to know is, if I buy a laptop to do the above can I claim back vat?
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November 29, 2014, 3:24 am
Hi
I have just received a letter form a collections agency to say that I owe HMRC £717.75. This is new to me as I have not received any letters/communication from HMRC. My Government Gateway account shows that I owe nothing and there are no messages.
The amount they say I owe has been broken down into:
2009 - £147.75
for each year 2010 to 2013 - £143
From 2009 to 2012 I was self employed
From April 2012 to April 2014 I was on PAYE
I am going to phone HMRC on Monday , but was wondering if anyone can shed any light why I have received this unexpected demand form a collections agency.
Thank you in advance for your help.
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