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self assessment paye coding notice

December 3, 2014, 9:33 am
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I'm trying to complete my self assessment online. I've come stuck at this -


Our records show that your 2013-14 PAYE Notice of Coding includes an adjustment for tax underpaid. Please complete the following question(s).
Underpaid tax for earlier years included in your tax code for 2013-14:


£0.00


If this figure is not correct, select 'No' and you will be given a chance to amend it below


I'm looking at my PAYE CODING NOTICE 2013-14
but I'm seeing nothing helpful - certainly no adjustment


Any advice would be appreciated :)
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P50 confusion

December 3, 2014, 9:45 am
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Hi there,

I've just returned to full-time education as a PhD student and I'm trying to claim tax back from my previous job.

As part of my PhD post I receive a tax-free stipend, but I am a little unsure of how to declare this on the online P50 form. Part of the form asks: Have you received any income since leaving your last employer?

Basically, my question is, do I just click 'no' as the stipend is tax free or do I click 'yes', list that I am receiving the stipend and then click 'no' when asked whether I am paying tax on this amount?

Thanks for your help :)
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MSE News: Personal tax allowance to rise: Autumn Statement 2014

December 3, 2014, 10:27 am
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Rental income - allowable expenses?

December 3, 2014, 11:24 am
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Hello everyone
Quick (I hope) question on allowable expenses against rental income.
I had two rental properties. Sold one last year. Still have the other one, so rental business is continuing. Am about to do my S/A for the tax year when the second property sold.
Can I claim the legal expenses of disposing of the sold one against the rental income for the year?
Thanks!
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20/40% Benefit In Kind Tax

December 3, 2014, 2:56 pm
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Hi All,

Hopefully this isn't a really silly question, but understanding income tax is a bit of a dark art to me!

Here's the situation...


My sister recently moved up to the 40% tax bracket and am trying to understand the impact on her salary. She is in full time employment.

She now gets £47,000 pa from her employer, or £3950 per month taking her into the 40% tax bracket. The question arises around a number of items deducted from her salary which are:

Pension (taken from her salary as part of the company pension scheme) ~ £150 per month
Purchased Holiday (she 'bought' a few extra days of holiday as part of a company scheme) ~ £35 per month
Self-funded car leased through her employer ~ £330 per month


This all reduces her salary to £3435 per month, or £41200 per year.

My question is, is her taxable income £3950 per month, or £3435 per month? I ask because if she is in the 40% bracket, then the benefit in kind tax on her car would increase to £1800 from £900.

If her taxable income is £3950 then clearly she's in the 40% bracket, and would need to pay Benefit in kind tax at 40%, however if it's the deducted amount of £3435, then is she better off either buying more vacation, getting a more expensive car (!), or putting more money into her pension to remain below the 40% threshold and therefore only paying 20% BIK tax on the car?

I told her it sounds like she's definitely in the 40% bracket by virtue of her gross income, but I wanted to check.

Hopefully I've provided enough information, but if you need more, please let me know.


Thanks in advance! :beer:
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online accountancy

December 4, 2014, 3:28 am
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anyone used any online accountants ? recommendations etc. ?
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Checking HMRC Tax code re-calculation

December 4, 2014, 5:36 am
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Hi all,

Am chopping in my company car and have told HMRC, is there anyone on here that can check the calculations to make sure what they are doing is right please?

Current car in use fully from start of this tax year up until 10th Dec 14.

Cars taxable value is £4596 / Current tax code 533L.

They have divided the £4596 by 12 I think and multiplied by 8ish to take me up until 10th Dec, the result was £3135 taxable value.

And then increased my tax code by the difference to 679L.

Next year it'll shoot up to around 1000L I'd imagine.

Is this right? I can't quite get my head around still paying tax on the car until next April :o In my mind, I should have been paying the 679L tax code previously as well from April for this to work out properly?

Thanks.
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Latest Schedule D Tax assessment??

December 4, 2014, 5:58 am
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Help!!
I've been self employed since 12/05/14, I have a UTR code and am exempt from class 2 NI contributions because of the small earnings exception certificate.
Today I received a form to fill out in order to continue receiving a council tax reduction.

On it it asks "Do you have your latest schedule D Tax Assessment?"

I'm not sure if I have it or not, or even if i've applied for it!

Am I right in thinking I dont have to apply for it as I'm on the small earnings exemption?
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Which year end accounts for 2013/14 tax return ?

December 4, 2014, 8:10 am
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Hello all

Can you tell me - my accountant usually gets my year end accounts for my small business with the details for my tax return info due shortly. This year I have been very busy with family matters and my business year end account ( to July 31st 2014 ) are not ready for him, although he has already done my business accounts to July 31st 2013. I'm a self employed sole trader and my business is not incorporated.

Am I right in thinking he only needs my tax return info as all he needs to declare on my behalf is income received which will include my accounting period to July 2013 ? :o

I have to be honest and say this is making my brain bleed...sorry to be dim
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I missed the Oct deadline

December 4, 2014, 10:36 am
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Urgh. I've been working for myself for two years and last year had an accountant do my tax for me. Now I realise Ive missed the deadline and will have to do it online by the 31st of January. Dumb question, but can I get an accountant to do this for me?
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Holiday Let-can I claim for washing?

December 4, 2014, 12:51 pm
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I have a holiday rental in the UK. I pay a lady to clean but I collect all the washing (bedding and towels) each changeover and wash and iron it. It takes 6 loads of washing and then a couple of hours to iron.
If I took it to a laundrette it would cost me £30 to have done. I have claimed a flat amount of £5 per changeover against my tax (along with other things), made this amount up off the top of my head-it must cost me much more in power/ soap/ water etc. Does this sound reasonable? Is there a proper way to work it out?
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Cost of getting a car through my limited company

December 4, 2014, 2:04 pm
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Hi All,

I've read a lot of the forums here, been to a lot of leasing pages on the internet but cannot really understand the full picture.

We've go a lot of cash retained in our company - both myself and my business partner are looking at the option of a company car /business leasing but cannot understand the TOTAL cost to both company AND director as there's a lot of talk about capital allowance, vat reclaim, calculators.

Can someone use an example (any) to show me i.e: If you buy a BMW X3 MSport via business leasing, who pays what in the example below and whats the cost to the company and to us (we're on 8k PAYE + 60k dividends per year). Is there any tax relief/benefit to doing it this way? My accountant said it's not really worth it.


X3 MSport example
£370.58 + VAT
per month (36 months)
£2223.50 + VAT
initial payment

Payment profile : 6 + 35
Annual mileage : 10000
CO2 band : E (131-140 g/km)

Many Thanks
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What raised flags for the tax man?

December 4, 2014, 5:59 pm
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Hello all,

I used to be regular reader at the forum but since leaving the UK, I have found the information here becoming less and less relevant for me.

Any way. I live and work overseas. I am not domiciled in the UK (at least I would not consider myself to be) and I am certainly not tax resident as I spend less than 90 days each year.

However, I have maintained a UK bank account for many years and I like to park some savings and do some investing. I am curious if my activity would ever raise flags with the tax man, and what sort of risks may crop up.

In the coming years, I would like to be saving/investing a good amount of money in my UK account. The could be fairly sizable (perhaps larger than a normal full time salary). Would the accumulation and regular transfer of money cause any alerts to be made to HMRC? Would there be a chance the funds would be held?

Just to be clear. 100% of this money is earned legitimately and appropriately taxed in the proper jurisdictions. Before I start placing the bulk of my savings/investments in the UK, I would like to know if there would be any taxes liable. Or if there are certain activities that may raise more eyebrows than others, and then I can inform my bank prior to making any large transactions.

Thanks for the feedback
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SE short tax return help

December 4, 2014, 9:23 pm
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Hi

I registered as self employed from 01/01/14 . I complete projects researching listed companies and the financial markets . Although I had a provisional agreement for a contract I only recently agreeed a fee and submitted an invoice with company for work started from jan 14 . It has been agreed to be paid up to date at the end of dec 14 and then at end of mar 15 once work complete.

How on earth do I account for this on my SE 2014 end tax return.
I had costs of £1825.00 but have not received any income as yet

Help appreciated

Mark
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How to Profit Tax Liens

December 4, 2014, 10:49 pm
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Just anybody can tell me how? I have been hearing rumors about profiting on your taxes
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trading losses

December 5, 2014, 4:13 am
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I'm in a partnership with the missus as we run a smallholding business that doesn't turn much of a profit, in fact a loss in the past. Previously I had a PAYE job and was hoping to set off the losses from one to the other and get some tax back, I have managed to do it for last years return but don't seem to be able to do it before that, can I only go back one year?
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Incorrect taxing of state pension

December 5, 2014, 6:14 am
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Is anyone aware of this anomaly.

State Pension is paid 4 weekly by DWP but they advise HMRC of the payments as if they are weekly.

Thus I was taxed on the state pension payment I received in the new tax year 2014/15 as if I had received it in the old tax year 2013/14. HMRC say they use the data provided by DWP so not their problem. DWP information is based on weekly payments regardless of the payment date.My attempts to change this attitude have so far failed


It would appear that government are ignoring the accepted principle that you only pay tax on the money you receive in the tax year.

Anyone had this problem? Do I have to accept the situation.
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Owe axman miniscule amount. How do they handle?

December 5, 2014, 8:14 am
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Accountant has calculated that amount underpaid for this tax year is exactly 4p.
Do they seriously expect a cheque to be sent before the end of January for this amount or do HMRC have a specific commonsense policy for dealing with such trivial amounts which either result in it being written off or deducted from income in some other way?

Does a cheque HAVE to be weitten or would they accept coins or four x 1p postage stamps ??
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Cutting tax on my house rental income !!

December 6, 2014, 1:19 am
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I am looking to move abroad (Qatar) for work next summer and will rent my house out for about 5 years. I still owe about £60000 in mortgage:

1- Will my rental income be taxed at 20%? if not taxed, as non uk resident, do I have to file a tax return yearly? (that will be a pain as I am not in the UK so will have to pay an accountant

2- I can pay my mortgage off before I go but will i better off keeping it to offset the tax bill, if any. My mortgage deal is good at 0.5% above BE rate for life.
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Newly self employed help with HMRC

December 6, 2014, 2:20 am
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Hi I was PAYE until the end of September this year - I registered as self-employed on 24 November and had no earnings in between. I haven't received my UTR as yet - do I complete a self assessment for the year 14/15 in January based on my employment and small earnings since registering as self-employed?
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