December 6, 2014, 2:23 am
1st of all, im not sure if this is in the right section but here it goes anyway.
I was sacked in 2012 from my job in the October time. i didnt work again in that financial year but in the job i paid nearly 2000 in tax (from what I can work out/remember) ive never worked again till june this year and apart from a few months on the dole i havent claimed any benefits and lived on what money i had saved up.
Im just wondering where my 1st step is to reclaim back some of the taxes that I paid that year
Any help or information would be fantastic.
Nick
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December 6, 2014, 3:03 am
Says they can't trace my tax records and to send in my NI number! Been paying tax for 45 years...got recent letters about my tax code and UTR number. Seems to be a muddle.
Even worse, I'm told to send the form back to the address on the first page - no address given. More a shambles than a muddle.
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December 6, 2014, 3:32 am
Sent letters to HMRC in July and October 2014 requesting a tax rebate. I wrote the letters on behalf of my son but he signed them. His earnings details for 2013-2014 (£3863.26); Tax paid (435.88); claimed JSA for about a month (no documentation); enclosed P60s from employers (3 of them). Have confirmation of posting as proof. No reply at all. He has tried phoning HMRC twice, but gave up after waiting for over an hour. Who does he complain to? Surely this is not right. He is in full-time employment and has been for the whole of this tax year.
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December 6, 2014, 6:17 pm
I have had several people telling me different things, none of them really have a clue and it doesnt help.
Basically from what I understand it in the UK, if you are currently earning under £10k you do not pay any income tax.
The second you go over £10k you start paying income tax at 20% up to £31,865.
Now from what I have been told if you earn over £10k you are taxed 20% on the full amount, so my confusion is:
If you are in a job and you are paid £9,999 per year, you are not taxed, fair enough... But if you then receive a raise, and you earn £10,001 you are then taxed on the full amount, meaning that you would be left with less than you had before the raise! You would come out with about £8k instead of the £9,999 previously.
Please tell me that I am looking at this incorrectly and that you are only taxed on the £1 over the £10,000 meaning that 20% would be taken off the £1 over the £10k, leaving you with £10,000.80p
I really hope this makes sense and I hope someone can clear this up for me.
Thanks very much! :)
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December 7, 2014, 2:42 am
Hi there,
I have sat down to complete my tax filing and find that one of the supplementary forms which I have to complete is not supported by HMRC software. Their website tells me that I must purchase a commercial software package and they helpfully provide a long list of providers.
Does anyone have experience of any of these providers and perhaps could make a recommendation please?
The only other option that I have considered is to download the form that I require as a pdf, complete it and then submit as an attachment, but I don't know if this would be accepted by HMRC, any thoughts?
Thank you
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December 7, 2014, 4:57 am
I'm preparing to fill in my SA and have received an Annual Tax Summary 2013-2014. In the Employment section of the SA it asks for Pay (from P45) can I use the 'total taxable income' from the ATS?
"Box 2 Uk Tax taken off pay in box 1" is that the 'Total Income Tax" box? Which in my case is 20% of 'an amount' which is the same amount as the amount I pay tax on (as stated on the ATS). This is taxable income minus tax free amount and other allowances, deductions and expenses.
Do I need my P45 if it's all on my ATS?
Do I need to check the ATS or am I assuming this is all correct?
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December 7, 2014, 5:04 am
I am preparing to fill in my SA. It is not clear whether I have to fill in tax from savings. The government's advice here
https://www.gov.uk/apply-tax-free-interest-on-savings makes it clear that I don't have to pay anything as I'm a 20% tax payer. The form seems to ask for the information and now I'm confused. I hardly had any savings as I was trying to pay off my mortgage. I suppose by untaxed UK interest etc they don't mean ISAs?
I do have rental income.
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December 7, 2014, 5:43 am
I heard a rumour somewhere that from 2015/6 a spouse or partner who has unused personal allowance will be able to transfer a small amount to reduce the other's tax bill.
Is this really true, and, if so, will pensioners be entitled to use the new relief? How would claims have to be made?
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December 7, 2014, 1:58 pm
Hi,
I've been self employed for 2 years and this coming January I'll be doing my SA myself.
I know what I can/can't claim on I'm just not 100% on how it works.
The way (I think) it works is by working out my percentage of works miles compared to private to work out the rest.
So, let's say my work miles are 40% of my annual miles do I apply this 40% to my Insurance, MOT, Tax, maintenance of the car?
So, 40% of all my car costs are possible to claim?
Is this correct or wrong in anyway?
Also, if the 40% is correct do I need to work out how many miles I've done and claim 40p (up to 10,000 miles) for that to fulfil the 40% of car claims?
Thanks in advanced!
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December 8, 2014, 2:07 am
My parents jointly owned a property in Spain (Benalmadena - Costa del Sol). Sadly my father died in July leaving his half of the property to my mum.
We are having a nightmare in terms of the inheritance tax (not unexpected) but were wondering if anyone had any advice as to how we should proceed in order to minimise tax going forwards?
1) is it better to keep the property 100% in mum's name?
2) is it better to transfer some (what percent?) into the names of the children (myself and 2 siblings)?
Also, even though my dad left a will transferring the property to my mum, is this still applicable under Spanish law? I have heard that all direct family will potentially get a share. Does this mean that his 50% will be transferred to his children and/or my mum and we'll have to pay inheritance tax separately?
We're trying to work out the most tax efficient way of doing this - now and when my mum dies in the future.
What tax is payable? What is the process for doing this and do we need to go to Spain to register for an IE number?
Any help / advice would be greatly appreciated.
Many thanks
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December 8, 2014, 3:19 am
I have roughly completed my tax return but have a query before I submit it.
I only have £1,100 left to pay on my student loan but on my tax return I will have to pay £2,300 for my student loan. I guess I pay this to HMRC who then pass it onto the Student Loan Company who will then refund the difference.
Does anybody have any experience of how long it takes for the student Loan Company to refund you or if there is any other way around it for example:
If I ring up the Student Loan Company and fully repay my loan, could I then put on my tax return that I dont have a student loan therefore have nothing to pay towards it?
Thanks in advance
Paul
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December 8, 2014, 1:14 pm
I have recieved a second income letter for the hmrc asking me to declare any 2nd income.
I've been in the same job for nearly 3 years on PAYE - and don't have a 2nd job?
Should I be worried??? Has anyone else had one of these??
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December 9, 2014, 12:58 am
Morning!
I've read through several articles about what can & cannot be given that is not liable to Inheritance Tax. However, all these article seem to relate to the giving of money.
I'd like to know if my father can buy me something and give it as a gift, e.g a new sofa or shed etc? Would the value of this item then be added to the amount my father has gifted, for inheritance purposes?
Thanks!
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December 9, 2014, 4:38 am
HI All
I'm filling in a tax return for my wife who is self employed (£20k turnover). She purchased a laptop for £1300 during the year which is used solely for her business.
Tax Return is being done on a Short Form Cash Basis, so am I correct that the full cost of the laptop goes into Office Expenses and we ignore it for Capital Allowances purposes?
Thanks
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December 9, 2014, 7:36 am
I have researched hard, to find quality information regarding gifts from surplus income.
I am now more than happy that, provided all rules are adhered to, it is not as "chancy" as it first appears and will be free of inheritance tax if done properly
What I cant seem to find , is, any info on weather the gift that is recieved then becomes taxable as income for the recipient.
Would be grateful if anyone knows , to reply stating your background knowledge, as I dont want to take any chances with this. Thanks all.
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December 10, 2014, 3:15 am
All,
It has taken months to get our pay deal sorted and now its sorted I may end up going into 40% tax bracket.
Question is how does it work? Does my March pay packet get fully taxed at 40%? Ie do I ean 11 months at 20% then the 12th at 40%?
Worried my March pay will be significantly lower than anticipated...
Thanks.
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December 10, 2014, 6:26 am
Hey All,
I was hoping someone would be able to help me understand my tax situation with a company car,
At the moment my wage is 27,000 and I pay 20% tax on that, I have been offered a company car that has a value of £20,380 and have been told by my employer I will pay 61.14 if I pay 20% tax and 122.28 if i pay 40% tax.
I am confused as I am not sure if i should be adding my wage and the value of the car (47,380) which would put me over the threshold for paying 40% tax.
Therefore would i be right in thinking i would be paying 40% or have i missed something?
Any help greatly appreciated.
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December 10, 2014, 7:09 am
Hi,
Sorry if this is a little presumptuous or in the wrong part of the forum?
I would really appreciate some help with the following taxable income query from one of the maths wizzes!
My package is as follows:
£40900.00 basic
£5755 company car benefit (320d ed business model company car not allowance)
No fuel benefit
I pay £50 a month trading up allowance.
I pay 6% a month into a salary sacrifice pension scheme (TAX and NI savings)
I buy 5 days a year of additional leave at 5/252th of my annual salary (TAX and NI savings).
At the moment its looking like I will have to pay around £170 a month for my car (ive managed to creep into the 40% bracket).
What I want to know is by how much I should increase my pension contributions to ensure that I only pay 20% tax on my company car benefit.
It seems silly be paying the car benefit at 40% when I can increase my pension (and thus decrease my salary via salary sacrifice) and reduce the car payment significantly.
If you require any further info please let me know.
thanks in advance!
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December 10, 2014, 8:34 am
I bought a camera in Hong Kong and ask them to ship it to UK. Fedex called and said they will need me to declare the value of the item for customs. I'm assuming that I'll now be tax for this? I'm a HK citizen so we don't normally pay taxes on our goods. The package already has the custom value written on it so I'm not sure why they are contacting me.
Would I be able to reclaim the tax for when I next leave UK?
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December 10, 2014, 9:29 am
Hope someone can help me.
My stepfather and my mother (Both 85) share a house worth about £200,000 (£100,000 share each) My mother also has a house in her own right, worth about £325,000
My stepfather also has savings of about £12,000 and my mother £17,000
To us all, it seems a little complicated in regard to IHT, and they are worried about the burden of IHT to my brother and myself.
Any advice greatly appreciated.
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