January 27, 2015, 4:42 pm
Hi there,
Apologies for my ignorance in the matter but I'm new to this!
I finished my tax return and my income minus my expenses is less than the personal allowance of 9400, yet when I go on to file the return I'm still charged around 150 for taxes. My situation is completely straightforward too - no investments/pension etc. Literally entering my income as a musician minus my expenses. Does anyone have any idea why this is happening?
Any help is greatly appreciated! Once again excuse my ignorance!!
Thanks,
Dave
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January 28, 2015, 1:18 am
Just checking, formed a Ltd Company in Jan 2014, but did not receive any monies until May 2014. Do I need to complete a personal tax return for 2013/2014? If I don't what will happen?
Thanks - very new to all of this!
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January 28, 2015, 1:51 am
Hello everyone,
I'm hoping that someone can help with this:
I started a new job this month and have just had my first wages payment and payslip and I think my Tax is wrong.
Total Gross Pay: 2077.00
Gross for Tax: 2077.00
Earnings for NI: 2077.00
Deductions:
PAYE Tax: 415.40
National insurance: 169.92
My tax code is 997L which I also had at my previous employer. But now I have looked into this I believe that it should be 1000L? Anyway, that £415.40 of tax is a lot more than I was expecting to pay.
I would be extremely grateful if someone could help shed some light on this :).
Regards,
Pinchy
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January 28, 2015, 3:29 am
Hi does anyone know if i can claim for a car i bought on finance which i use for business purposes. I bought it last year from the garage for £7000 but the loan was actually £13000. The monthly costs are £286 (repayment of the loan). How do i put that down on the tax form?? What can i actually vlaim for if i use it for 100% business? thanks
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January 28, 2015, 3:55 am
My parents would like to send me a sum of money (about £50.000) from abroad as a deposit for a flat. Would I need to pay tax on it and what information will the bank need? Will HRMC be notfied of the transfer?
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January 28, 2015, 4:02 am
Hi there I have worked out my income and expenses as usual for the tax year 2013-14 and ready to submit once this bit is cleared. My accountant a few years back said I could only put solicitor fees n legal fees for my business premises through when the property is sold and not that current tax year. This tax year now, I had plans drawn up for converting my premises to two flats and selling it as such! I had environmental searches too! Do I put a percentage of these through this year or do I leave til it sells which will now be tax year 2015-2016 most probably! Thanks in advance!
Was she right in saying I out all my purchasing fees and legal fees from when it was purchased in 2008 through when it sells. Due to divorce I am selling it at 20 k loss too! Thank you x:)
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January 28, 2015, 4:42 am
I have 2 questions emanating from my situation as follows:
Oct 2013 - April 2014 - I was given a company car and my tax code changed to 2319 (or something close) from the full allowance to account for this benefit.
May 2014 to date - Receive a car allowance to fund my own car, claim mileage allowance from employer and can claim tax relief also (for the difference between what my employer gives and what I can claim). From 1st May my tax code did not go back to 10000, it changed to and remains at 7199 (to account for some of the tax I hadn't paid?).
Q1: When will my tax code revert back to giving me full tax free allowance? HMRC were very vague about this, how I can work how much tax I should pay for the time I had the company car and challenge them?
Q2: I have registered for self assessment in order to claim (over £2,500) of mileage tax relief come the end of this tax year, how will I receive this allowance (via an adjusted tax code?) and when will I actually receive it in all likelihood? Is there any way of speeding this process up to see the benefit now?
Many thanks.
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January 28, 2015, 4:46 am
the 2013---2014 self assesment confuses me,,, example it says you owe say 3000 pound then says pay 2500 pound now,,, and it says to pay 500 pound in july,,,, but i seem to remember last year thay asked for 3000 by the 31st of jan,,, so what amount is it ?
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January 28, 2015, 4:59 am
Does any know if redundancey is taxable. I thought it was not but could be wrong.:T:T
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January 28, 2015, 7:27 am
Hi, I am a foster carer with my wife but we receive payment in my wife's name only I have been told by the tax man that I should still class myself as self employed but just looking for work and to keep paying my stamp which I have been doing for over 5 years now I have got over 35 years NI payments so can I stop paying now or do I have to keep paying until I retire at 70.
thanks in advance for any advice.
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January 28, 2015, 7:41 am
Have just received an underpayment tax demand for £252 from HMRC. I am currently un-employed but do not get any benefit as OH works part time. We are currently living on less than £600/month. Called the HMRC help line and after being sent from pillar to post they just cut me off the phone call!
What to do next as we obviously can't afford to pay this even if they did it as a monthly payment (could you live on £600 a month?) Is there a department that deals with this at HMRC?
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January 28, 2015, 10:03 am
For year end Mar 14, I spent 2 months doing nothing, 3 months claiming JSA and the remainder as self-employed. I registered as self-employed and have paid Class 2 NICs which totalled £72.90.
I'm just completing my tax return and the calculations have added Class 4 contributions @ 9% (total £795).
I couldn't see anywhere to input the Class 2 that I have already paid.
Should I be paying both Class 2 & Class 4?
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January 28, 2015, 10:06 am
Hi I need some advice on tax returns & P11Ds and the way they work.
Am I right in saying that P11D benefits will be taxed through PAYE code if you're employed through a company?
If you require a self assessment tax return (not paid through PAYE) you need to declare your P11D benefits and pay tax on it at the end of the year?
What if you require a self assessment tax return however have benefits in kind, from employment paid through PAYE? (would this have been deducted through my tax code or do i need to report my P11D benefits on my tax return again?
If I am talking nonsense, could someone advise me on the relation between P11D and self assessment tax returns.
Thanks for any advice
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January 28, 2015, 12:01 pm
Last minute.com I know but currently doing hubby's tax return. He's employed in the military and for 3 months last year he did 3336 miles travelling to a temporary job. The mod have paid 2225 miles at 25p, but i'd like to claim the difference unto the 45p rate and the missing mileage. It's a total of £1501.20 rather than the £556.25 he's been paid. Just wondered if anyone can point me in the right direction on where to put the claim in the self !!! online form please?
Many thanks
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January 28, 2015, 12:39 pm
Hello, hopefully someone can help.
I registered for SA back in September and got my UTR code.
I have calculated the tax I am due to pay and just went to log in and submit my assessment and pay the tax due.
However, it says I have to register for online access. I thought this was what I had done. It now says it will take a week for my access code, which will take me over the deadline.
Is there anything i can do?
I know I should have done it sooner, but there were reasons why I couldn't and I thought I had time as mine is such a simple return.
Any help would be greatly appreciated.
Cheers
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January 28, 2015, 1:00 pm
i know it's late, my fault blah blah, however trying to complete the online tax self assessment. We sold a second property in 2013 I know we have to state the gains we made when we sold it. However nowhere does it state how we go about splitting the gain between the two of us. The property was in both our names so we are both entitled to the £10,900 tax exemption, but I just can't see away of stating that. It states to put in the purchase price and sale price then that's your gain fair enough, but how do say that half that gain is mine and half is the wife's? I rang HRMC only to find the guy knew nothing about CGT and no one was available who deals with it. I intend to ring again tomorrow, but I am sure there is a knowledgeable person to help he out. Please don't start shouting I should have done sooner, I know that, but any help would be appreciated, thanks.
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January 28, 2015, 2:18 pm
I have a question around my tax return
I am employed and taxed through paye however because I have a buy to let property (which currently is unoccupied and so does not make any money) I need to complete a tax return
When I enter the details on my P60 then it shows that I still owe some tax- so it looks like the standard deductions have not been taken correctly or the tax code is wrong which means I may have underpaid
The reason that this is from what I can see is because I have gone over the higher allowance threhsold and I understand that your personal allowance reduces by £1 for every £2 you go over the high income allowance
However the only reason I have gone over that is because I sold some company shares which were paid through my salary and taxed through PAYE
Now should I enter the amounts on my P60 minus the shares amount so it shows income as less than the threshold and therefore personal allowance is not reduced and declare the shares separately or are share sales and employed income treated in the same way and added to your total income and therefore it does not make much sense splitting these up?
Any advice would be appreciated
Also am I supposed to mention my NI contributions anywhere on the tax return ?
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January 28, 2015, 3:56 pm
Hi there
I'm self-employed and filling in my HMRC tax return.
The redundancy package from my previous employment falls into the relevant tax year, and I'm not sure what components I need to declare.
I received:
- all salary up to the leaving date
- pay in lieu of notice (2090.00 GBP)
- compensation payment (3850.00 GBP)
My redundancy agreement states the following:
1) The Employee will declare and account to HMRC for any income tax due in respect of the Benefits.
2) The Compensation Payment (inclusive of SRP) will be provided to the Employee without any deduction in respect of tax or National Insurance contributions.
3) The Company makes no warranty as to the taxable status of the Compensation Payment and SRP and accordingly, the Employee hereby indemifies and agrees to keep the Company indemnified against any income tax and National Insurance contributions liability.
My P45 form states the 'total pay to date' and 'total tax up to date', but it doesn't look like it makes mention of the redundancy package.
The HMRC Self-Assessment form contains a question under 'any other income' asking whether I received any employment lump sums etc.
Which components of my redundancy package do I need to declare here?
Thanks!
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January 28, 2015, 7:37 pm
During the tax year 2010/2011 I started working as a sole trader in the field of video production. I created this little company and I have been filling in the online self assessment form with the financial details every year. The company has had very little income and each year had made losses. This is because major unexpected family commitments took up most of my time. Those commitments are in the past now and so I think that this year the company will have income.
My question concerns whether or not I have recorded these losses correctly so that I will be able to claim them against tax in the current tax year and future tax years.
After putting in figures for expenses and Annual Investment Allowance I have a figure for Net business loss for tax purposes:. This appears on the online self assessment form for 2010/2011, 2011/2012, 2012/2013 and the current 2013/2014.
In past online forms 2010/2011, 2011/2012, 2012/2013 there was a field titled Total loss to carry forward after all other set-offs including unused losses brought forward: and I put in a cumulative figure there, so in 2010/2011 I put in the amount that was in Net business loss for tax purposes: and then in 2011/2012 I put in the amount in Net business loss for tax purposes: for 2010/2011 and 2011/2012. In 2012/2013 I put in the sum of all three of the Net business loss for tax purposes: figures over the three years. I dont know if this was the right thing to do. Anyway in 2013/2014 the field entitled Total loss to carry forward after all other set-offs including unused losses brought forward: has disappeared so I cant put anything in that one anymore.
My own reckoning is that surely as I have a net business loss for this company recorded in the 2010/2011, 2011/2012, 2012/2013 and current 2013/2014 returns then surely I will be able to claim that against tax on profit in the future and it doesnt matter whether or not there is a cumulative figure recorded in each return somewhere.
Am I right in that or is there anything I need to do to ensure I will be able to claim these losses against tax on future profit?
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January 29, 2015, 12:35 am
Hi all
Just wondering if anyone would be able to help out with the following query. I've phoned HMRC and whilst the lady I spoke to was nice, she wasn't able to really help me.
I've been filling out my self assessment (first time doing it - I have to because I've joined a work partnership).
My query relates to the treatment of my student loan repayments. The calculation adds on £653 for student loan repayments, when I've paid £3,243 back on the student loan. Does anyone know why it has done this? I've copied below the bit from my calculation.
Is it because I have only paid the basic rate of tax on my loan and have to pay the 40% rate?
Many thanks for anyone who is able to help!
D
Income Tax charged £13,954.20 plusUnderpaid tax for earlier years in your tax code for 2013-14£48.72 plus Student Loan repayments£653.00 Income Tax due£14,655.92minus Tax deducted From all employments£14,093.00
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