Could anyone please advise on completion of a self assessment form. I am wishing to claim tax relief on excess business mileage. Previously i have used a p87 but the mileage this year i wish to claim tax relief for is above 10,000 miles. Which section of the hmrc should i put this figure. I havent a clue!! Many thanks
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Tax relief on excess business mileage
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Quick Company Car Question
Hi,
I was told by a business lease company that I can avoid the benefit in kind element of a company car if I allow my limited company to take out the lease (which is always a better rate than a personal lease) then make a direct debit transfer once a month to my company for the same amount the lease is costing.
Is there any truth in this?
Cheers
I was told by a business lease company that I can avoid the benefit in kind element of a company car if I allow my limited company to take out the lease (which is always a better rate than a personal lease) then make a direct debit transfer once a month to my company for the same amount the lease is costing.
Is there any truth in this?
Cheers
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2014-15 Income Tax & Pension Contribution
I feel that the Inland Revenue are giving me false information, so any advice would be gratefully received (even if it proves me to be wrong)!
P60 Information:
tax pay = £50615
tax code = 1010L
I then made a separate one off pension contribution of £520. How much tax relief should I receive as a result of the pension contribution please?
Thanks in advance for any help.
P60 Information:
tax pay = £50615
tax code = 1010L
I then made a separate one off pension contribution of £520. How much tax relief should I receive as a result of the pension contribution please?
Thanks in advance for any help.
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Tax Reference Nos. for HMRC Tax Claim
I am completing an R40 Tax Claim Refund form for my husband for tax paid on interest on our joint building society account. On the top it asks for the Tax Reference but as this claim is on behalf on my husband and he has two tax ref nos. for 2 separate pension annuities which are both dealt with at different tax offices, which tax reference do they want?
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Taxable Company Benefits
Hi all,
I'm just returning contracts for a new job. The position comes with company benefits, notably medical/dental insurance. I know that I am liable for the tax on the company's contribution for this benefit, but how is that calculated? I've had company provided healthcare before, and have never noticed any additional tax going out..
There are different levels of healthcare at different prices to both myself and the company, and I'm just trying to work out what's worth it.
Thank you!
I'm just returning contracts for a new job. The position comes with company benefits, notably medical/dental insurance. I know that I am liable for the tax on the company's contribution for this benefit, but how is that calculated? I've had company provided healthcare before, and have never noticed any additional tax going out..
There are different levels of healthcare at different prices to both myself and the company, and I'm just trying to work out what's worth it.
Thank you!
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Personal Allowance question
Hi
Very hard to find answers to this. I anyone could help?
Facts:
Not earned anything in this current tax year and started new contract on 10th Sep which terminates end of Dec
How is my unused personal allowance reflected in my first pay. Will I be taxed at all? My code I assume will be 1060L. Earn £300 per day
Any info gratefully received
Very hard to find answers to this. I anyone could help?
Facts:
Not earned anything in this current tax year and started new contract on 10th Sep which terminates end of Dec
How is my unused personal allowance reflected in my first pay. Will I be taxed at all? My code I assume will be 1060L. Earn £300 per day
Any info gratefully received
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Reclaim tax on expenses as PAYE work
Hello
I do some regular teaching at a university, (around 20 days per year), and it requires a 2 hour train commute to get there.
As the teaching is part of the core syllabus, the university have assigned me a PAYE status which is in line with HMRC policy. I also have a PAYE status for my full-time job and have opted to have the whole share of tax free earnings assigned to my main job.
Unfortunately the university does not assist with travel costs and I cannot claim tax back on my self-assessment form obviously.
This might be a total loss but is there any mechanism by which I can claim back something against my expenses to get there. I enjoy teaching and they want me to do more but financially it is unviable.
Thanks
I do some regular teaching at a university, (around 20 days per year), and it requires a 2 hour train commute to get there.
As the teaching is part of the core syllabus, the university have assigned me a PAYE status which is in line with HMRC policy. I also have a PAYE status for my full-time job and have opted to have the whole share of tax free earnings assigned to my main job.
Unfortunately the university does not assist with travel costs and I cannot claim tax back on my self-assessment form obviously.
This might be a total loss but is there any mechanism by which I can claim back something against my expenses to get there. I enjoy teaching and they want me to do more but financially it is unviable.
Thanks
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thoughts on paye situation please
Looking for some advice, this is complicate so will try best to explain
OH left job March 2014 and started with new company lets call them AK on the books and gets paid fortnightly into bank never got a P60 for earnings for 2013-14, April 2015 got a handwritten p60 never got a proper copy like I get from my employer
Struggled to get pay slips from employer now and again got emailed a few weeks worth but has very little to cover period employed, they arevery basic just says top line less tax/ni and has NI number
Finished with AK 4 sept 2015 and Started with a new company got P45 today again just a hand written copy only page 3 which says for new employer to complete it has the wrong earnings it says 42k OH doesnt even make that in a full year , tax code 607L which I think is very low as OH has no company car or other perks and it says week no 59
Where do we start in dealing with this? OH has been trying to get away from this company for a while as the lack of paylisps always had us worried, we are now worried what if he hasnt been paying the Tax to HMRC will he be liable?
With baby on the way and moving house next week this is so worrying
Any thoughts or advice greatfully received at the moment OH hasnt put this P45 to new company we unsure if they will be sent a copy by ak
OH left job March 2014 and started with new company lets call them AK on the books and gets paid fortnightly into bank never got a P60 for earnings for 2013-14, April 2015 got a handwritten p60 never got a proper copy like I get from my employer
Struggled to get pay slips from employer now and again got emailed a few weeks worth but has very little to cover period employed, they arevery basic just says top line less tax/ni and has NI number
Finished with AK 4 sept 2015 and Started with a new company got P45 today again just a hand written copy only page 3 which says for new employer to complete it has the wrong earnings it says 42k OH doesnt even make that in a full year , tax code 607L which I think is very low as OH has no company car or other perks and it says week no 59
Where do we start in dealing with this? OH has been trying to get away from this company for a while as the lack of paylisps always had us worried, we are now worried what if he hasnt been paying the Tax to HMRC will he be liable?
With baby on the way and moving house next week this is so worrying
Any thoughts or advice greatfully received at the moment OH hasnt put this P45 to new company we unsure if they will be sent a copy by ak
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MoD Mileage Allowance
Hi,
I believe I can claim some money back and am hoping someone can advise. I've done some googling and keep coming up with two answers.
I'll keep it simple by rounding up or down.
My last appointment was less then 2 years and therefore temporary in the eyes of HMRC. During the second year I was required to travel 84 miles per day, 5 days a week. We get 8 weeks leave so that leaves 44 weeks. That means 18,480 miles in a year. The first year is more complicated so I'll just use year 2.
The MoD pays 24p per mile and I believe the HMRC allow 45p per mile up to 10k and 25p per mile after that. 10k x 45p = £4500 and 8480 x 25p = £2121 total £6621 vs MoD payments totaling £4435 which is about right from my pay statements.
My question is can I claim back the difference ie £6621 - £4435 = £2186 or should that sum be deducted from my pre tax salary and therefore I have overpaid £2186 worth of tax? If it's the tax option do the MoD payments effect what I can claim ie can I claim £6621 worth of tax back or as above?
From googling I get both answers. It's either the difference or the tax.
Any help greatly appreciated.
Ta
I believe I can claim some money back and am hoping someone can advise. I've done some googling and keep coming up with two answers.
I'll keep it simple by rounding up or down.
My last appointment was less then 2 years and therefore temporary in the eyes of HMRC. During the second year I was required to travel 84 miles per day, 5 days a week. We get 8 weeks leave so that leaves 44 weeks. That means 18,480 miles in a year. The first year is more complicated so I'll just use year 2.
The MoD pays 24p per mile and I believe the HMRC allow 45p per mile up to 10k and 25p per mile after that. 10k x 45p = £4500 and 8480 x 25p = £2121 total £6621 vs MoD payments totaling £4435 which is about right from my pay statements.
My question is can I claim back the difference ie £6621 - £4435 = £2186 or should that sum be deducted from my pre tax salary and therefore I have overpaid £2186 worth of tax? If it's the tax option do the MoD payments effect what I can claim ie can I claim £6621 worth of tax back or as above?
From googling I get both answers. It's either the difference or the tax.
Any help greatly appreciated.
Ta
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R85 Form bank interest
My wife earns below 10k and I earn above 40k a year., we both share joint accounts.
Would we be able to fill in R85 form to earn interest tax free on the basis of my wife's low income?
Would we be able to fill in R85 form to earn interest tax free on the basis of my wife's low income?
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UTR -am I correct
Is this the correct way to go about getting a UTR.
I completed a Self Assessment form on line and CIS form "just in case" as it is subcontractor work I will be doing, just over two weeks ago now. I haven't heard anything from HMRC neither email or post. Will it just arrive in the post and if so how long do I wait? I also noticed a "Self Employed" registration on the HMRC website - do I need to go through this form too or is the self assessment form enough. Thanks
I completed a Self Assessment form on line and CIS form "just in case" as it is subcontractor work I will be doing, just over two weeks ago now. I haven't heard anything from HMRC neither email or post. Will it just arrive in the post and if so how long do I wait? I also noticed a "Self Employed" registration on the HMRC website - do I need to go through this form too or is the self assessment form enough. Thanks
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Car lease and cellar conversion
Hi - I've been on another site to ask these questions but I either can't get a straight answer or they tell me to employ an accountant.
So - can anyone please help with the following:
I am a sole trader and also a partner in an LLP with my husband. We do not earn enough to meet the VAT registration threshhold.
As a sole trader I need a car for work. I am thinking of leasing a car and about 80% of the miles I will do (under 3K a year) will be for business - the other 20% for personal use. Can I claim 80% of the lease cost as a business expense and therefore reduce my profit?
Also, I need to convert my cellar to an office which will cost 5K. Can I claim any of this as an expense or will this cost me in Capital Gains Tax later?
I know that hiring an accountant would answer these questions but it would cost loads and my accounts are so simple otherwise.
Thanks
So - can anyone please help with the following:
I am a sole trader and also a partner in an LLP with my husband. We do not earn enough to meet the VAT registration threshhold.
As a sole trader I need a car for work. I am thinking of leasing a car and about 80% of the miles I will do (under 3K a year) will be for business - the other 20% for personal use. Can I claim 80% of the lease cost as a business expense and therefore reduce my profit?
Also, I need to convert my cellar to an office which will cost 5K. Can I claim any of this as an expense or will this cost me in Capital Gains Tax later?
I know that hiring an accountant would answer these questions but it would cost loads and my accounts are so simple otherwise.
Thanks
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CGT calculation on selling main residence- not so starightforward case
I have taken an offer on my house which I have been renting out since August 2012. I am going to try and list all the information relevant to try and get a rough estimation of CGT if any
July 1997- buy piece of land for £94,000 ( jointly with my wife)
January 2000- move into house after completing the build. Build cost was approx 135,000
Total cost of property 229,000
Selling price 650,000
Original mortgage 135,000
Outstanding mortgage approx 97,000
I've just had a thought when we moved into the house January 2000 it was not completed. We moved in because we was short of money. There was no driveway,landscaping, only 1 bathroom out of 3. No tiling done etc. This was done over the course of the next 2 years at a cost of around 70,000. Taking the total build cost to around the 300,000 mark. Unfortunately I don't hold the receipts for this any longer as we had made our VAT reclaim in 2000 and your only allows to reclaim once.
Would they base the total cost of our main residence on this figure?
August 2008 I move abroad for work I have been there since
August 2012 my wife joined me but remained uk tax resident until August 2013 my wife went back and fourth to uk for first 12 months.
Rented out house August 2012- August 2013 then again from November 2013-September 2015
I also have £9100 loss that can be used against any CGT tax owing by myself, plus both myself and my wife's 2015/16 allowance
This house was my main residence until Aug 2008 and my wife's until August 2012. The year Aug 2012-Aug 2013 my wife went to and from the uk she stayed with her parents.
Are we liable for any CGT?
Am I liable for any CGT?
Is my wife liable for any CGT?
July 1997- buy piece of land for £94,000 ( jointly with my wife)
January 2000- move into house after completing the build. Build cost was approx 135,000
Total cost of property 229,000
Selling price 650,000
Original mortgage 135,000
Outstanding mortgage approx 97,000
I've just had a thought when we moved into the house January 2000 it was not completed. We moved in because we was short of money. There was no driveway,landscaping, only 1 bathroom out of 3. No tiling done etc. This was done over the course of the next 2 years at a cost of around 70,000. Taking the total build cost to around the 300,000 mark. Unfortunately I don't hold the receipts for this any longer as we had made our VAT reclaim in 2000 and your only allows to reclaim once.
Would they base the total cost of our main residence on this figure?
August 2008 I move abroad for work I have been there since
August 2012 my wife joined me but remained uk tax resident until August 2013 my wife went back and fourth to uk for first 12 months.
Rented out house August 2012- August 2013 then again from November 2013-September 2015
I also have £9100 loss that can be used against any CGT tax owing by myself, plus both myself and my wife's 2015/16 allowance
This house was my main residence until Aug 2008 and my wife's until August 2012. The year Aug 2012-Aug 2013 my wife went to and from the uk she stayed with her parents.
Are we liable for any CGT?
Am I liable for any CGT?
Is my wife liable for any CGT?
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VAT! Arghh
Hi all
After doing my tax return this year I noticed my business went over the VAT Threshold.... arghhh so I had to register for VAT, when I spoke to them on the phone I explained I would have arrears as weren't aware the turnover was that much and didn't add it to my products, they did assure me that it could be paid in installment if I get into difficulty.
Anyway, I applied for the Flat Rate Scheme VAT as that suits my business and I qualify, under that I have to pay 8.5 % VAT minus 1% as you get that deducted for the first year, I have been waiting over a month and still have not heard from them, can never get through on the phone either. I had to submit my VAT return by the next few days so couldn't risk having a penalty for a late return so done by return under the figures of the Flat Rate Scheme, would this be ok as there is no reason for them to refuse me being on this scheme?
My other problem was that I messed up my calculation and submitted the wrong amount :( so my bill is nearly £8k when it is actually only £5k, I have filled out the notification of error form and that will be sent tomorrow but what goes on with this now, are they still going to want £8k on the 12th October or will this be adjusted accordingly ? I can't pay the whole £5k I owe anyway, could pay £2k and was going to ask them for 3 installments of £1k.
Sick of this !!!!, can't ever get hold of them and have had no help whatsoever from them, if someone could help/advise me it would be appreciated
Thank you
x
After doing my tax return this year I noticed my business went over the VAT Threshold.... arghhh so I had to register for VAT, when I spoke to them on the phone I explained I would have arrears as weren't aware the turnover was that much and didn't add it to my products, they did assure me that it could be paid in installment if I get into difficulty.
Anyway, I applied for the Flat Rate Scheme VAT as that suits my business and I qualify, under that I have to pay 8.5 % VAT minus 1% as you get that deducted for the first year, I have been waiting over a month and still have not heard from them, can never get through on the phone either. I had to submit my VAT return by the next few days so couldn't risk having a penalty for a late return so done by return under the figures of the Flat Rate Scheme, would this be ok as there is no reason for them to refuse me being on this scheme?
My other problem was that I messed up my calculation and submitted the wrong amount :( so my bill is nearly £8k when it is actually only £5k, I have filled out the notification of error form and that will be sent tomorrow but what goes on with this now, are they still going to want £8k on the 12th October or will this be adjusted accordingly ? I can't pay the whole £5k I owe anyway, could pay £2k and was going to ask them for 3 installments of £1k.
Sick of this !!!!, can't ever get hold of them and have had no help whatsoever from them, if someone could help/advise me it would be appreciated
Thank you
x
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question on self assessment
I'm filling out self assessment and it has the following question:
Did you receive notification from the Student Loans Company that repayment of an Income Contingent Student Loan began before 6 April 2014?
My question is I know I repay a student loan and I think that began before 6 April 2014, however I don't recall receiving notice of this. I guess whether I've received notice of it or not is irrelevant and I just need to check that I started repaying before that date?
Did you receive notification from the Student Loans Company that repayment of an Income Contingent Student Loan began before 6 April 2014?
My question is I know I repay a student loan and I think that began before 6 April 2014, however I don't recall receiving notice of this. I guess whether I've received notice of it or not is irrelevant and I just need to check that I started repaying before that date?
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Family Gifting/Loans
Hi All
My Grandma has just had to go into a care home, and is selling her house (180k).
Through Pensions she is earning about £1500p/m with care home £700pw
She wants to help me and my brother out with different things, him with a car and me buying a new house (deposit)
If she were to give us £12k each, what would be the implications?
If she gifted, would we be liable to IHT were she to pass within 7yrs, and if so, how much?
If we declared it a loan, and she passed within 7 years, would we have to pay it all back?
Her view is that its her money, she wants to help us now as she can and wants to, but we're concerned regarding the implications of it
Thanks for any help!
My Grandma has just had to go into a care home, and is selling her house (180k).
Through Pensions she is earning about £1500p/m with care home £700pw
She wants to help me and my brother out with different things, him with a car and me buying a new house (deposit)
If she were to give us £12k each, what would be the implications?
If she gifted, would we be liable to IHT were she to pass within 7yrs, and if so, how much?
If we declared it a loan, and she passed within 7 years, would we have to pay it all back?
Her view is that its her money, she wants to help us now as she can and wants to, but we're concerned regarding the implications of it
Thanks for any help!
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Share Options
I have a friend who has been retired for a few years. they have share options granted to them when employed and the time is coming that these have to be exercised.
What is the tax status, as he is not employed are they classed as income, he is a lower rate tax payer, just.
Would the proceeds be a capital gain for tax purposes. They were given rather than bought so is the gain the whole amount it the amount they have increased in value or the difference between the two figures?
thanks for your help.
What is the tax status, as he is not employed are they classed as income, he is a lower rate tax payer, just.
Would the proceeds be a capital gain for tax purposes. They were given rather than bought so is the gain the whole amount it the amount they have increased in value or the difference between the two figures?
thanks for your help.
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How is underpaymant of tax collected?
Just curious but I have received a tax calculation today to say that I had underpaid £150 tax last year. This was down to me being recorded as having 'two jobs' which really isn't the case
While I contest this ,Just out of interest the letter mentions that it will be collected from this years salary, but can I expect the whole lot to come out from this months earnings or will they deduct it slowly over a period of time?
Thanks
F
While I contest this ,Just out of interest the letter mentions that it will be collected from this years salary, but can I expect the whole lot to come out from this months earnings or will they deduct it slowly over a period of time?
Thanks
F
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Claiming Back - PAYE
Hiya
Can someone help out here, been told you can claim back tax on tools, clothes, washing training etc.. even if you are PAYE. Is this correct and how do you go about doing it?
Can someone help out here, been told you can claim back tax on tools, clothes, washing training etc.. even if you are PAYE. Is this correct and how do you go about doing it?
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Struggling with National Insurance calculations
I'm trying to work out my girlfriends NI contributions, but I can't work out how her employer have arrived at their figure.
Payslip:
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My calcs:
NI Pay - £2,076.80
Using the figures from https://www.gov.uk/national-insurance/how-much-you-pay
0% on £0-£672 (£672) = 0
12% on £672-£2,076.80 (£1,404.80) = £168.58
Total NI contribution = £168.58. But her contribution is £146.31?
Payslip:
My calcs:
NI Pay - £2,076.80
Using the figures from https://www.gov.uk/national-insurance/how-much-you-pay
0% on £0-£672 (£672) = 0
12% on £672-£2,076.80 (£1,404.80) = £168.58
Total NI contribution = £168.58. But her contribution is £146.31?
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