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Taxable or not?

August 13, 2018, 6:46 am
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Don't know if this is on the correct thread but will try here first with tax query. I don't work or claim benefits and the only income I have is on dividend payments which only comes to approximately £300 per year. My other half gives me housekeeping money each month from his monthly salary, do I have to pay tax on this even though he has already been taxed on it?
Can anyone give me guidance?
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Differential tax codes and tax rate

August 13, 2018, 7:40 am
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Have come to UK recently and July was the first month of salary credit. Taxed @ 13% with tax code 1185L. However for the month of Aug, taxed @35% with tax code K239 M1.

Please clarify - 1) Why this differential tax rate and tax code and what is the difference between the two?
2) What would be the tax code going forward for the rest of the Financial Year and what rate?
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Inheritance tax

August 13, 2018, 8:45 am
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I have a few simple questions regarding gifts and inheritance tax. My mother and father put me on their property as a joint owner just under seven years ago. It will be a total seven years on 11 November 2018. I believe the seven year inheritance tax gift rule is applicable.
Shortly after the transferral, my father had an accident which resulted in a brain injury and then a health decline with dementia. To cut a long story short, he is in a precarious state at the moment sometimes up and sometimes down.

Questions:
I assume that at the end I will be a joint owner with 1/3 ownership on that date?
Am I right in assuming that if God forbid my father dies before the seven year period is up, will the property automatically transfer to my mother and the seven year gift rule continues to completion to 11 November assuming my mother remains alive?
At that point the 1/3 will transfer to me?
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Proof of Gifting money.

August 13, 2018, 1:37 pm
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I have read that it is prudent to write a letter etc as proof when gifting money to a relative.
For e.g. an Annual Exemption Gift of £3000, for 2017 and 2018.
Would I keep this signed and dated letter I've written with a copy of my will, which is kept at home.

This sum is part of a larger amount that would be gifted.
The recipient is an executor.
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AMAP claims

August 13, 2018, 10:49 pm
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Hi
I have a car for work that is on an employee car ownership scheme, at the moment I get 11p per mile but I have been told by the lease company that I can’t claim the extra mileage payment as I have already had them. This was in a payment on my wage that was then deducted away ie payment of £540 deductions of £540. Is this correct, other members of staff have been advised to claim back the full amount but I am not sure this correct, has anyone else come across this and if so could you advise
Thanks Andy
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Paying Import Tax for a prize?

August 14, 2018, 10:22 am
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Very sorry if this is the wrong section.

Basically I won a PS4 online, and they sent it from Japan. The competition stated that it will ship anywhere in the world.

After receiving a tracking, I see that it's been sent from Japan post, collected by Parcelforce, and now this:

International Hub, Customs charges raised

International Hub, Released from customs

International Hub, Revised Customs charges raised

National Hub, Sorted

I phoned Parcelforce today, and they said the custom tax I need to pay is £85!!

Am I really responsible for paying for this?

Thanks in advance
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Inheritence tax query

August 14, 2018, 7:24 pm
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My mum died unexpectedly and we are about to sort out her estate. My dad died in 2006 - they had mirror wills. At the time he had life insurances which gave my mum approx 100k as a lump sum which she invested some of. At the time of her death she has left the house to me and my sister and 10k each for each grandchild. She had about 50k in her account. She also had jewelry worth no more than 2k. The house is worth approx 310k.

My question is whether we would be liable for any inheritence tax. We are not sure whether ir how any tax allowance from my dad's estate is transferrable as he did not uae any as he left it all to my mum.

Do we need to apply for this or doesnit gwt done automatically when we apply for probate?

Can anybody help?
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P11d dispute with former employer

August 15, 2018, 12:55 pm
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Hi all, question for a friend here.

He worked at a company until three months into the 2016/17 tax year.

He has just received a p11d from them for the 2017/18 tax year. Despite no longer being employed by them or receiving any benefits.

The amount of the tax liability in question is not small, £200 for health insurance.

When challenged, the former company said, in a rather vague answer, that “it relates to a ‘late cost adjustment’ we received from the health insurer in the last tax year you were employed.”

Frankly, this sounds weird, and the company aren’t known for being good accountants or even acting in good faith.

He has gone back to demand evidence and calculations, but if no further progress can be made by the time self-assessment rolls around, what’s the best course of action?

Also, last year he was paid just under the limit for making national insurance contributions, not expecting to receive a benefits tax demand from an old company. Would this impact his position re NI?
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Capital Gains Tax

August 15, 2018, 1:01 pm
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Hi, I was wondering if anyone can help me understand my capital gains tax. I live in Scotland, not sure if that's relevant.

I've just sold a flat that I've owned for 16 years. I lived in it for 12 years and rented it for the last 4 years.

We made 90k profit and myself and my wife are both close to the higher bracket of tax.

How do I work out what I should expect to pay and is there anything obvious I should do to reduce this cost.

Thanks in advance, milo909.
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National Insurance

August 15, 2018, 10:38 pm
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Hi
I had a little question,

I've recently moved from monthly salary to weekly salary.
Having spoken to a friend they said you end up paying more NI contributions if you're paid weekly.

Is this true?

(For reference I'm a higher tax payer)

Thanks
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NI and thresholds

August 16, 2018, 4:05 am
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Understand you get £162 a week before you pay NI. (so £19.44 saved in effect).

If you're paid weekly, if you have zero earnings in one week does this then mean that, in effect, you've lost that allowance then?

Example, got two weeks off work (its nhs bank agency work so you can submit accrued A/L whenever you want).

OK, not correct figures but say 20 hours leave at £16 an hour.

Are you better claiming 10 hours in each week. £160 pay per week?
Then you're not paying any NI.

If you claim it all (20 hours £320), am I right you'd be worse off because you're then over the NI limit of £162 so would pay (£318*12%) = £19 or so NI?

Or have I got this wrong?
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Income Shifting to Wife

August 16, 2018, 8:47 am
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This may well be a stupid question, but please bear with me.

I have a property I rent which generates £550 per month. I have not had to pay tax so far, as have always managed to stay below the threshold, but this year I started to receive my State Pension which for the next tax year will push me above the threshold and mean I will have to pay tax.

I already receive my wife's Married Tax Allowance, as she has very low earnings from her self employment.

I was wondering if it is possible to simply have the tenants pay the rent into her bank account and then she can declare the income on her Self Assessment tax form. She would still below the tax threshold.

Then, could she transfer let's say £550 per month to me to let's say cover bills etc?

Is this above board or would I still have to declare what she pays me as income?
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Tax calculation

August 16, 2018, 9:43 am
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Hi

Can anyone advise if you pay tax on a second income if combined salaries are under the tax threshold?

Thanks
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Company Car Tax via tax code

August 16, 2018, 11:14 am
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I got a hybrid company car recently and received a change to my tax code. I confirmed it with HMRC and found out it also covers my health insurance provided by my employer.

But here is the thing. I used to be self employed so I get a self assessment form. For the past few years I have been declaring the figures from my P11D and this results in a tax bill which I then pay.

So now I have a niggling feeling I am daft as a brush. Either everyone is doing what I am doing and I just don’t understand or I have been taxed twice on my taxable benefits; once through my tax code and again on my self assessment.

If it’s the latter the good news is that I am daft but will need to apply for a sizeable tax rebate. If it’s the former I am just daft.

Can anyone educate me please?!?!?
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Cancelling Marriage allowance

August 17, 2018, 4:39 am
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We wish to cancel Marriage Allowance transfer for this tax year 18-19 only. It seems that this is not possible. Is this correct?
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Returning to UK Tax

August 17, 2018, 5:08 am
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Hello, I'm not sure if I am actually doing this yet but I have some questions about returning to UK having been abroad (outside Europe) since January 2007, I am a UK citizen and lived and worked in the UK all my life before this.

My UK property has been rented since Jan 2007, purchased in Feb 2002 and I lived there until I left, I am registered as a non resident landlord.

Regarding CGT if I was to sell the property, I know my non resident status exempted me from CGT until the rules changed from April 2015, so CGT is now due on any gain from then onwards even if I stay outside the UK.

But what if I was to return to UK? would I lose the no CGT for the period Jan 2007 - April 2015, or can I still claim it for the time I was outside the UK (Assuming I will now live in the property myself).

Also what if I returned for just a short time to work in the UK, is there a maximum time I am allowed to be in the UK (per year?) so don't lose the CGT that's not chargeable (Assuming I will continue renting property out).

Thanks.
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Self Assessment

August 17, 2018, 7:58 am
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Hi, because I have rental income I have to complete a self assessment each year. This is the 4th year I have done it without any concerns. This time when I get to the end and it tell me how much I owe for the year (1500) it also says I should pay 750 first payment on account of 2018/19. Have I ticked a wrong box somewhere or has there been a change recently. I did ask HMRC but never got a reply. Thanks
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Tax on Foreign Income - UK Resident

August 17, 2018, 4:14 pm
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Hello,

Next month, I am starting a job in Russia. The job schedule is 15 days on and 15 days off. I will be returning to the UK to the house that I own on my 15 days off. Some people have advised me that as I won’t be in the UK for more than 182 days (as some of those 15 days off will occasionally be spent overseas on holiday) that I will be exempt from paying tax in the UK. However, from what I have interpreted, I don’t think that this is the case. I have looked at the links on gov.uk; however, I am still confused by it all as there seem to be so many ‘ifs’ and ‘buts’. I think I am going to be in the 40% tax bracket, which means that I am going to be paying quite a lot of tax. I am not paying tax in Russia. Please can anyone advise me as to whether I will be exempt from tax or if there is any tax relief that I may be entitled to. This is all very new to me and I am not clued up on the UK tax system - my knowledge is very minimal!

Thank you in advance for any help!
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CGT and income tax on house sale

August 18, 2018, 11:15 am
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Hello,

I've recently sold a second home which I had been letting out. I understand I will have to pay CGT based on the difference between price at which I purchased the house and the price at which I sold it. However, I'm confused whether the profit I made on selling the house (~£100K) will also be subject to income tax when I file my tax return. I guess this additional income will mean I will be push into the higher tax bands and this 100K will be taxed so I will pay the CGT plus additional income tax. Is that correct?
Thanks for any help,
Jeff
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New to business tax just a simple question

August 18, 2018, 2:18 pm
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Just working out how much to sell my product for cost vs sale price =profit type of calculation to work out margins etc

Ok so

If I sell a product for £10 and it costs my £5 to produce. Then in theory do I need to take 19% off £5 for the tax man as £5 will be profit?? Taking my actual profit to £4.05
??

I plan to take some courses on this stuff so I'm not completely dumb. Haha
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