Interest details on HMRC Personal Tax Account online

February 24, 2019, 10:13 am

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There appears to be a lot of interest in a thread I posted on the savings and investments board regarding interest details on the personal tax account. I have included a link below.

https://forums.moneysavingexpert.com/showthread.php?p=75286266#post75286266

Since this is also relevant to the tax board I have posted some details here.

The following shows how to access interest received details within the HMRC personal tax account online.

The personal tax account can be accessed via the Government Gateway or the Gov.uk Verify portals as per the link below.

https://www.gov.uk/personal-tax-account

Once in, click on the PAYE block and then click on check current tax year. You should then see a heading for your income from other sources with a sub section for untaxed interest income with a single figure. Below this is a link to view details. Click here and you will see a page with information on interest earned from your accounts.

Finally, at the foot of this page there is a link to check your account details and estimated interest.

Here is where I can see every savings account with individual amounts earned in the previous tax year, in this case 2017/2018.

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return company car

February 24, 2019, 12:28 pm

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I have the option to return my company car and receive a car allowance. I want to verify the calculations below as i think i am better off with the allowance
A) Company car - Salary £51.5k, Tax code 481m and pens 6% gives me £ 2768 Monthly
B) Allowance of £5k added to salary = £56.6, Tax code (assuming i got to full allowance) 1250m and pens 6% gives me £3215 Monthly
Do these seem correct? I am much better off with teh allowance, i will use some of this extr money to purchase a new vehicle

HMRC App on IOS now links into HRMC website

February 24, 2019, 12:35 pm

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I have just logged into my personal tax account on the HMRC app on my iPad and it now links into the website for more details.

This appears to enable you to logon to your full personal tax account without using either Gov.uk Verify or the Government Gateway. A simple fingerprint login rather than the secondary SMS for the Verify or Gateway.

It is much easier and I assume no less secure as my fingerprint is unique to me.

Marriage tax allowances

February 25, 2019, 4:00 am

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Hi all,
I am getting married before the end of this tax year, between us, we have sold investments that may create some income tax (from personal investment plans).
As a married couple, can we apply the married allowance to the start of the tax year (effectively before we married), or just from the date of the wedding?
Thanks

Want to claim Extra Statutory Concession A19 - who is at fault?

February 25, 2019, 12:49 pm

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I received a letter from HMRC stating that I owe £191.80 from tax year 16/17. I received a rebate for that year which now turns out was given in error. I was not the only employee to receive a letter which prompted my employer to issue this statement:

“We have been made aware that some staff have received a letter from HMRC about underpaid tax from a number of prior years, usually 2016/2017, but 2015/2016 and / or 2017/2018 may also be affected.
This adjustment has become necessary because HMRC appear to have disregarded Month 12 (March) earnings for the year in question, when checking the PAYE income tax that employees have been deducted.

As a result, some staff have received a refund that was not appropriate, either as a cheque or as an adjustment through a PAYE Coding Notice. This could have been some time ago, and HMRC are now in the process of correcting this error by reclaiming these inappropriate refunds.

The HMRC letter refers to the “Tax already paid to you for the year”, and indicates the value of the rebate that was issued at some point in the past.

The repayment required by HMRC seems to be broadly equal to the value of the refund received.

Please be reassured that we and our payroll agency, SBS, are using the mandated NHS payroll system to process staff salaries and wages. The Trust and SBS are subject to independent audit and HMRC compliance visits to ensure that the calculation, reporting and payment of statutory deductions are undertaken in an accurate and timely manner.

If you don’t recall receiving the tax rebate that HMRC refer to, you will need to query this directly with HMRC using the contact details on the letter.”

I then checked my online HMRC personal tax portal and for that year at the bottom it states:

“(Employer) has made some changes to the information they first gave us”

“On 30/01/2019 we were told that your taxable income was £1831 more”

I would like to make a claim under Extra Statutory Concession (ESC) A19 but I am unsure how to word the letter as both my employer and HMRC seem to be blaming each other and absolving themselves of any blame.

Thanks in advance

Gift or inheritance from overseas - taxable?

February 26, 2019, 3:21 am

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I am an Australian citizen domiciled in the UK for over 20 years. My ageing father is anxious to minimise any tax implications for me when he passes away (not imminently I hope). He is Australian resident and citizen and has no assets in the UK. I have no assets in Australia.

One option he is considering is transferring some of his assets to myself and my sisters (they are Australian residents too), but he wants to know whether there will be tax implications for me (i) on the transfer, or (ii) on remitting the money into the UK.

Assuming any Australian tax implications are dealt with, what is the UK tax situation for me?

If I receive an inheritance from him in due course (which would be cash or assets situated in Australia), my understanding is there is no UK tax payable on this or on remittance to the UK. Is this understanding correct?

Yearly income in the 60p zone: What I can do

February 26, 2019, 7:22 am

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Hi,
My income (not self employed) and rental income for this financial year will be around 3K above 100K which will put me in the 60% rate. I will be losing my personal allowance because of 3K, I want to check do I have any option?
I read somewhere about high risk bond, can I buy it, is it worth it, any suggestion is most welcome, thanks.

Understanding Tax on Stock Options and RSUs

February 26, 2019, 7:33 am

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I read the threads on this topics but I'm still missing some information and i hope someone will be able to answer my questions below
I have been granted different shares by my employer over the past years and I would like to sell them soon.

I received 2 types of shares, and let assume those numbers:
A. Stock Options in 2016:
- 1,500 units
- 6.25% vested/quarter (94 units)
- ~1,200 already vested
- Exercise price: $30

B. RSU:
B.1. 2017:
- 700 units
- 25% vested/year (175 units)
- 1 year received so far but only 85 shares available (due to “sell-to-cover”?)
- Share value when vested: $60
B.2. 2018:
- 1000 units
- 25% vested/year (250 units)
- Nothing received so far

If we assume that the current share is $100 and I sell now, my questions are:
1. For the Stock Options:
1.1. Will the excercise price be deducted to the share value when I will sell the shares?
($100-$30)*1,200=$84,000
1.2. What type of tax will be applied (Income earning or Capital Gain)?
1.3. Which % of tax will be applied?
2. For RSU:
2.1. How much should the “sell-to-cover” represent (in %)?
2.2. Will i receive $100*85=$8,500?
2.3. On which amount will the tax be applied? is on ($100-$60)*85=$3,400 ?
2.4. What type of tax will be applied (Income earning or Capital Gain)?
2.5. Which % of tax will be applied?

Thanks! :)

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Paying part of Redundancy payment into Pension

February 26, 2019, 9:57 am

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If someone pays redundancy monies into their pension is it eligible for tax relief?

Car allowance with fuel card tax?

February 26, 2019, 12:38 pm

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Hi all,

Hoping someone can help me as I keep getting different answers when using the tax online chat.

I currently have a company car and fuel card (full private miles paid) however i'm looking to switch to a paid allowance to purchase my own car, but keeping the fuel card.

Could someone explain how it works?

The allowance would be £500 a month - this is paid in my salary - presume I pay tax on this as I would with normal salary.

Fuel card - this is where it gets confusing, so if I kept the fuel card (still for private miles) how would I pay tax, would it be actual spend on fuel card declared - then taken from tax code?

For example - if my spend last year was £3500 on the fuel card, would payroll pass that number to HMRC and they'd take it off my tax code, so my tax code would be 900l?

Or if that's not how it works, could someone explain it (in very simple terms :D)

Thanks
Lee

Understanding Tax from small business perspective

February 27, 2019, 2:45 am

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Sorry guys, in advance, for my utter bone-headedness on this. I've had multiple people explain to me but I just don't "get it"

WRT a small business and VAT.


Say I own a small business selling soap bars. I want to sell 18,000 bars to earn a decent living.

Each bar costs 80p to make including all packaging and I sell them for £2.00 each.

That gives me a profit of £1.20 per bar and if I sell 18,000 in a year that gives me £21,600 in profit.

I need to register as a Sole Trader to provide legitimacy to my business and should I have the need to employ later down the line. I register as Sole Trader and become VAT registered, so now I must apportion some of the profits to the tax man.

If each bar costs 80p to make and I need to sell 18,000 of them to keep operating, each year, then that is £14,400.

I can claim back the VAT on the material costs, which comes to a VAT refund of £2,880.

However, I must pay VAT on the sales, so if I sell 18,000 bars at £2.00 that's £7,200.

This means of my £21,600 in profit I must pay £7,200 in tax, bringing me down to £14,400 in profit after taxes.

If you earn a £22,000 salary, you are taxed at half this rate for Income Tax + National Insurance, so you end up earning the same amount of money.

Can someone explain how business tax works as I probably have something VERY wrong. Please educate my ignorant butt!


EDIT: No, wait, I'm sure you only pay tax on your profit, 20% of £21,600 is £4,320

Tax code personal allowance

February 27, 2019, 7:08 am

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I am retired with a personal tax allowance of £12,500.00 starting 6th April 2019.I have checked my tax code for the up and coming tax year starting 6th April 2019 and I have been give a tax code of of 1220L. I have been in contact 3 times with the tax office twice I spoke with general operatives once with a manager. I queried why my tax code personal allowance was £12,200.00 as opposed to £12,500,00 the new allowance for next years tax personal allowance. I was informed that due to having a grand total of £298.00 interest per annum (prediction ) from saving accounts disclosed by my bank. I explained to the tax office that it was my understanding that basic tax payers can earn up to £1000,00 tax free over that amount you are taxed on the extra they agreed.

It just doesn't appear correct to me am I not understanding something? anyone ! thanks

What accreditation should a landlords accountant have?

February 27, 2019, 9:11 am

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Hello,

I’m a new landlord (since sept 2018) and plan to get an accountant to do my self assessment when it’s due. Maybe not every year, but this year at least. I have a couple of reasonable quotes (circa £150-£200). But I’d like to know which accreditation I should be checking they have before I hand over my personal data etc.

Many thanks
Jason

How early can tax return be filed

February 27, 2019, 1:31 pm

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Hi,

I am self employed and will be applying for a mortgage shortly. I would like to include my earnings for 2018-19 and in order to do this I need to file a tax return and produce the summary/tax calculation to the lender.

Does anyone know how soon after 6th April I am able to submit a tax return?

Capital Gain Tax on Property Sale

February 28, 2019, 3:35 am

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Hi,

I am just wondering if anyone can help with answering some of my question. Property privately sold, no estate agent involved. Property was sold with a value roughly obtained from rightmove website. The buyer did get a mortgage hence a valuation was required. Mortgage valuation came out exactly the figure sale was agreed on. I am just wondering if I am correct to base the capital gain on the mortgage valuation when paying capital gain tax or does it need another separate valuation? Thank you.


Regards

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What is this tax document? (I bought company share SIP)

February 28, 2019, 6:16 am

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Dear fellow members, I am confuse with this tax document, it appears to be from tax office US (because my company is US based company), I bought company share SIP scheme, and this is dividend from the company share SIP..?
My company didnt provide any advice at all, all they said is they cannot advise me on personal taxation and I have to refer to my tax consultance :mad:

What is this document is about?
What do I need to do with this?

*I hide my personal details

Tax Avoidance and how to declare cash in hand

February 28, 2019, 7:22 am

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Hi,
One of my friends is just about to start a new job after being un-employed for a few months. Their previous job, where they worked for a year, was cash-in-hand and they received no payslips nor was the company paying tax on their income. I don't believe they were over the taxable amount but they should definitely have been paying NIC.
They declared to the new company that their previous employment was cash-in-hand and the new company have demanded that all overdue NIC and tax must be payed, with proof, before they can begin employment. How should they go about doing this? The message received by the employer was completely unclear on the matter.
Thanks in advance

Buying/leasing new work vehicle

February 28, 2019, 10:08 am

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Hi

Hope I've posted in the correct section?

I'm a self employed soletrader non VAT registered. I've been trading approx 10 years. I've had 2 vans in this time which I've used 100% for business. I use a cash based simplified accounting method. I've always claimed back the running costs for the vans as an expense (fuel, insurance, maintenance etc) rather than the 45p milage allowance. I've never financed a work vehicle and always opted to pay cash or part cash/trade in. This has been offset in my accounts as a capital allowance.

I've received 2 quotes for a new van I like. Ones a lease plan and the other is what I'm led to believe is HP which this broker calls lease purchase. I've trying to work out what best for my regarding my accounts? My understanding is that if I lease I can claim back 100% of the cost over the 5 year term (approx £232 +VAT a month). Now the HP option over the 5 years works out about £3k more but I'll own the van at the end. To me its a no brainer to own the van at the end but I'm not sure what I can claim back with this option?

So rough figures are £2000+VAT deposit then 60 payments of £232+VAT a month so total price approx £19k inc the VAT. If I'm correct this would be 100% claimable in my account?

Now to buy works out as £2000+VAT deposit the 59 payments of £230+VAT then a ballon payment (which the broker call a final rental fee) of £5k+VAT. Total amount over the 5 years would be approx £22k inc the VAT. If I went for this option what can actually claim back?

To me its a no brainer to pay £3k more over 5 years and actually have an asset to show for it after. But I would like to keep my tax down in the process.

I know this is a question for my accountant but I cant get hold of them until next week as their are on holiday and it's playing on my mind what to do as I don't really want to miss out of a decent deal.

Thanks in advance and any advice would be greatly appreciated.

Overnight substance/lodge allowance

February 28, 2019, 1:29 pm

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Hi this is my first time posting, I am after some help with regards my partners P60. So he works all over the country and his employer pays him a lodge allowance. We have noticed on his P60 this lodge allowance is classed as earnings and totalled up for the whole year with his hourly rate. But should this be the case, this is a lodge allowance he is using this to put a roof over his head while he is away. Many thanks everyone sorry if I haven’t explained this very well.

Personal Tax code question

March 1, 2019, 4:39 am

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Afternoon all

I am after some help from the Guru's

I have been unsure of my tax code because on my company pension and asked my HR department who pointed me to HMRC as they were unsure

This is my monthly wages
Gross 4178
PAYE 701
NI 385.62
Pension contribution 133.70

Take home Pay 2957.85

Tax code 1185L

The pension is being worked out like this

Your pension is deducted after tax, so you pay 4% less 20% tax relief = 3.2% pension taken from your net pay.

The 20% saving is added back in by the pension scheme topping you back up to 4% employee contributions

I spoken to HMRC this morning and got a little confused they have said my tax code was wrong and should be 1265L fro current year and 1330L for 19-20. does this sound right ?


2nd question
In April i will be paying 5% into my pension and should hopefully get a payrise. do i then need to go back to HMRC again to get the code changed again

Thanks for any help and advice and sorry if this has been covered before i just getting lost so hope someone can make it simple for me :-)