September 18, 2019, 3:56 am
I have just realized (long story) that back in 2014 my employers pension scheme went through some changes. As a result, between April 2014 and Sept 2015 all pension contributions were made from the net salary. They were made by my employer and appear on my payslip as "Net Pension".
I am a higher rate tax payer and as I understand it I am liable to claim 20% tax refund from HMRC.
I never made any claims in the past. Can I make a claim now for these years?
How do I go about doing it?
I have all the original payslips with me and P60s too.
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September 18, 2019, 7:42 am
In December 2018 I moved to a job at a new company, but due to delays in payroll processing my P45 I was on Tax Code 0TM1 for a couple of months Dec/Jan (before switching to 1139L). The amount of tax paid for these two months seemed higher than expected, presumably because their is no tax free allowance with the 0TM1 code (I am a higher rate tax payer).
I just checked online and saw that I am due a tax refund, but this is only £100 and says it is due to overpaying based on Medical Insurance cost, no mention of a rebate due to overpayment relating to the different tax codes.
Is it possible that HMRC has missed (miscalculated) this tax code change or is it possible payroll put in place some sort of correction when they finally got around to processing my P45 and adjusted my tax for the remaining months of the tax year?
Not sure what to do or how I might query this. Any help much appreciated
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September 18, 2019, 9:29 am
I am borrowing some money (£18000) from a family member to pay off a debt.
In terms of tax implications, should we document this? Or can it be just shown as a gift. If we show it as a gift will I be taxed?
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September 18, 2019, 12:49 pm
Hi all, if you choose to make a voluntary payment of NI contributions at the time of doing your tax self asses, do you then HAVE to pay the bill that has been calculated or is it still voluntary?
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September 19, 2019, 2:17 am
Good morning,
I am helping my son with his first self assessment tax return for 2018-19. With help from New Enterprise Allowance scheme he registered with HMRC as starting a business in September 2018.
However, on checking his income/accounts, it appears he had some business income from related activities going back to May 2018 and that he made a small amount of income (under the £1000 trading allowance) in the previous tax year while he was a full time student with no other income.
Therefore I am proposing that he either changes his business start date to 06/04/18 (start of that tax year) for the purposes of NI and/or leaves it blank in tax return as he could have been considered to be trading in the previous tax year under the £1000 allowance for which it is my understanding that you don't have to register with HMRC unless specific conditions apply (which they didn't).
We don't want to get on the wrong side of HMRC and all income is being accounted for so I'm just wondering if anyone can advise whether this is an acceptable course of action. Thoughts please? Thanks in advance.
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September 19, 2019, 4:04 am
I'm based in Scotland and work (very very part time) for an English company.
On browsing the online HR system I've found that my income tax is based on rates for UK. Should I be taxed at the Scotland rate of 19% or is this correct?
Thanks
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September 19, 2019, 7:08 am
Afternoon - looking for some advice.
I took voluntary redundancy last year finishing mid December 2018. My total income for the year was therefore higher than usual but given I worked for a financial institution on a PAYE basis all of the tax was sorted by my employer with me receiving the final payslip. Total annual pay was just over £165k upto December 2018.
I've contacted HMRC as I thought I'd ask whether I was due any kind of rebate. It seems, even though I was on PAYE, as I earned over £100k for that financial year they have asked be to complete a self assessment for the last tax year.
Whilst I am pretty comfortable I've paid enough tax, being on PAYE, is this over 100k rule something new as normally I'd be a short of £100k and so this is new for me. Also surprised HMRC haven't written to me before now??
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September 19, 2019, 8:20 am
Hello Tax Geeks,
I have heard that the Trump tax-cuts only benefit the super wealthy and hurt the middle class enough times throughout the year that I just accepted it. But today I was just looking over the tax brackets for this year to estimate what I might owe and then comparing them to last year's; the rates are decidedly better, the bracket rate kicks in at a higher value, and the standard deduction is double (though the exemptions are gone).
For simplicity, let's say taxable income for a married couple, filing jointly is $100,000
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September 19, 2019, 10:27 am
Hi All,
I am looking for some information on working Uber as a second job.
This would bring me into the higher rate of tax, which I understand would severely reduce the amount of money that I am likely to make.
However, if I buy a car (preferably electric) then can I reduce my tax burden on the cost of the car seeing as though I would be using it for employment? Or is the only tax relief available on the cost of charging/fuelling the car?
Any help would be greatly appreciated!
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September 19, 2019, 1:58 pm
Hi all,
I'm looking for some advice as to what to do regarding my accountant as to whether or not I should cut my losses and go elsewhere?
So, I'm self employed and I incorporated on his advice in November 2017, before that I was just straight forward self employed.
I sit just under the VAT threshold and when I started using this accountant I was told by others he was good at his job as he was an ex HMRC inspector so I assumed he'd be well placed to look after my accounts.
He started ok and in the first year he decent but them he started to go down hill....unreturned phone calls, ignored emails...I seemed to know more about my accounts that he did and his charges went up. He's a prickly character too and I feel that i'm treading on eggshells around him.
The final straw has come 2 weeks ago when I called him to ask when my next tax payment would be due....he seemed have no idea but said he'd ring me back to let me know...2 weeks later there's been no phone call and after sending an email today there's still been no reply and I'm worried that I've missed a deadline to pay tax as I incorporated in Nov 2017 and am yet to pay any tax.
So I'm thinking of shifting to another firm as I'm fed up, but I'm worried this chap will be obstructive and I could end up making a difficult situation worse.
How easy is it to change your accountant?...is it a real hassle and can the old accountant make this difficult for me?
Any advice would be really appreciated
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September 20, 2019, 9:58 am
I am a full-time, permanent employee who has the standard tax code 1250L. Each month for the last 8 or 9 months, I've paid a very similar amount of income tax - but for some reason this month (Sep) I've paid almost £100 more. My salary hasn't increased, and my tax code has remained the same as every other month. I haven't been paid any more than my usual monthly amount, and nothing else has changed.
Does anyone have any idea why this could be? It's not going to break the bank, but £100 is not an insignificant amount to me. My income tax has never fluctuated in a single month to this degree.
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September 20, 2019, 2:13 pm
Hello
My son has been selling items online since around late May 2019.
He is a student and isn't employed. He is self-employed, I think.
We literally have no idea what to do to pay tax on his earnings.
Should he set up his own company or self report? If so, when does he have to do it?
Literally no idea where to go or what to do. He wants to pay tax for his pension on retirement.
How does he do this?
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September 21, 2019, 1:37 am
On a recent (10/09/19) letter from the HMRC about my updated tax code is a description of the tax free amounts as follows:
If your total income and taxable state benefits for the year are more than your tax-free amount then you will pay tax as follows:- at 20% on the first £37500
- at 40% on income between £37501 and £150000
- at 45% on anything over £150000
Having searched Google and read Martins tax rate guide here:
https://www.moneysavingexpert.com/banking/tax-rates/ I thought I wouldn't start paying 40% unless I earned over £50000.
I'm wondering if I'm misunderstanding something. For the first time ever there's a chance that I might earn close to £40000 and I thought it wouldn't affect the tax bracket. I live in England.
Can anyone help me to understand please?
Edited to add: Could it be because I've got a second job with a BR tax code?
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September 21, 2019, 6:13 am
Reviewing my (unsubmitted) self assessment there is a line (that I have not seen before) of
Tax due on Gift Aid Payments; £4,063.00 x 20% £812.00
Where does the Gov get the figure of £4,063 from? I haven't donated that amount this tax year.
Whatever the amount why has my tax due increased by £812. Surely my charity donations should reduce my tax due
I have paid more income tax than £4063 this year - so that's not the issue.
Is there anywhere I can check my charity donation amount?
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September 22, 2019, 7:19 am
My half-sister wants £40,000 from the money my father left me in his will. Am I right in thinking that I won't need to pay any tax (nor she) as long as I don't snuff it in the next seven years? ( I know all the inheritance tax rules and exemptions etc.)
I was thinking of loaning it to her, but was wondering what - for lawful tax purposes - would be considered the minimum repayment terms?
Many thanks
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September 22, 2019, 11:09 am
Hi,
I have been looking into my tax code today. It ends in N/0 which means that I have transferred 10% of my personal tax allowance. I did apply for this a few years ago when I was earning less than the threshold. But I am now earning more money (not a lot but roughly 16k) . I need to get my tax code changed. How do I go about this and is there anything I need to be careful about?
I am worried because when I tried to change my code before in order to get an allowance for washing uniform, I ended up being given a bill for £60....I didn't know that I had an allowance in place already that was for £120...so I put estimated costs at £60.....
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September 23, 2019, 3:06 am
My wife and I want to give my son a regular amount of money from surplus income.The annual amount is likely to be above our joint annual gift allowance of £6000. I have read the rules and intend to keep a record in the form of that shown in IHT403. I am having a problem relating to the record I need to keep. My wife and I are both retired. She has just the state pension and I have a work and a state pension. We have joint credit cards, bank accounts etc and our savings are mostly in her name to ensure all interest in not taxed.
To keep a record of the type shown in IHT403 it mentions the cost of holidays, household bills, council tax etc all of which comes out of our joint accounts. If I put the full cost of these it takes no account of my wifes income. So do we have to do two records, one for me and one for my wife somehow splitting the household costs, travel, etc etc. Could someone clarify how this should be completed. Thank you
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September 23, 2019, 4:19 am
Morning all, just a little advice please.
I have always been PAYE with company cars all tax paid at source.
In May I started a new job with a car allowance and a employer scheme for personal lease cars. I have an E220cdi AMG Line for c£340pm on an 18m contract which is a great deal I think. I also pay an amount based on my estimated mileage being over the contract mileage which is reviewed every 6m and amended if necessary with any surplus being returned to me. The idea behind this is to avoid any surprises at the end due to excess miles.
I know I am able to claim my business miles against tax by submitting self assessment. Can I do this on-line as I go along or do I need to wait until the end of this tax year to do this? I have registered for self assessment and got the code to make the system live for me, but don't want to confuse the job if I don't submit anything yet.
Thanks in advance.
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September 24, 2019, 3:47 pm
Im employed in the NHS and have to use my personal mobile phone for the hospital to contact me during the day (when at work) or at night when on call. The hospital expects me to have a phone, gives out my personal number to hospital employees, refuses to provide a work phone and the expenses policy does not accommodate any reimbursement of costs.
Looking at my usage over the last week 82% of my call time receiving/calling was for work related purposes. Im struggling to find out if I:
1. Can claim any tax back on the purchase of a new phone?
2. Can claim any tax back on my contract?
Most advice online about this relates to self-emplayed. Thanks in advance.
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September 25, 2019, 1:00 am
Hi all,
OH has started a new job on £35,000 per year, it is her first job of the financial year
In month one she was taxed £248
Month two she was not taxed and received a rebate of £248
In month three she has been taxed £248 again
I am assuming that as she is under her personal allowance £7567 earned to date that this is the issue but am unsure whether
a- she should have been taxed yet as not hit the allowance amount
b- why its coming out then going back in the following month?
Anyone more knowledgeable than me have any ideas?
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