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Where Taxpayers and Advisers Meet

Search found 61 matches

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by D&C
Fri May 17, 2019 10:39 pm
Forum: Income Tax
Topic: Creating a tax liability with the marriage allowance
Replies: 1
Views: 164

Re: Creating a tax liability with the marriage allowance

You are basically correct but do have one thing wrong, albeit it makes no material difference. Mr M cannot make use of the savings nil rate band (PSA) as this is not available to such low income individuals. M will pay 20% tax (or 19% if Scottish resident in 2018:19) on the non-savings income above ...
by D&C
Sun May 12, 2019 10:30 am
Forum: Income Tax
Topic: £1,000 trading income question
Replies: 6
Views: 233

Re: £1,000 trading income question

Yes you have time to declare it and far better for you to come forward than HMRC to catch up with you first. But you have some misunderstandings about the trading allowance. This would be a good place to start. In particular look at when this started. And when your business started. https://www.litr...
by D&C
Sun May 12, 2019 8:53 am
Forum: Income Tax
Topic: £1,000 trading income question
Replies: 6
Views: 233

Re: £1,000 trading income question

Living in should have been living on!
by D&C
Sun May 12, 2019 8:52 am
Forum: Income Tax
Topic: £1,000 trading income question
Replies: 6
Views: 233

Re: £1,000 trading income question

Tax return penalties are because you have failed to file a return when asked to. If you haven't been asked to file one there can be no penalty. Providing, if you are asked to file one, you do so within 3 months of HMRC sending you the notification. There can be other tax owed related penalties but a...
by D&C
Sun May 12, 2019 8:50 am
Forum: Income Tax
Topic: £1,000 trading income question
Replies: 6
Views: 233

Re: £1,000 trading income question

Which tax year was the trading in?

And why do you think no tax would be payable? What have you been living in?
by D&C
Fri May 03, 2019 8:55 pm
Forum: HMRC Administration, Practices & Methods
Topic: HMRC not fit for purpose 3
Replies: 5
Views: 358

Re: HMRC not fit for purpose 3

Clearly not being able to get through to HMRC on the phone is not great. But to be fair your daughter appears, based on what you have posted, to have created her own problem. Unless your reference to "first proper job" actually means this is her second job in this tax year. Had she completed the new...
by D&C
Sun Apr 21, 2019 1:52 pm
Forum: Income Tax
Topic: In lieu of tax
Replies: 2
Views: 168

Re: In lieu of tax

Have a look at the gift aid part of your return and accompanying notes, in particular the section for payments made after 05:04:2019 but before you file your 2018:19 return.

Other than that nothing obvious stands out as being possible.
by D&C
Fri Apr 19, 2019 5:21 pm
Forum: Income Tax
Topic: Self Assessment & Underpaid tax included in PAYE coding
Replies: 2
Views: 156

Re: Self Assessment & Underpaid tax included in PAYE coding

You are almost certainly wrong. From what you have posted this is what has happened. You filed your 2016:17 Self Assessment return and had some tax to pay. You didn't pay this tax as HMRC agreed to include it your 2018:19 tax code. And your Self Assessment account was adjusted to reflect this i.e. y...
by D&C
Fri Apr 19, 2019 5:10 pm
Forum: Income Tax
Topic: Interest allowance
Replies: 4
Views: 281

Re: Interest allowance

There is no "allowance" for interest. You have to declare all of your taxable interest. If you don't have any spare Personal Allowance then it will be taxed. Quite possibly at one of the two different 0% rates (savings starter and savings nil rate). As you refer to £500 you are presumably a higher r...
by D&C
Fri Apr 12, 2019 11:05 pm
Forum: Income Tax
Topic: Underpayment of tax - is HMRC right?
Replies: 4
Views: 460

Re: Underpayment of tax - is HMRC right?

The tax figure is correct for the pay (assuming this is going to be your P60 pay figure) and tax code of 1016L. But that is meaningless unless you tell us how your tax code was calculated i.e. what are the components which made up the 1016L. And do you have any other taxable income in 2018:19 other ...

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