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Where Taxpayers and Advisers Meet

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by nikkisizer
Wed May 13, 2015 2:58 pm
Forum: Income Tax
Topic: Incorrect Tax Code NT and underpayment
Replies: 1
Views: 719

Re: Incorrect Tax Code NT and underpayment

Hi axew01,

If you have been UK resident and working in the UK then the NT tax code is incorrect and you should notify HMRC and your payroll department of this to correct the situation.
by nikkisizer
Wed May 13, 2015 2:50 pm
Forum: Business Tax
Topic: Advice Needed
Replies: 2
Views: 1568

Re: Advice Needed

Hi N6CNH,

You will need to register for self assessment with HMRC and file an annual tax return for each tax year that you are trading.

Happy to help if required so if you need any further assistance please do not hesitate to contact me.
by nikkisizer
Wed May 13, 2015 2:22 pm
Forum: Income Tax
Topic: Wrong tax code
Replies: 2
Views: 9812

Re: Wrong tax code

Hello teghead1, A tax calculation would need to be carried out at the end of the tax year and if the outcome is that you have overpaid your tax a tax refund can be claimed. This would be done by submitting form R40 to HMRC. Happy to help if required so if you need any further assistance please do no...
by nikkisizer
Wed May 13, 2015 1:26 pm
Forum: Income Tax
Topic: PAYE + Declaring additional income
Replies: 2
Views: 649

Re: PAYE + Declaring additional income

Hi Lee, You should register for self assessment as self employed by 5 October in your business’s second tax year. For example, if you start working as a sole trader during the current tax year (2015/16) you should register before 5 October 2016. Happy to help if required so if you need any further a...
by nikkisizer
Wed May 13, 2015 8:02 am
Forum: Income Tax
Topic: Is that tax code is correct?
Replies: 1
Views: 543

Re: Is that tax code is correct?

Hi FishHunter, A tax calculation would need to be carried out at the end of each tax year and if the outcome is that you have overpaid your tax a tax refund can be claimed. If you are classed as UK resident for the tax year in question this would be done by submitting form R40 to HMRC but if classed...
by nikkisizer
Wed May 13, 2015 7:49 am
Forum: International Tax
Topic: Self employed and business in UK, perm live abroad
Replies: 1
Views: 1130

Re: Self employed and business in UK, perm live abroad

Hello Siata, Residency is a very complex area and the existing HMRC UK residency rules changed significantly with effect from the 2013/14 tax year which now involves the statutory residence test (SRT). Various ties such as work, accommodation, number of days in the UK etc. in the tax year and UK res...
by nikkisizer
Wed May 13, 2015 7:20 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Class 2 NIC paying method
Replies: 1
Views: 688

Re: Class 2 NIC paying method

Hello Laima, The self assessment payment link is not for Class 2 NIC's. The options available for payment of Class 2 NIC's will be stated on the bill you have received. Once the outcome of the tax calculation is known for your self assessment tax return the payment made by mistake through this syste...
by nikkisizer
Wed May 13, 2015 7:10 am
Forum: Income Tax
Topic: Tax owed but have become to ill to work
Replies: 2
Views: 529

Re: Tax owed but have become to ill to work

Hello nigethesnake,

Unfortunately HMRC will not write off tax owed under those circumstances.

They may however agree a payment plan with you to help ease your current financial situation.
by nikkisizer
Tue Jan 20, 2015 6:42 am
Forum: Income Tax
Topic: owe tax to HMRC - moving out of UK
Replies: 1
Views: 626

Re: owe tax to HMRC - moving out of UK

Hi ua87,

If HMRC have issued you with a tax return then you must file it.
by nikkisizer
Mon Jan 12, 2015 10:04 am
Forum: Income Tax
Topic: UK Sole Trader. Living Abroad in the EU.
Replies: 4
Views: 1419

Re: UK Sole Trader. Living Abroad in the EU.

Am I able to keep filing tax returns in the UK and simply live abroad? Taxation wise. It would avoid a lot of pain trying to send money to Finland and having to deal with two sets of tax systems and double taxation treaties! Hi Andy, Whilst you are considered UK resident for tax purposes you will s...

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