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Where Taxpayers and Advisers Meet

Search found 61 matches

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by D&C
Sun Mar 10, 2019 11:56 am
Forum: Savings & Investments, Pensions & Retirement
Topic: how can I see what savings interest figures HMRC holds for me
Replies: 18
Views: 1647

Re: how can I see what savings interest figures HMRC holds for me

Have you received a tax code for 2019:20 yet? If so can you post the details of how it is made up and how much you expect to receive in taxable income in 2019:20 from this company who will be using the tax code i.e. the figure which would go on your P60. Given what you say about telephoning HMRC the...
by D&C
Sat Mar 09, 2019 10:10 pm
Forum: Income Tax
Topic: How to calculate net income
Replies: 3
Views: 298

Re: How to calculate net income

If the SIPP payment is to a "relief at source" scheme then the pension company will add basic rate tax relief of £137.50 making £687.50 in your pension fund The £687.50 can be deducted when calculating your adjusted net income (which determines your Personal Allowance). It does not reduce your taxab...
by D&C
Sat Mar 09, 2019 9:37 pm
Forum: Income Tax
Topic: Savings and Dividends tax allowances
Replies: 2
Views: 220

Re: Savings and Dividends tax allowances

You can choose how to allocate the Personal Allowance in whatever way gives the smallest tax liability. However your client cannot benefit from the savings nil rate (aka PSA) as this is not something which such low income individuals can use. The savings income will fall to be taxed under the saving...
by D&C
Thu Mar 07, 2019 12:20 pm
Forum: Income Tax
Topic: Company car temporary use
Replies: 1
Views: 176

Re: Company car temporary use

You seem to have a fundamental misunderstanding about company car tax. Use of the car is irrelevant, it is availability that matters. Being based at home and not using the car does not prevent a car benefit from arising. Obviously there may be more to this than you have said but on an internet forum...
by D&C
Sun Mar 03, 2019 9:34 am
Forum: Property Taxation
Topic: Tax Free Allowance £1000
Replies: 3
Views: 289

Re: Tax Free Allowance £1000

You may find it useful to look at the tax returns and accompanying notes on gov.uk. This should show you what options there are. however is this Gross or Net? As I understood it you either claimed expenses as normal or the £1,000 allowance. So there cannot be a net figure to start with if you are cl...
by D&C
Tue Feb 19, 2019 8:58 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: how can I see what savings interest figures HMRC holds for me
Replies: 18
Views: 1647

Re: how can I see what savings interest figures HMRC holds for me

however the change in the code will take far more out of my PAYE payments than they need to cover the amount of unpaid tax they have stated I owe. Is the tax code to be used on an emergency basis (also known as non cumulative or week1/month1)? This means the code is only used against each payment f...
by D&C
Tue Feb 19, 2019 8:54 pm
Forum: General
Topic: Advice for tax credits while self employed
Replies: 2
Views: 533

Re: Advice for tax credits while self employed

I am looking some information with regards to tax credits and being self employed. My questions are: I have decided to start a new business with a friend. It will be a 50/50 limited company my friend and I will be directors. I will receive my salary of £27000 per year from the company. as I will be...
by D&C
Sun Feb 17, 2019 11:13 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: how can I see what savings interest figures HMRC holds for me
Replies: 18
Views: 1647

Re: how can I see what savings interest figures HMRC holds for me

1. You can usually see the individual account information on your Personal Tax Account on gov.uk 2. Letter (or phone call) clearly outlining the correct information should suffice. You may be able to send a message from your Personal Tax Account but I haven't tried that myself. As a consequence they...
by D&C
Sat Jan 19, 2019 11:02 pm
Forum: Income Tax
Topic: Pay first, or withhold till errors corrected
Replies: 7
Views: 464

Re: Pay first, or withhold till errors corrected

Sounds like incredibly poor service however I'm not certain that paying nothing by 31 January is a good idea.

Unless you are happy to be paying interest in the full amount ultimately due

If you expect the Self Assessment calculation to show an overpayment then fair enough.
by D&C
Sat Jan 19, 2019 11:00 pm
Forum: Income Tax
Topic: Help with future...SOO CONFUSED
Replies: 8
Views: 338

Re: Help with future...SOO CONFUSED

Nothing you have posted so far suggests you wouldn't still be entitled to a refund even if you did take this low paid job (or self employment). If self employed the timing of any repayment would largely be down to you - how quickly you choose to register as self employed and file your Self Assessmen...

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