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Where Taxpayers and Advisers Meet

Search found 61 matches

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by D&C
Sat Jan 19, 2019 10:51 pm
Forum: Income Tax
Topic: 40% Tax to 20% Tax
Replies: 2
Views: 207

Re: 40% Tax to 20% Tax

I was told that come 6th April 2019 the new TAX Fresshold for paying 40% tax will be only if you earn over £45,000 a year, anything less will be 20% Tax. Whoever told you that was wrong. Unless you have adjusted net income greater than £125,000. To get a more useful response though you need to give...
by D&C
Thu Jan 17, 2019 10:26 pm
Forum: Property Taxation
Topic: Joint mortgage but unequal income shares in rental property: can we claim full mortgage interest relief?
Replies: 6
Views: 500

Re: Joint mortgage but unequal income shares in rental property: can we claim full mortgage interest relief?

However, as my wife is only a basic rate taxpayer (this property is her only income) I was under the impression that this wouldn't affect her. If only it were that simple. It may not affect her but it could easily have an impact. Depends on her overall circumstances. The basic rate reduction would ...
by D&C
Sat Dec 01, 2018 2:07 pm
Forum: Income Tax
Topic: Final Tax code and personal allowance
Replies: 4
Views: 361

Re: Final Tax code and personal allowance

You are confusing your tax code and your Personal Allowance, two totally different things. Your tax code is simply a provisional number which is used in an attempt to try and get the correct amount of tax deducted during the year. Obviously there are a myriad of things which often mean that isn't po...
by D&C
Mon Nov 26, 2018 11:50 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: No NI contributions paid........
Replies: 11
Views: 902

Re: No NI contributions paid........

robbob not robbon :?
by D&C
Mon Nov 26, 2018 11:48 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: No NI contributions paid........
Replies: 11
Views: 902

Re: No NI contributions paid........

Robbon is correct, payment of the NI is not the real problem here it is the employer not submitting details of the payments to the employee to HMRC under the Real Time Information system which is the issue. And I'm at a loss as to what relevance P35's and P14's have here. The op states they have wor...
by D&C
Fri Nov 23, 2018 1:13 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Underpaid tax
Replies: 1
Views: 349

Re: Underpaid tax

If she hasn't paid the tax then when her tax is reviewed each year it will just be an unpaid amount that moves on from one year to the next. HMRC have legal restrictions on collecting tax underpayments like this and can ask people nicely to pay the tax but cannot really go much further than that i.e...
by D&C
Fri Nov 23, 2018 12:53 am
Forum: Savings & Investments, Pensions & Retirement
Topic: vct tax relief
Replies: 2
Views: 508

Re: vct tax relief

It is impossible to have a Personal Allowance of £13,000. I think you are confusing your Personal Allowance with your tax code. You need to explain what makes up the £13,000 for anyone to know what the tax benefit of paying into a VCT would be. On the information provided the SIPP contribution doesn...
by D&C
Sun Nov 18, 2018 11:33 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: 19/20 higher rate threshold and BIK
Replies: 1
Views: 437

Re: 19/20 higher rate threshold and BIK

First thing is pension contributions generally end up providing tax relief in one of two ways and it's useful to know which one you are referring to. If we take your basic as an example I think you mean your P60 would show pay of £45,250. But thappy to be corrected if this is wrong. The car benefit ...
by D&C
Mon Nov 05, 2018 10:40 pm
Forum: General
Topic: self employment registration & UTR
Replies: 6
Views: 844

Re: self employment registration & UTR

I don't think UTR's (for individuals at least) existed until Self Assessment started in 1996:97. But you have until October 2019 to register for tax purposes so may be prudent to wait and see how it goes as far as exceeding the trading allowance. Remember not registering and paying National Insuranc...
by D&C
Mon Nov 05, 2018 10:33 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: Certificate and claim to relief
Replies: 1
Views: 754

Re: Certificate and claim to relief

Are you sure HMRC sent it to you and not the company you have invested in?

Do you want to claim any tax relief you may be due?

If not don't fill it in. If you do how else do you anticipate claiming the relief??

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